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Renters Insurance questions

Old 06-07-16, 12:09 AM
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Renters Insurance questions

Last week, I purchased Renters Insurance through Geico, who I have Auto Insurance with. I've been happy with the coverage and price of my auto insurance with them, so picking renters insurance was kind of a no brainer. Today, I get all the Renters Insurance paperwork through mail and see that Geico is not the one covering me, but instead a company they do business with called Assurant Specialty Property. I googled their name and it seems that they are based in Florida and have had a lot of complaints for not covering what they are supposed to.

I'm a little pissed at the whole situation. I thought I was purchasing insurance from Geico, not a third party. I went to Geico's website and it states this:

The following is a list of companies with whom the GEICO Insurance Agency places business. Each of the following insurers has sole financial responsibility for its own insurance products. An asterisk (*) indicates an affiliated company, all others are non-affiliated.
It feels like a complete bait and switch. The only reason I got renters insurance with Geico in the first place was because I have my auto insurance with them. Geico is not even responsible if this Assurant Company fucks up, so my questions are:

1- What should I do? Should I keep the insurance through this third party or should I cancel it?
2- Anyone has a recommendation of a good renters insurance company?
3- Anyone has gone through a similar situation?

Any help would be great as the more I think about it the more pissed I get of what I got into.
Old 06-07-16, 12:12 AM
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Re: Renters Insurance questions

Progressive does exactly the same thing. They call it "Progressive Home Advantage" and it's underwritten by another company, Homesite Insurance.
Old 06-07-16, 12:51 AM
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Re: Renters Insurance questions

I don't have much to add, just that I chose to go with Assurant for my rental insurance.

A couple weeks later, when I bought a car, I got auto insurance through Geico. After that was set up, they offered to get me a quote on rental insurance. I said sure, because maybe they'd have a lower price. Turns out the price I was offered - for the exact same rental insurance I already have - was higher. At that time, I had no idea it was actually Assurant giving me the quote. So the same company, for the same coverage, was going to be about $7 higher because Geico referred me? No thanks!
Old 06-07-16, 01:10 AM
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Re: Renters Insurance questions

It sounds as if GEICO does not offer renter's insurance, so that is off the table. I suppose your options are:

1) Research the other companies on the list, pick one, call GEICO and ask them to switch you to that company.

2) Find your own renter's insurance with another company altogether. Renter's insurance is so dirt cheap that any potential savings loss is minimal.

Did I mention that I believe insurance is legalized fraud? (Sorry, bad personal experiences. Let's just say I was NOT "in good hands" despite what their commercials say.)
Old 06-07-16, 07:14 AM
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Re: Renters Insurance questions

Insurance is a risk management tool. Nothing more.

If it's not bringing you comfort and comfidence, it is either the wrong tool for you, or you need to shop around
Old 06-07-16, 08:58 AM
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Re: Renters Insurance questions

Can you cancel a Renter's policy at all? We just bought a house and went with a different company for our home owner's policy. I figured I probably couldn't, it being a year policy.
Old 06-07-16, 09:11 AM
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Re: Renters Insurance questions

Are the complaints about Assurant from people with renter's insurance? keep the policy you have now so you are covered and shop around for quotes from other companies. You can switch anytime-Just make sure you are covered-I known someone who was uninsured who lost everything from a fire in a neighbors unit. Renter's ins. is low cost, what is the value of the personal property you have covered? I'm not sure if they would screw you over on a small claim, though they may have bad customer service.
Old 06-07-16, 10:12 AM
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Re: Renters Insurance questions

Originally Posted by Talkin2Phil View Post
Are the complaints about Assurant from people with renter's insurance? keep the policy you have now so you are covered and shop around for quotes from other companies. You can switch anytime-Just make sure you are covered-I known someone who was uninsured who lost everything from a fire in a neighbors unit. Renter's ins. is low cost, what is the value of the personal property you have covered? I'm not sure if they would screw you over on a small claim, though they may have bad customer service.
The complaints are against the Assurant renter's insurance, mostly from people in Florida who lived in houses that were damaged by hurricanes or floods.

I think I'm going to keep the insurance for now, but still shop around. The reason for getting this insurance is that I have a pretty massive comic book collection worth close to 6 digit figures. I have a lot of Silver Age runs, plus a lot of books that sell from $500 or more on eBay. I've been collecting for over 33 years, so basically, I have tons of stuff besides comic books that are pretty valuable and just want to be covered in case something happens.

I kinda did my research on renters insurance before choosing Geico. Most of the research said that Geico is usually the best in renters insurance but none of them mentioned anything about third party companies.
Old 06-07-16, 10:19 AM
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Re: Renters Insurance questions

I always assumed that Geico was just the broker?
Old 06-07-16, 10:27 AM
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Re: Renters Insurance questions

Originally Posted by Why So Blu? View Post
I always assumed that Geico was just the broker?
It seems so, even though at no point during the quote and purchase I was told about this.
Old 06-07-16, 10:36 AM
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Re: Renters Insurance questions

Originally Posted by Red Hood View Post
It seems so, even though at no point during the quote and purchase I was told about this.
Have you tried State Farm? I believe they underwrite their policies.
Old 06-07-16, 10:42 AM
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Re: Renters Insurance questions

Where do you live? If it's Florida, a lot of the big name insurers don't underwrite since the hurricanes in '04. They get these "no name underwriters" to provide coverage. Also, did you have your collection appraised? 6 figures is a nice investment ,make sure you have everything documented so in case of total lost you can get your value of the collection.
Old 06-07-16, 12:21 PM
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Re: Renters Insurance questions

Don't have much to add either - but I did have it when I rented and never had to use it - it was dirt cheap for me though.

