If you’re searching for a renters insurance provider with over 50 years of experience, low deductibles, and a strong financial standing, consider Geico. In our Geico renters insurance review, we delve into the company’s offerings, benefits, and pricing.
Renters insurance protects the apartment, condo, or home you’re renting and your personal belongings from unexpected events like fire and theft. Geico is one of the best renters insurance companies in the industry, providing coverage for personal property, liability, loss of use, and medical payments to others.
In this Geico renters insurance review, the This Old House Reviews team compared the company’s coverage and pricing to other top-rated renters insurance companies. Keep reading to learn if Geico is the best renters insurance option for you and your home.
Pros and Cons of Geico Renters Insurance
Weigh Geico’s pros and cons before signing up for a renters insurance policy:
Geico offers named-peril coverage for renters across the country. A named-peril policy means that you’re only protected from events specifically listed in the contract. These events include:
- Fire or lightning
- Vandalism or malicious mischief
- Accidental discharge of water
- Other common loss types
With a named-peril policy, you’ll also receive coverage for the following areas:
- Personal property—This covers the cost of your personal belongings. Through Geico, you get an actual cash value policy, which means they’ll pay for replacements taking into account their depreciated value. You can use Geico’s personal property calculator to determine how much of this coverage to purchase.
- Loss of use—If an event causes you to be temporarily displaced from your home, your policy will cover living expenses, including the cost of a hotel room or temporary rental.
- Liability—This covers bodily injury to someone else or damage to their property. For example, if your dog were to bite a neighbor, it would cover their medical bills or the legal fees if that neighbor sues you.
- Medical payments to others—If someone is injured in your home, your policy will cover their medical costs up to a certain amount.
Here’s how much coverage you can purchase for each protection category based on North Carolina information:
Additional Geico Coverage for Renters
For an additional monthly amount, you can add coverage for:
- Replacement cash value
- Identity theft services
- Water sewer backups
- Scheduled personal property
- Business merchandise
- Incidental business liability
- Natural disasters
Geico also has a separate jewelry insurance policy for a higher level of protection.
How Much Does Geico Renters Insurance Cost?
Geico advertises that its renters insurance costs as little as $12 per month, but this price is reserved for people who have a high credit score and live in a new building that’s less prone to repairs.
To give you an idea of what the average person would pay, we went through the online quote process. Here’s a quote for a single woman living in a one-bedroom apartment in Raleigh, North Carolina:
To get your own personalized quote from Geico, have the following information on hand for a speedy quote process:
- Number of people in rental
- Type of rental
- Number of units in building
- Number of pets
- Date of birth
Customer Service and Claims Support
Geico provides customer service 24 hours a day, seven days a week. You can call Geico for policy questions or file a claim at 800-241-8098. Geico also has a mobile app and an online portal that allow you to access your policy, view the terms of your insurance contract and file a claim if you would prefer not to talk to a customer service agent.
Compare Geico to the Competition
If you’re not sure whether Geico is right for you, compare it to other top-rated renters insurance companies below.
Geico renters insurance is standard for the industry, covering personal property, liability, loss of use, and medical payment coverage for around $15 per month. While Geico offers few additional coverage options and discounts, you will get affordable deductibles and 24/7 customer service through three avenues—a website, a mobile app, and a telephone number.
Before buying a renters insurance policy through Geico, we recommend getting quotes from at least three companies to make sure you’re getting the best insurance coverage for you and your home.
- CEO: Todd Combs
- Years in business: 81
- State availability: 50
- Address: 5260 Western Avenue
- City/State: Chevy Chase, MD
- Zipcode: 20815
- A.M. Best financial strength rating: A++
Frequently Asked Questions About Geico
Why should I buy Geico renters insurance?
Most renters don’t have thousands of dollars in the bank to cover damages from unexpected events. With a renters insurance policy, you can save money and have peace of mind that you won’t have to break the bank when one of these events occurs.
Does Geico offer renters insurance discounts?
Yes. Geico offers up to a 25% discount when you bundle your renters insurance with other insurance products like auto insurance or life insurance. You can also get a discount for having certain safety features already in your home, like a security system or smoke detector.
How do I get a free quote for Geico renters insurance?
You can get a free renters insurance quote from Geico by using their online quote tool. This tool allows you to answer questions about you and your property and get a quote in under 10 minutes. You can also call Geico’s customer service line to have a representative walk you through the process and provide pricing and information regarding your coverage.
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