What to Know About Geico Renters Insurance
Geico offers renters insurance across the U.S., with independent agents and offices in every state in America. These agents are able to sell renters insurance as a standalone policy, or in bundles with other insurance types like auto and life. Geico renters insurance covers a wide range of unexpected challenges that can occur on a property you rent, covering damages for which you're responsible as well as those where no one is at fault. Geico's coverage extends to apartments, single-family homes, and mobile homes, so long as the property is being rented, not mortgaged. Their policies grant financial relief for cases like personal liability for claims made against you by others, emergency living expenses, accidental damage to property, and replacing the cost of high-value items if they are stolen. Beyond their discounted rates for bundling renters insurance with other types like auto insurance, Geico also offers incentives for households that are in communities with security staff, and/or have installed electronic security systems, fire alarms, smoke detectors, sprinklers, and fire extinguishers.
What Geico Renters Insurance Covers
Now we've arrived at the all-important question: exactly what does Geico renters insurance cover? According to promises made on their official site--as well as customer reviews from various states--Geico offers a number of different options that cover most incident that typically cause problems in rental properties. The three most important items Geico renters insurance covers are standard fare for renters insurance: coverage against damage to personal property for accidents like fires and vandalism; liability for instances like an injury to guest in a your rented space, for which they hold you responsible; and living expenses fo relocate for incident like mold removal which require you vacate the property for a time. Within the property damage range, there is also consideration for theft of property, presumably after the act has been verified by a police report. Extra consideration is given to valuables in Geico's renter insurance, so items like diamond necklaces warrant larger payouts, as well as consideration for valuables stored in the house for business ventures like buying and selling on e-bay.
Geico's official statement from their renters insurance page doesn't claim or disclaim to offer protection for flood damage. Essentially, answering the question 'does Geico cover flood damage in their renters insurance' depends which of the fifty states you call home. Geico states, correctly, that renters insurance usually doesn't cover events like natural disasters, which include floods as well as earthquakes and hurricanes, which can also lead to flooding. However, Geico claims they can enact special policies can be enacted in certain circumstances, and that you should check with your insurance agent to see if these options are available in your area. It is also a good idea to view any policy documents thoroughly to see if your Geico renters insurance policy covers flood damage before you place a signature. It is unclear in any official statements whether the likelihood of coverage for flood damage is based on whether you live in an area that is at high-risk for flooding--where you'd need it--or if they limit coverage to areas that are low-risk.
The issue of whether insurers cover pets in their renters insurance policy is important, especially since many landlords in the U.S. will require some type of coverage that includes it for their tenants to keep animals in the home. Geico mentions pets twice in the renters insurance section of their official website, indicating that pets are covered in their renters insurance liability policies. The extent of Geico's pet coverage is not explained in full, but their liability insurance policies state the same rules apply to pets that apply to you; that is, if you're held responsible for damages to property and must make a certain payout, it is the same if your child damages property. Like children beneath a certain age, pets are considered an extension of your responsibility, and this extends beyond property damage to personal injury, meaning an instance where your pet causes bodily harm to another person and you are held responsible. Still, insurance buyers are encouraged to verify that pets are covered in their insurance contracts.
Geico Renters Insurance Review and Costs at a Glance
According most Geico renters insurance reviews from the most trusted websites on consumer reporting, Geico renters insurance is among the best in the U.S. Serving customers in all 50 states allows them to offer more services than the average insurance company. According to these same trusted sites, Geico renters insurance costs vary by state and type of home, with most numbers coming slightly below the national average for companies offering renter insurance. While their auto insurance is usually cheaper, Geico renters insurance prices are usually near the national average, ranking a 3 out of 5 on JD Power and Associates poll in their most recent review regarding the return customers get on their expense. Because of the size of the company and the volume of their business, Geico is able to offer more incentives for lifestyle choices and safety measures than the average company, and their discounted rates are made to collect smaller profits in much larger volumes, where the savings for this method of operation are passed on to individual customer.
| Geico Renters Insurance Stats Overview | Figures |
|---|---|
| Average Cost in the U.S for Geico Renters Insurance Annually | $166.24 |
| Average Cost in the U.S for Geico Renters Insurance Monthly | $13.85 |
| Geico Renters Insurance JD Power Rating | 3/5 |
| BBB rating for Geico | A+ |
How Much is Renters Insurance Through Geico in Your State
Like every large insurance agency that operates across the U.S., finding out how much renters insurance costs through Geico in your state may require you visit their site for a quote. Beyond the state level, the average price of Geico renters insurance even varies by zip code. To give you an idea, here are the results of 3 quotes taken in December of 2019, from three different regions of the U.S.: San Francisco, CA - $270/year ($22.50/month); Memphis, TN - $254/year ($21.67/month); Savannah, GA - $294/year ($24.50/month).
