What to Know About ePremium Renters Insurance
Headquartered in Great Lakes, Midwestern, ePremium was founded in 2007 and serves all 50 states in the U.S. The company boasts the most comprehensive renters insurance policies on the market today. EPremium partners with property management companies to develop policies that are specific to their individual community needs. EPremium has add-ons which you can’t get with other renters insurance providers, such as coverage to help pay your security deposit and any damage you cause to your rental unit. You can also purchase the similar add-ons other insurance providers offer, such as water backup or identity theft protection. You can even add roommates to your policy. Your designated community manager decides the type of coverage, deductibles and policy limits you can access; this means you may not be able to get all of the coverage detailed above. Unlike with other insurance providers, ePremium renters insurance doesn't allow you to adjust your deductibles. EPremium might be a great option for you if you’re able to access their unique coverage options on offer.
What ePremium Renters Insurance Covers
Some of the types of things you are covered for are included in a standard policy, but you may have to pay extra for others. Personal liability. This covers you for damage you cause to someone else’s belongings, or for any legal expenses you may incur. Pet liability. Depending on where you live, your policy will cover you for any expenses or legal fees if your pet causes damage or injuries. Personal contents. This protects your personal possessions anywhere. Water damage from backups. For only an extra $1 per month, you’ll be covered for water damage if it’s caused by drain backups or sewer overflows. This includes damage caused by other residents. Contents replacement cost. Depending on which policy you buy, you can be covered to replace your belongings at the current cost of the item. Loss of use of your rented accommodation. Extra living expenses you incur if you have to move out of your rental because of damage can be covered. Identity fraud. For around an extra $1 per month you can cover yourself for fraudulent charges and expenses when your identity is stolen.
It’s worth mentioning the difference between water damage from outside your rental property, and water damage coming from inside your property. Renters are often quite disappointed when they find out that their renters insurance policy doesn’t cover them for flood water damage to their property and possessions. In fact, many renters insurance providers won’t cover flood damage. Make sure that you understand this before taking out renters insurance. EPremium renters insurance doesn’t cover you for flood damage. Flood damage normally refers to damage from outside or from underground sources, and so ePremium renters insurance is unlikely to cover you in the event of a flood. In the case of water damage coming from a burst pipe or other source from inside the rental property, there’s a good chance ePremium renters insurance will cover you for water damage.
In short, your ePremium renters insurance does cover pet damage, but this depends on the individual scenario and circumstances of the claim, and you may have to pay extra for this type of coverage. You must tell ePremium about any pets you have because if you don't, in the event of an incident involving your pet, they may not agree to cover anything related to any of your pets. There are many nuances to the meaning of pet coverage, which generally mean you're covered in some cases, but not in others. There are one or two things that can go wrong with a pet, like damage to other people's property and being held liable for things like injuries or other lawsuits. Generally, ePremium renters insurance covers you for both of these risks. However, when something happens that’s caused by your pet, there are other nuances to the coverage that you should be aware of. Before you take out an ePremium renters insurance policy, you must understand that their policy provides some type of pet liability coverage, but its policies won't cover everything.
ePremium Renters Insurance Review and Costs at a Glance
EPremium renters insurance reviews on the internet are a bit of a mixed bag. On the one hand, birdeye.com shows the company has received 718 Google reviews (as of August 2020), with an average rating of 4.8/5 stars. On the other hand, valuepenguin.com gives the company a weak 2/5 stars, owing to it’s expensive premiums, “limited flexibility offered to its customers” and the inability to adjust coverage limits on personal property. Other review sites mention the difficulty residents have with cancelling their policy, the high premiums and long wait times. Your renters insurance price depends on where you live, your rental unit’s safety features, your credit score etc. A typical monthly premium amount could be anything from $11 to $22, depending on the amount of coverage you buy. EPremium’s BBB rating is A+. BBB ratings indicate how a company is likely to interact with customers.
| ePremium Renters Insurance Stats Overview | Data |
|---|---|
| Average Cost in the U.S for ePremium Renters Insurance Annually | $264.00 |
| Average Cost in the U.S for ePremium Renters Insurance Monthly | $22.00 |
| ePremium Renters Insurance JD Power Rating | N/A |
| BBB rating for ePremium | N/A |
How Much is Renters Insurance Through ePremium in Your State
The average price of renters insurance through ePremium is between $11 and $22 or less per month. The most expensive states for ePremium renters insurance are Mississippi, Louisiana, Alabama, and Florida; whereas the least expensive states are Wisconsin and South Dakota. The rate you will be quoted does depend on a number of factors that are personal to you, such as your local community’s needs, your property’s safety aspects, your age, your credit score and how much coverage you want to buy. Get a personal quote to find out the price of your policy.
| ePremium Renters Insurance Prices by State | Avg. Costs Per Month for ePremium Renters Insurance | Costs Per Year for ePremium |
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How to Get a ePremium Renters Insurance and Auto Insurance Discount
EPremium renters insurance doesn't offer discounts to its policyholders. Other providers will typically offer you a discount to reduce your premiums if you have safety features in your unit; when you bundle your other insurance policies together, or you choose a higher deductible.
