Nationwide Renters Insurance Review
Leaving home for college is an exciting time for you. You may be away from home for the first time, and it’s your first foray. When you go away to college, you take your favorite possessions that remind you of home. If you are like most college students, thinking about renters insurance is not a priority.
However, renters insurance protects your property from a loss caused by fire, theft, natural disasters, and other unforeseen circumstances. You might consider choosing Nationwide renters insurance if you rent a home or live in a dorm.
Keep reading for an in-depth review of Nationwide renters insurance and decide if it’s the right renters’ insurance for you.
What is renters insurance?
A renters insurance policy is an insurance policy that protects you if you live in a rented apartment, house, or condo. Typically, renters insurance protects you and your personal property.
While the landlord is responsible for ensuring the building you live in, you can get renters insurance to protect the things you keep in the rented building. For instance, your policy covers appliances, clothes, electronics, furniture, and many other personal possessions.
Why is renters insurance important?
Renters insurance is crucial because it helps you replace your possessions in the event of a loss. A loss can occur from fire, storms, or theft, and renters insurance protects you against these types of losses.
About Nationwide Renters Insurance Coverage
Students needing renters insurance may find that Nationwide works out well for them. Nationwide provides everything you need in a policy.
Your policy will vary based on the type of coverage and deductible you select. Other factors that will affect your rate include:
- City, state, and neighborhood where you rent
- The risk of theft and natural disasters affect your insurance rate
- Condition, age, and size of your building
- Value of your possessions
- Extra coverage increases your premium
- Type of coverage
- Additional services and protection come at a higher premium
- Larger deductibles mean lower rates
To get an idea of how much renters insurance might cost you, here is a table with the average cost of renters insurance by state.
Like all people, the first thing you will look at is cost. How much do Nationwide’s premiums cost? The answer is that it depends on the factors mentioned above. Here are some sample rates for different areas based on various situations so that you get a general idea of what to expect.
Sample Quote 1: Student in Austin, Texas
As a student living in an apartment in Austin, TX, you will pay about $24 per month or $288 annually. For personal property, you get $15,000 coverage; personal liability is $100,000; and $25,000 for identity theft with a deductible of $500.
Sample Quote 2: Student in Chicago, Illinois
As a student renting in Chicago, IL, you will pay about $23 per month or $276 annually. For personal property, you get $15,000 coverage; personal liability is $100,00; and $25,000 for identity theft with a deductible of $500.
Suppose you wanted to increase your property coverage to $50,000, your monthly bill would increase to $36, and you pay $430 annually.
Sample Quote 3: Student in Tuscaloosa, Alabama
As a student residing in Tuscaloosa, AL, you will pay about $33 per month or $400 annually. For personal property, you get $15,000 coverage; personal liability is $100,000; and $25,000 for identity theft with a deductible of $500.
If you were to increase your deductible to $1,000, your monthly rate would drop to $30 per month, and you would pay $355 annually for the same protections.
Sample Quote 4: Student in Philadelphia, Pennsylvania
As a student living in Philadelphia, PA, you will pay about $27 per month or $327 annually. For personal property, you get $15,000 coverage; personal liability is $100,000; and $25,000 for identity theft with a deductible of $500.
Imagine you want to increase your property protection to $70,000 and your deductible to $1,500. Your monthly rate would increase to about $52 per month and $623 per year for the heightened protections.
You can use Nationwide’s free quote calculator for your specific situation. The tool is helpful and allows you to adjust the amount of coverage you want, deductibles, and additional services to customize the exact right mix of protection you desire.
Please note that quotes for New York City, NY, and Los Angeles, CA, may require you to call an agent to get more information.
Where you can get Nationwide renters insurance
Nationwide provides insurance options in forty-six states and Washington D.C. Nationwide is not available in Alaska, Florida, Louisiana, or New Mexico.
Nationwide’s basic renters’ insurance provides the following coverage:
- Building additions: Pays for damages to additions or installations to your rental.
- Contents: Protects your furniture and other items.
