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

Renter’s Insurance FAQ

Geico Renter’s Insurance Review 2022

Do you Need Renter’s Insurance for your Apartment?

The post How Do I Cancel Geico Renter’s Insurance? appeared first on Insurance BlogX.

Provide the customer care representative with necessary information such as the effective cancellation date and the new carrier’s name you are switching to if that is the case. Don’t hesitate to find out if you can be refunded for any premiums paid in advance.

Reasons You Should Consider Having Another Policy Before Canceling 

Notice that when you cancel your auto insurance policy, they will ask you if you are switching to another carrier and ask you to provide details on them. 

It is advisable to have another policy you are switching to, and it should be effective on the cancellation date of your current policy. The reason why this is necessary is that driving without insurance is illegal. 

Depending on state laws where you reside, you may experience the following:

1. Fines on 

2. An issue with renewing vehicle registration

3. Your license may be suspended 

4. In extreme cases, you may face jail time

5. All these and more are reasons always to cancel your policy properly.

Progressive Auto Insurance – Review

Cost

According to a study conducted by Value Penguin, Progressive’s auto insurance rates are near competitor average. This means that compared with other options in the market, they are fairly priced. 

However, they discovered that Progressive offers the best rates for drivers with past accidents. However, young drivers rated Progressive rates among the least affordable.  

Progressive also provides a standard set of discounts to make its policies more affordable for customers.

Some of these discounts include: 

1. Start your quote online – begin the quote process online and purchase your policy via phone

2. Safe driver – three years without an accident or ticket

3. Multicar – insuring multiple cars with Progressive

4. Homeowner – owning a home even if it isn’t insured by Progressive

5. Continuous insurance – Maintain car insurance coverage without any gaps or cancellations

6. Pay in full – pay the total cost for your policy upfront, not monthly 

7. Sign documents online – sign your documents online when you purchase a policy

Coverage

Progressive offers coverage for all the regular perils you experience in a car, such as collision and liability. In addition to this, they have some other unique coverages that we will share below. 

Pet Injury – Imagine your beloved pet is injured in a car accident. Wouldn’t it be nice if insurance covered the cost? Progressive’s pet injury coverage will take care of any medical bills associated with your pet’s accident. 

The coverage falls under your collision coverage, and though you may have pet insurance, it may be cheaper to file a claim from your auto insurance company where possible. 

Custom Parts And Equipment Value – Some folks love to pimp their rides. Progressive provides an avenue where customers who love customizing their vehicles can do so without fear of being at a loss should anything happen to their car. 

Gap Insurance – Gap insurance is a great investment for anyone who has recently purchased a car and is yet to complete payment for it. Should anything happen to this vehicle before repayment is complete, Progressive will step in to fill the gap on your payment. 

Rental Reimbursement – Being completely immobile after an accident can be difficult. Should you decide to rent a vehicle when your car is unavailable, this coverage reimburses you for the amount spent on renting a vehicle. 

Customer Satisfaction

Progressive customer service is available 24 hours round the clock. They pride themselves in being attentive customers seven days a week, all year round. 

In 2020 they were awarded a 0.68 complaint score by the National Association of Insurance Commission (NAIC). This is a relatively good score as it is below the average complaint score of 1.0. This would mean that customers are satisfied with the service they get to a large extent.

Frequently Asked Questions

How Do I Cancel My Progressive Insurance Policy?

You can cancel your policy via phone call. Simply contact a customer care representative at 1-866-416-2003, and after providing them with the necessary information, your policy will be canceled. Don’t feel shy to inquire about refunds on advanced premium payments. 

Does Progressive Charge A Cancellation Fee?

Yes, they do. If you cancel your policy within its first term, they will charge you a cancellation fee of $50. However, if your policy has been renewed and you wish to cancel it, the cancellation fee is no longer applicable.

Can I Cancel My Policy At Any Time?

Most insurance policies will allow you to cancel your policy at any time. All that is required is to inform them that you wish to have them cancel your policy. Usually, it is best to write a notice with the effective cancellation date. And we recommend letting your insurer know when you switch to a new carrier.

Does Cancelling My Insurance Affect My Credit?

Cancelling your insurance policy will not affect your credit score as long as you do it properly. For example, if you pay for your insurance annually, there’s no effect on your credit score. However, if you pay for it every month, there will be some effect. 

It is advisable to call your insurer and inform them that you want your policy cancelled instead of stopping your direct debit without prior notice.

Conclusion

Like most insurance companies, Progressive does not allow you to cancel your policy online. Rather, they provided an avenue for you to do so over the phone. In our belief, this is an equally convenient way to manage your policy as it does not require you to physically travel to a nearby branch. 

Sources

Progressive Auto Insurance Review

Progressive Insurance Review – Investopedia

How to Cancel Progressive Auto Insurance

The post How Do You Cancel Progressive Insurance Online? appeared first on Insurance BlogX.