Customer opinions on their use of Resident Shield renter insurance are mixed. However, the reviews and some research revealed that the company prices are higher than other major companies.
However, customers praised the company for its customer service experience. In addition, Praetorian Insurance and QBE underwrite the company policies, both with outstanding financial ratings.
In the rest of this article, we will dissect the pros and cons of Resident Shield renter insurance policy and give you some insight into customer experiences with the company.
Basic Coverage Offered By Resident Shield
Resident Shield policies cover the basic items that any other renter insurance policy covers. However, you can choose to add water, sewer backup, and pet damage coverage to your policy.
Any renters policy should cover the cost of replacing your items in the event of a loss. Such losses may result from theft, natural disasters, or damage to the building that destroys your belongings.
Some policies may also cover liability insurance, protecting you from suffering the cost involved in catering to injured individuals on your property.
It is common practice for renter insurance companies to offer add-ons to your policy, but this isn’t the case with Resident Shield.
In addition to this, the company doesn’t offer endorsements on high-value items such as jewelry and electronics. They also don’t have replacement cost coverage, meaning that you will be compensated with the item’s depreciated value in the case of a total loss.
Here are the different coverages offered by Resident Shield:
|Personal Property||Pays or replaces belongings damaged or stolen|
|Personal Liability||Pays for damages to other people you are held liable for|
|Guest Medical Payments||Pays for medical expenses of guests who fall sick or become injured in your home|
|Additional Living Expenses||Pays for accommodation costs if your home becomes unavailable due to a covered peril|
|Water and Sewer Backup||Pays for damages caused by water and sewer backup into your home|
|Pet Damage Liability||It covers damages caused by pets only when your rental deposit is exhausted.|
How Much Does Resident Shield Insurance Cost
A survey done by ValuePenguin revealed that insurance cost with Resident Shield is significantly higher than other insurance providers. valuepenguin compared their prices with three other insurance providers; State Farm, Lemonade, and Jetty.
Resident Shield charges an average of $302 – $365 annually for renters insurance; this amount exceeds more than double the average cost in other companies. In addition, Valuepenguin found that this average was four times more than the most affordable option, Lemonade, with an average cost of $60 – $89.
A common mistake amongst tenants is failing to get sufficient coverage for their belongings. Some renters have a vague idea of what their possessions are worth, while others deliberately underestimate this value to enjoy lower insurance rates.
Either situation could cause you a lot of trouble. You must have a clear idea of what your possessions are worth so that your insurance agent can guide you on what policy is best for you in terms of coverage and cost.
Resident Shield Discounts
Because the insurance cost in Resident Shield is on the pricey side, you may consider asking about possible discounts on their coverages.
We discovered that the discounts offered by Resident Shield were meager and did not ease the burden of their insurance cost for customers.
Renters saved less than $10 on discounts. However, renters have to pay their total annual bill upfront to qualify for their discount. This means that the total bill has to be made in one payment.
Clients who pay monthly, quarterly, and even biannually are not entitled to this discount. In addition to this, the amount of your premium does not affect the discount amount you are entitled to. Therefore, the discount always remains at less than $10.
Usually, insurance companies may enquire about certain items in your home, such as fire alarms and fire extinguishers. Some of these inquiries are used in determining your premium rate, and they may contribute to you getting a lower rate without explicitly being identified as discounts.
Resident Insurance does not make any of these inquiries during the quote process, so it will not be reflected in your rates.
On this note, we can deduce that Resident Shield does not offer the common discounts offered by its competitors in the market.
Ease of Processes
Some customers pointed out that the process involved in claiming their insurance was difficult.
In addition to this, it is also tedious to cancel your insurance plan with ResidentShield. Most companies give you the liberty to cancel your plan online, but this is not the case with ResidentShield. To opt out of a policy with the company, you have to contact them directly.
Resident Shield- Final Thoughts
Overall, Resident Shield doesn’t stand out as a company to patronize. Firstly, the company charges exorbitant prices on insurance premiums for basic coverage.
In addition to that, the coverage options available are limited. The company attempted to supplement these coverages with other packages such as the water and sewer backup and pet liability policies. However, this is far less than what other companies offer their clients.
Also, the company’s processes are difficult to get by. Customer reviews show that items such as making claims or even canceling a policy are tedious tasks.
Unless your landlord mandates you to use them as your renter insurance provider, you are better off getting this service from another company. Companies like State Farm, Jetty, and Lemonade offer more comprehensive packages at affordable prices.
|Fairly popular brand||Expensive|
|Great Customer service||Limited Coverage|
As a renter or tenant, the benefit of being subscribed to a renters insurance plan cannot be overemphasized.
With renters insurance, you are covered from loss of property or accidents in your home.
Our advice is that you thoroughly go through the policy of whatever company plan you choose to subscribe to so that you get value for your money.