- Credit card coverage: Pays up to your selected limit for unauthorized spending.
- Loss of use: Reimburses you for additional expenses you may encounter if you cannot live in your rental due to loss.
- Medical payments: May pay for medical or funeral expenses for someone injured on your property.
- Personal liability: Pays a portion for damage or bodily injury caused by accident in your home.
In addition to the basic coverage, you may opt to get further protection. Nationwide offers the following additional, optional coverages for you:
- Brand New Belongings®: This is a two-part process. First, Nationwide pays for the depreciated value of your insured items. Second, you send Nationwide the receipt after you buy replacement items, and they will reimburse you the difference.
- Earthquake: Pays up to a set amount for earthquake or volcano damage
- Theft extension: Pays for personal belongings stored in your vehicle, trailer, or boat.
- Valuables Plus®: Gives more coverage to expensive items like jewelry, watches, or art.
Nationwide will pay up to the coverage you have on your policy. One way to determine how much renters insurance you need is with a home inventory.
A home inventory is an ongoing list of your personal belongings. To conduct a home inventory, inspect each room of your rental and record the following information about your property:
- serial numbers
- date of purchase (receipts are best, estimates will work)
Then it would help if you photographed each of your items. Here’s a pro tip, use an inventory system to keep things nice and organized. Your future self will thank you! Keep that inventory up to date and stored in a safe and fireproof document box.
If you file a claim with Nationwide, the policy will cover the actual cash value of your items. However, if you opt into the Brand New Belongings® coverage, it will cover the entire cost when you buy a replacement.
A renters insurance deductible refers to the amount you have to pay before the insurance company pays on your claim.
Nationwide renters insurance offers deductibles in the following amounts: $500 (default), $1,000, $1,500, $2,500, $5,000, and $10,000.
If you have a $500 deductible and claim $10,000 in damages, you will pay $500, and the insurance company will pay $9,500.
Typically, you will pay a deductible for each claim. If you increase your deductible, your premium will decrease. If you reduce your deductible, your premium will increase.
If you live on a tight budget, it may be better for you to lower your deductible and increase your premium by a few dollars per month. Coming up with $1,000 cash on short notice can be challenging, so it might be better to lower your deductible.
For instance, in our second sample quote from Tuscaloosa, AL, the increased premium was about $3 more per month for the $500 deductible.
Filing a claim is easy. You will contact your insurance company online, on the app, or by phone to submit and track your claims. If you believe that you are a victim of theft, you should contact the police.
You should file a claim as it is reasonably safe to do so. Make sure to document the damage (this is where your home inventory list will come in handy). Take steps to safeguard your property and prevent additional damage.
Items of Interest
You can bundle multiple insurance policies to save money. Nationwide allows you to bundle auto and renters insurance or motorcycle and renters insurance to save money. Bundling your insurance includes saving money, and having your policies with one company makes them easier to manage.
Another way to save money on your policy is to ensure that the property has protective devices such as smoke detectors, fire detectors, and alarms systems. In addition, Nationwide potentially provides a discount if you make no claims on your policy.
In addition, you can manage your policies online. Nationwide provides a robust online presence where you can find your ID cards and policy documents. In addition, you can adjust your coverages, make payments, and manage your claims.
Finally, check out Nationwide’s On Your Side Review to find additional savings.
One thing to remember is that renters insurance doesn’t cover floods. Flood insurance is usually purchased through government programs. If you live in a flood-prone area, you should consider getting additional coverage.
Get a quote for a Nationwide renters insurance policy. Better yet, get a few quotes from various companies and compare! For as little as $20 a month, you can protect your property and yourself from unforeseen circumstances.
Annie Johnson is a licensed insurance broker, specializing in auto, home and renters insurance products. She reviews insurance content on College Educated for accuracy and has a particular passion for making sure that college students and recent graduates have proper insurance coverage. Her latest passion includes researching all forms of business insurance, to ensure that recent college grads who look to entrepreneurship can have the right protection.