How Much Does ePremium Renters Insurance Cost Versus Competitors
As you are probably aware, ePremium isn’t the only renters insurance provider, so here are a few other insurance companies which you can get a quote from and compare to your ePremium renters insurance quote. Liberty Mutual Insurance, one of the most affordable competitors on the market, was awarded Investopedia’s “easiest claim filing service”. If you need to make a claim with your Liberty Mutual renters insurance claim, you can easily do it online without having to phone. Just follow their simple step-by-step process. Investopedia also awarded State Farm with “best overall” renters insurance provider. State Farm offers nationwide coverage from just $8 per month, with customizable policy options. Unlike ePremium, State Farm offers Multi policy discounts and other discounts for installing a home security system. Nationwide, a more expensive competitor of ePremium, has the largest difference in price. Nationwide is perhaps the most prestigious renters insurance provider on the market. Policyholders can add on coverage for valuable items and collectibles, earthquakes, water damage, and theft protection for personal possessions that are stored in a vehicle, trailer, or watercraft. Like other insurance companies, you can get Multi Policy discounts through Nationwide.
| ePremium Renters Insurance Competitors | Monthly Home Insurance Quote Difference | Annual Renters Insurance Quote Difference |
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Getting in Touch with ePremium Renters Insurance
To file an ePremium renters insurance claim after, you should firstly document all of the damages and/or losses. Gather all the documentation relating to your claim. If you’re claiming for personal property loss, fetch your store receipts, email order confirmations or bills from repair shops if you still have them. If someone has filed for liability and medical claims related to another person suffering an injury in your rental unit, make sure you have the medical bill or legal notice stating what you owe. Take as many photographs or videos as you can of the damage. Good visual evidence of damages can help ePremium offer you the correct amount of reimbursement money and process your claim more rapidly. To make a renters insurance claim, call their office at 800-319-1390 to start the process. EPremium’s customer service team will submit a claim on your behalf for your loss. Depending on the nature of your claim, it can take up to 72 business hours for a representative to be assigned and get in touch with you.
If you don’t keep an accurate record of all the items you own for the duration of your renters insurance policy and before you need to renew it, you might cost yourself a lot of time and money. Follow our advice outlined below to ensure you don’t get caught out if you ever have to make a claim. Maintain an up-to-date list of your possessions, and if you share your rental unit, make sure you include on your list full details of which possessions belong to whom. Update your list whenever you make a purchase and take anything off which you no longer have. Keep a hold of your belongings’ serial numbers and receipts, and maintain a logbook of the serial numbers and receipts for all of your belongings. Take photos of all your property, and make sure that the condition of each item is clear in the photo. Finally, review your current policy and ensure your deductibles and replacement value amounts are correct. Pay attention to any valuables that may need additional coverage.
It’s likely that you took out your ePremium renters insurance policy because you wanted to safe-guard yourself from damage to your property, and so if you cancel you’ll no longer be covered. If you think your ePremium renters insurance policy is too expensive, consider these alternatives: 1. Reduce your coverage. Talk to one of ePremium’s customer service representatives about lowering your coverage amount to reduce your premiums. 2. Ask about changing your payment plan. ePremium might be able to offer you more flexible payment terms. Give them a call at 800-319-1390. 3. Get a quote from another company. By changing to a competitor of ePremium, you may be able to make some savings and still keep your property covered. It’s worth calling ePremium first to tell them you can’t afford the payments. You can cancel your ePremium renters insurance policy online through their website at any time. If you want to backdate a cancellation, you can call their office at 800-319-1390. Your leasing office or management company cannot cancel your policy.
Getting a ePremium Renters Insurance Quote and Deciding Whether ePremium is Right for You
If you don’t have the best credit rating, or you have made several claims on another renters insurance policy before, ePremium renters insurance could be the right policy for you. EPremium offers their coverage to renters from all backgrounds and claim histories within the company’s partnered communities. You could lose a lot of time and money if you don’t have an insurance policy in place to protect your personal property, and so you’re taking quite a risk with your belongings. By taking out a renters insurance policy, you’re making a very wise decision. EPremium has been an established rental insurance provider since 2007, and it does have an A+ BBB rating. If the mixed reviews of the company has put you off, you should consider whether or not you think this could affect your experience with them, and if the quote you’ve been given reflects these possible limitations to holding one of their policies. Get an ePremium renters insurance quote.
