To cancel a policy with Geico, you have to call one of their customer care representatives or visit their office. It is not possible to cancel your policy online or via the app. However, Geico allows you to cancel your policy anytime, making the process convenient by not charging any termination fee.
Geico’s Renter Insurance – What Is Covered?
Geico’s renter insurance sector acts as a broker; based on your information, they will match you with one of their renter insurance partners. Note that you have no control over what company Geico will match you with.
What your policy covers depends on what company you are matched with; most standard policies will provide coverage for the following:
1. Personal belongings
2. Renter’s liability coverage
3. Loss of use coverage
You may be offered additional coverage options as well; based on research, Geico’s partners offer the following additional coverages:
1. Water backup coverage
2. Identity fraud coverage
3. Replacement cost coverage
4. Business liability coverage
5. Additional coverage for jewelry
6. Earthquake coverage
7. Refrigerated property coverage
Geico offers discounts to users who own a car policy and purchase a renter’s policy with them. Other discounts you may enjoy will depend on the company you are matched with.
Most insurers provide discounts for homes with security systems installed and other safety features such as fire extinguishers and smoke alarms.
Tips For Filing A Claim With Geico Renter’s Insurance
Be Quick
Be quick in filing your claim; the sooner you get to it, the sooner you get paid. Some companies allow you to file a claim online via their website, mail, or application. Other companies may require you to speak with an agent or show up in person. Whatever the case, don’t waste time in doing the needful.
Document Everything
It’s not enough to say your home was wrecked by flood or that your apartment was broken into. Instead, take pictures and record videos that show the damage caused for items stolen; file a report with the local police before contacting your insurance company. These steps will help you process your claim.
Be Proactive
After the initial damage done to your home, it is expected that you take steps to prevent further damage to your home. For example, You should cover broken windows and doors with a tarp, and you should gather receipts for possible reimbursement.
Pros And Cons Of Renter’s Insurance
Advantages/Pros
You Protect More Than Your Home – when people think about renters’ insurance, their mind zones in on protecting their personal belongings, but it can do more than that. This policy also offers content coverage, liability coverage and loss of use coverage.
Cost-effective – chances are you already have an insurance policy under your belt; many companies allow clients to purchase more than one policy with them and at discounted prices. Geico is one of such companies; owning auto insurance and renters’ insurance qualifies you for a discount on your auto insurance.
Safeguards You From Others’ Negligence – imagine your landlord has been postponing rewiring your apartment for years. One day this causes a fire in your apartment, and unfortunately, your unit is affected.
It is not likely that your landlord will reimburse you; after all, some landlords make it mandatory to purchase renter’s insurance before moving into their apartment. Fortunately, your policy will ensure your life isn’t put on hold because of someone else’s mistake.
Disadvantages/Cons
Additional Coverage for rare items – renters’ insurance targets everyday items like electronics and furniture. You’d have to purchase additional coverage for rare or valuable items such as jewelry, antiques, and collections.
There Are Limitations – having insurance isn’t a free pass to have all your burdens taken care of. There is a high chance that you will have to take some personal responsibility to enjoy your insurance benefits. These exist in the form of deductibles, co-insurance, and co-pays.
There is also a possibility that your policy may not offer enough coverage for your belongings. We advise learning your coverage needs and purchasing add-ons to the current plan if the standard policies do not offer enough coverage.
It Can Be Costly – when purchasing your policy, you have to choose between a replacement cost policy and an actual cash value policy. A replacement policy reimbursed you at the item’s cost when you purchased it, while a cash value policy reimburses you for each item’s depreciated value.
The first version is usually higher in terms of premiums since you will be repaid in what might no longer be the cost of the item (it could be cheaper). However, it is difficult to calculate depreciation for cash value policies.
Frequently Asked Questions
We’ve compiled a list of frequently asked questions and answers. These FAQs will help you understand everything you need to know about Geico renter’s insurance. Let’s check it out!
How Do I Take Inventory Of My Stuff?
If something happens to your home, it helps to inventory your belongings. Here are a few tips to get you started:
1. Make a list of what you own; try not to miss anything. If you live with someone, specify what belongs to who. Then keep this list in a safe location
2. Create a logbook for serial numbers and receipts; this comes in handy when dealing with stolen items
3. Take pictures of your belongings; it is a good way to track their general condition; you can also video your belongings
4. Tag your items – our parents were on to something when they stitched our names on our clothes and underwear. You can learn from them and engrave your initials on your personal belongings.
5. Before purchasing or renewing your policy, pay special attention to the coverage offered; you may need additional coverage for certain items, such as artwork or rare items.
How Often Should I Take Inventory Of My Belongings?
We advise you to update your record of household belongings at least once a year. Always check that your policy provides enough coverage to replace all valuable items you worked hard for.
Do I Need Renter’s Insurance?
Many people struggle with deciding whether renter’s insurance is for them or not. You may not own the building you live in, but you own what is in it; keeping this in mind, renter’s insurance isn’t a bad idea. It would protect your belongings from possible cases of theft, loss, or damage caused by flood, fire, etc.
Conclusion
You have to speak with an agent; the company does not allow you to cancel online or via the web app. You are free to cancel at any time and at no cost. However, because of the benefits attached to owning renter’s insurance, we advise you to have a backup plan before canceling your policy.
Sources
Geico Renter’s Insurance Review 2022
Do you Need Renter’s Insurance for your Apartment?
Katherine Morrissey is the lead writer at InsuranceBlogX.com, specializing in life insurance and financial planning. With over 12 years of experience in the insurance industry, Katherine has a proven track record of helping individuals and families secure their financial future. She works as a Life Insurance Agent at Insurance Agents – USA and is a licensed insurance sales agent. Connect with Katherine on Facebook at @Katherine Morrissey and Instagram at @katherine56_morrissey for expert insights and updates.
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