How to Get a Geico Renters Insurance and Auto Insurance Discount
Since virtually everyone needs auto insurance, it is most common to see auto insurance bundled with other types, like renter's insurance. Bundling insurance with other types is an excellent way to save money on both policies, so it's always a good idea to look into whether or not your prospective company offers these types of deals. Geico offers renters insurance and auto insurance bundles that contain discounts for each according to their multi-policy discount rates. You might lose the option to bundle if you're covered by a smaller regional carrier that doesn't offer renters insurance policies, or have packages outside the standard home and auto. You may even discover after some research that it's not necessary to bundle, perhaps because you've found two carriers or policies within the same carrier that cover you well enough. It's a good idea if you're searching for Geico renter's insurance discounts to shop around even if you already have an auto insurance policy. In some cases, long term savings are worth the short term headache.
How Much Does Geico Renters Insurance Cost Versus Competitors
In terms of pricing, Geico will range between $12 and $22 per month for renters insurance, depending on state. Some competition claims to offer renter's insurance for as low as $5/a month, while others claim that $1/day (or $30-31/month) is a great deal. Of course, this depends on your needs and the coverage provided at these prices. To be at the low-end of the spectrum for pricing and the high-end for coverage and customer service makes Geico renter insurance a company worth comparing to others.
Getting in Touch with Geico Renters Insurance
Filing a Geico renter's insurance claim is a relatively straightforward process that follows all the conventions of most insurance companies. Geico expects you to place a call to your insurance agency as the very first step and begin the claims process. This is likely so they aren't blindsided when more complicated events happen like the involvement of the courts. For those who prefer to operate online instead of calling Geico has an online claims center (https://www.geico.com/claims) where you can report incidents and/or damage, call for roadside assistance, and check the status of claims. The next steps involve cataloguing damaged items via photograph and collecting items like receipts that may speak to their value, and placing all related items in a file or box. Claimants should wait until Geico's insurance adjuster has inspected and appraised damages before enacting any cleanup efforts or discarding items. In the even that damaged items pose a potential health risk, inform your representative, who will advise you on the safest course of action.
Rather than undergo the process of starting new insurance each time a one-year term expires, insurance companies will offer policy renewals. This is an offer made around the time of expiration that you, the insured, can either accept or reject. It's also a good time to start comparing quotes again to see if any coverage is better than the renewal before signing. Geico's renter insurance renewal is like signing a new policy, where taking inventory and documenting the value of your most expensive items is the goal. It is important take pictures of the most costly items in their working states; if they ever sustain damage and become part of a claim, the adjuster will want to know they weren't bought that way. Make note of items like artwork that increase in value as time passes. After you've logged serial numbers and stored receipts, review the renewed policy to make sure the deductibles and limits are what you expect. Set aside funds to cover any deductibles and you're ready to renew!
So now you've decided you need to figure out how to cancel your Geico renters insurance policy. Maybe you were unsatisfied with the service; maybe you found a better deal and want to get out of the current one; or perhaps you simply want to explore other financial options different from the monthly bill. Either way, we'll walk you through the steps. The first thing you should know is that the acceptable methods of cancellation to avoid further billing will differ from company to company. Geico's renters insurance cancellation policy expects a phone call from you if you want to cancel your policy. Some companies will accept a text or email as a verified cancellation, but Geico likely wants to get vocal confirmation that you do in fact want to cancel to avoid any miscommunication. If a person isn't available, you may also speak to their Interactive Voice Response (IVR) system, which will inform you of the optional phrases based on your coverage, which is tied to your Geico policy number.
Getting a Geico Renters Insurance Quote and Deciding Whether Geico is Right for You
We've always maintained that the best way to make informed decisions about which insurance company should provide your renters insurance is to compare the top companies rates and coverage against your needs. While Geico is a household name that most people know and trust, it is still advisable to compare their quotes with the other top companies and even the local, smaller companies to see which offers the best options. You may find that the cheapest choice doesn't provide enough coverage, or the other way around. Obtaining a Geico renters insurance quote is generally a straightforward operation that follows the press of an on-screen button. During this process, you should expect to give some locational information so Geico can ascertain what the rates would be based on your location and all the factors involved. You should also expect to give a name, email address, and phone number; the name can be any nickname or something you make up if you'd like, but the email and phone number must be real and verifiable.
