ResidentShield Renters Insurance Reviews | Comparison Of 8 Best Renters Insurance Companies

ResidentShield Renters Insurance

ResidentShield is a very popular insurance company that provides affordable renters insurance to protect your personal property from various accidents and hazards. This type of insurance provides you liability coverage which is also very important for your personal property. Usually, ResidentShield offers two types of renters insurance programs that provide an affordable option to costly security deposits and comprehensive resident liability and personal contents coverage. Today, we will review ResidentShield renters insurance as well as compare the 8 best renters insurance companies.

ResidentShield renters insurance is operated by Peak Insurance Advisors, LLC, a Texas Limited Liability Company. ResidentShield is an insurance agency and if you compare their insurance policies with other insurance companies then you will be disappointed with ResidentShield’s renters’ insurance offerings. Unfortunately, ResidentShield charges extremely high premiums for their coverages, with little to no benefit to customers. Therefore, if you need to buy renters insurance then you should consider buying coverage from elsewhere.

Overview Of ResidentShield Renters Insurance

Overview Of ResidentShield Renters Insurance

This insurance agency is owned by a property management software developer called Yardi Systems Inc. Therefore, many property managers usually recommended ResidentShield Renters Insurance. This is because ResidentShield’s coverage integrates with the Yardi software platform making it very easy for landlords to verify their renter’s insurance. The only major advantage of ResidentShield Renters Insurance over other insurance companies is, that your landlord will automatically be named as an interested party on your policy and it will clarify to them that you have purchased renters insurance. However, verifying the incurrence policy only takes few minutes therefore, bearing a much higher cost for this minimum convenience is not logical. 

Another problem of ResidentShield is, it’s very difficult to cancel their renter’s insurance. Usually, insurance companies allow their customers to cancel their insurance policies online but if you have insurance policies from ResidentShield then you have to contract ResidentShield directly to cancel a policy from them. Moreover, the company’s website states that – “as a renter, you can’t cancel your policy, per the terms of the lease agreement.” But this information is not true. As a renter, you have the legal right to change renters’ insurance providers according to your choice. Moreover, it is a legal requirement that you buy renters insurance but landlords can’t force you to use a specific company to buy the policy. Another thing you should know is that ResidentShield’s renter’s insurance coverage is extremely expensive therefore you should look for other renters’ insurance coverages.

Cost Of ResidentShield Renters Insurance

Cost Of ResidentShield Renters Insurance

Our experts have collected multiple quotes from ResidentShield and other major renters insurance competitors and we found that ResidentShield was vastly more expensive than its competitors. For example, on average, ResidentShield charged $333 per year for renters insurance and it is at least 4 times higher than the cheapest option available. Moreover, the discount ResidentShield offers are also meager. For example, if you pay the entire annual bill upfront then you can only be able to save $6 per year and the discount amount is fixed regardless of your premium amount. However, if you pay monthly, quarterly, or semiannually then there is no discount and you have to pay the full amount. On the other hand, other insurance companies provide various discounts. So, this is another disadvantage of ResidentShield.

Types Of ResidentShield Renters Insurance Coverages

There are few basic and optional coverages available from ResidentShield that meet the basic levels of renters insurance. Let’s check them out!

1. Personal Property Coverage: This coverage pays for the repair or replacement of your belongings if they are damaged or stolen.

Personal Liability: It will pay for the damages to others that you are responsible for. 

Guest Medical Payments: If any of your guests become sick at your hose then this coverage will pay the medical expenses.  

Additional Living Expenses: If your home is not available for a covered peril then this coverage will pay for a hotel or other accommodation.