I then heard it doesn't cover anything but take that with a grain of salt - I never did much research into it.
Old 06-07-16, 12:42 PM
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Re: Renters Insurance questions

Would renters insurance even cover things like collectibles?
Old 06-07-16, 01:48 PM
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Re: Renters Insurance questions

Generally not at market value, but at depreciated value. You can add a rider, however.
Old 06-07-16, 07:12 PM
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Re: Renters Insurance questions

Originally Posted by Why So Blu? View Post
Have you tried State Farm? I believe they underwrite their policies.
I need to check with them. I know they include collectibles in their insurance too.

Originally Posted by Talkin2Phil View Post
Where do you live? If it's Florida, a lot of the big name insurers don't underwrite since the hurricanes in '04. They get these "no name underwriters" to provide coverage. Also, did you have your collection appraised? 6 figures is a nice investment ,make sure you have everything documented so in case of total lost you can get your value of the collection.
I live in North Carolina. I have all my collection detailed in several databases with backups and photos.

Originally Posted by JoeyOhhhh View Post
Would renters insurance even cover things like collectibles?
Geico told me they would, that's why I chose them too. I have to check with Assurant now if that is the same with them.
Old 06-08-16, 12:08 AM
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Re: Renters Insurance questions

Originally Posted by JoeyOhhhh View Post
Would renters insurance even cover things like collectibles?
I was going to ask the same thing. I doubt it would be covered under the normal policy. Appears the OP checked though.
Old 06-08-16, 07:33 AM
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Re: Renters Insurance questions

If you have some very unique art or collectible items, you should inquire about a "floater" policy. Also known as a "personal articles policy".

With some companies it is (depending on the items) a complete and seperate policy or it could be added to an existing policy as an endorsement.

With these (again depending on policy and company) you get to list each and every item an assign a "stated" value for each item. But you need to ask, as even tho you state the value, claims may be paid based on, the stated value, replacement cost or a depreciated amount ( again depending on company or policy).

These originally started for high value items you might take away from the home. Like jewelry. But has expanded to camera equipment, golf clubs, laptops, sometimes cell phones, and now often for item that are specialized like art and collectibles. Assuming for personal use, rates are cheap. And the benefit over a home policy is it covers for things like breakage or mysterious disappearance. Plus you have more comfort level as each item it covered on its own so you can better manage your overall insurance limits.
Old 06-08-16, 12:43 PM
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Re: Renters Insurance questions

Keep the Assurant policy and put your comics in your car. Problem solved...
Old 06-08-16, 01:27 PM
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Re: Renters Insurance questions

Originally Posted by Red Hood View Post
Geico told me they would, that's why I chose them too. I have to check with Assurant now if that is the same with them.
You need to check this ASAP. Most renter's policies have limits for certain types of items. My last renter's policy (with the "good hands" people) only covered up to $1,500 in "home electronics", which included computers, TVs, stereos, etc. I considered getting a rider for that, but chose not to, as $1,500 seemed "close enough". Other things - like furs, jewelry and rare coins - have strict limits, too. This isn't just an "Allstate thing" - most policies work like that.

I would be shocked if something like a serious comic book collection would be covered by default; I have a small record collection (mostly leftover from the 80s). When my ex and I got our renter's insurance, I asked the agent about it out of curiosity, and was told I'd need a rider\floater and would need to document the collection with photos, and get rough appraisals on the value of each record. It was too much work for something with more sentimental value than actual value.

Also, you need to document all your stuff. Not just the valuable goods, but everyday things - socks, underwear, kitchen stuff. Basically, make a video of all your furniture, and all the stuff in your drawers and closets. You need to keep multiple copies of this video, with one online and\or at your office. The reason is, even if you pay for $75,000 in coverage, the insurance company isn't just going to hand you a check for $75,000 if a disaster occurs. You're gonna have to prove that you actually owned $75,000 worth of stuff... which is where your video comes in.

Lastly, you might want to check the "other stuff" included in your policy. Many (most?) renter's policies come with some amount of "emergency cash" (like $1,500 or more) in case of a disaster, so you can pay for a hotel room, clothing, toiletries, etc. Many (most?) renters policies come with liability and medical coverage, in case your dumbass friend falls down your stairs and breaks his leg (or something) and needs medical help and\or wants to sue you over it. Stuff like that.
Old 06-08-16, 01:32 PM
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Re: Renters Insurance questions

Originally Posted by Timber View Post
Keep the Assurant policy and put your comics in your car. Problem solved...
Sdallnct can jump in, but I don't think your auto insurance covers items you have in your vehicle, only the vehicle itself. Or damage you cause with your vehicle.
Old 06-08-16, 05:59 PM
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Re: Renters Insurance questions

Originally Posted by mndtrp View Post
Sdallnct can jump in, but I don't think your auto insurance covers items you have in your vehicle, only the vehicle itself. Or damage you cause with your vehicle.
That would be correct. Home items are not covered by your auto policy. Just like your auto is not covered under a home policy even while parked in your garage or driveway.

And there could be limits under your home policy for items away from the home.

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