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.
Jump To A Section
- 1 Overview Of ResidentShield Renters Insurance
- 2 Cost Of ResidentShield Renters Insurance
- 3 Types Of ResidentShield Renters Insurance Coverages
- 4 Optional Coverages From ResidentShield
- 5 Comparison Of 8 Best Renters Insurance Companies
- 6 Pros And Cons Of 8 Best Renters Insurance Companies
- 7 FAQs About ResidentShield Renters Insurance Reviews
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
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
|Water and sewer||Pays for damage when water from a sewer or sump pump backs into your home. Does not include flooding.||$1.00 per month|
|Pet damage liability||Only covers damage after your rental deposit has been exhausted.||$1.50 per month|
Comparison Of 8 Best Renters Insurance Companies
|Name of the Company||Reviews.Com Score||J.D. Power Overall Customer Satisfaction||AM Best||Discounts|
Pros And Cons Of 8 Best Renters Insurance Companies
|Name of the Company||Pros||Cons||Important Features|
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
Favorable loss history
Pay in full
Quote in advance
|Amica||1. 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
3. Paperless statements
|Hartford||Low-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|
|Allstate||Several 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
|Erie||Great customer satisfaction ratings|
Excellent financial strength
Strong reputation and industry experience
|Not available nationwide|
No online quotes
Few discounts and coverage options advertised
|Travelers||Certain 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
|USAA||High 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|
No optional coverages
Home security system
|Liberty Mutual||Low-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
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.
Magalie D. is a Diploma holder in Public Administration & Management from McGill University of Canada. She shares management tips here in MGTBlog when she has nothing to do and gets some free time after working in a multinational company at Toronto.