Optional Coverages From ResidentShield

CoverageDetailsCost
Water and sewerPays for damage when water from a sewer or sump pump backs into your home. Does not include flooding.$1.00 per month
Pet damage liabilityOnly covers damage after your rental deposit has been exhausted.$1.50 per month

Comparison Of 8 Best Renters Insurance Companies 

Name of the CompanyReviews.Com ScoreJ.D. Power Overall Customer SatisfactionAM BestDiscounts
Auto-Owners4.5N/AA++8
Amica4.25N/AA++5
Hartford4.2824A+3
Allstate4.0841A+2
Erie3.8865A+2
Travelers3.8807A++3
USAA3.8888A++4
Liberty Mutual3.8831A5

Pros And Cons Of 8 Best Renters Insurance Companies

Name of the CompanyProsConsImportant Features
Auto-OwnersExcellent discounts
Impressive financial strength ratings
A good option for renters who prefer to work with an agent
Can’t get a quote online
Coverage isn’t sold in every state
Add-on coverages are limited
Multi-policy
Life multi-policy
Payment history
Paperless billing
Protective devices
Favorable loss history
Pay in full
Quote in advance
Amica1. Impressive claim satisfaction rating from J.D. Power
2. Renters Essentials® bundle available
3. Several endorsements for customization
1. Doesn’t offer many online tools or resources
2. Not rated by J.D. Power for customer satisfaction
3. Not available in Hawaii or Alaska
1. Loyalty
2. Claim-free
3. Paperless statements
4. AutoPay
5. Multi-policy
HartfordLow-cost coverage for renters over 50
Excellent add-on coverages
The website has helpful information about purchasing renters insurance
Must be an AARP member to get coverageFew discounts
Have to pay extra for replacement cost coverage
Multi-policy24-hour security system
Policy renewal
AllstateSeveral endorsements available
Savings for renters 55 and older and retired
Online quotes available
Very few discounts
A high number of customer complaints
Replacement cost coverage isn’t standard
Multi-policyRetired renter
ErieGreat customer satisfaction ratings
Excellent financial strength
Strong reputation and industry experience
Not available nationwide
No online quotes
Few discounts and coverage options advertised
Multi-policy
Protective devices
TravelersCertain home improvements after a loss are coveredHelpful FAQ section and online resources
High financial strength rating
Few endorsements offered
Limited discount options
Below-average customer satisfaction score
Multi-policy
Loss-free
Protective devices
USAAHigh customer satisfaction rating
Excellent customer service
Free flood and earthquake insurance included
Policies come standard with contents replacement cost coverage
Only available to military personnel
Few discounts
No optional coverages
Multi-policy
Claims-free
Home security system
Military base
Liberty MutualLow-cost policies
Good discounts for additional savings
Policies are available nationwide
Not the best third-party ratings
Few optional coverages
Coverage and discounts are not available in every state
Claim-free
Early shopper
Multi-policy
AutoPay
Online purchase

FAQs About ResidentShield Renters Insurance Reviews

How Much Does Renters Insurance Cost?

In the USA, the average cost of renters insurance is $179 per year. However, the total cost depends on various factors like age, credit score, ZIP code, and claim history.

What Renters Insurance Doesn’t Cover?

Before buying renters insurance you should know that there are quite a few things available that renters insurance doesn’t cover. Below is a list of perils that renters insurance usually don’t cover – 

1. Flood damage
2. Earthquake damage
3. General wear and tear
4. Pets and infestations
5. Pet damage
6. Your vehicle
7. Your roommates’ belongings
8. The structure of the building

Which Company Has The Best Renters Insurance?

If you closely check the advantages and disadvantages of various renters insurance companies then you will understand that not a single company offers the best insurance coverage. Therefore, if you want to buy renters insurance then you should check a few companies and compare their insurance quotes before making the final decision.

Who has the cheapest rental insurance?

Usually, the premiums of rental insurance vary from man to man therefore, it is difficult to say which company is the cheapest. But according to many reviews from the customers, Liberty Mutual advertises rates as low as $5 per month, which is the cheapest option currently available.      

What Is A Good Price For Renters Insurance?

According to many experts, the good price for renters insurance is around $15 per month. Though it’s the average number and depending on your condition you might have to pay less or more from this range. If you have a good credit score then your renter’s insurance cost will be less.

Last Updated on October 12, 2021 by Musa D

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