Safeco Renters Insurance Review
If you’re a renter, it’s important to have renters insurance. But with so many choices out there, it can be hard to know which policy is right for you.
That’s where Safeco comes in.
In this review, we’ll take a look at their renter’s insurance policies and see what they have to offer. So whether you’re just starting out or you’re looking for a new policy, read on for the scoop on Safeco Renters Insurance.
About Safeco Renters Insurance for College Students
Owned by Liberty Mutual Group, Safeco is a popular insurance provider that offers homeowners, umbrella, auto, pet, and of course, renters insurance. If you have other policies with Safeco (like an auto policy) you can save money by bundling it with your renter’s insurance.
For students who are away from home for the first time, renters insurance provides a way to protect your belongings, and give you (and your parents!) peace of mind.
What is Renter’s Insurance?
Going away to college is an exciting time – but unfortunately, as a college student, there’s more that you’ll need to think about than acing your finals and making new friends.
You’ve got to be prepared for the worst-case scenario.
If you’re renting – even just staying in a dorm – it’s important that you consider renters insurance.
Renters insurance is a specific type of insurance that’s designed to protect your rented property from loss and theft. Unlike homeowners insurance, which covers an entire property and the building itself, renters insurance only covers your belongings.
That might mean your clothing, appliance, furniture, valuables,s or anything else you might own.
Generally, renters insurance comprises three key areas:
- Personal property coverage – The most important reason to consider renters insurance is to replace any of your personal possessions that might be lost, destroyed, or stolen. This could be due to vandalism, burglary, or natural disasters.
- Liability coverage – In some cases, you may want to consider liability coverage as a renter, too. This can protect you from being sued if someone injures themself on your property. It’s important to note that it does not pay your own medical bills, though.
- Extra living expenses – If your rented space happens to be destroyed or heavily damaged and you need to temporarily stay somewhere else, renters insurance can help cover expenses for rent, food, utilities, and even travel.
In a perfect world, renters insurance would be totally unnecessary. However, we all know that things happen – and keeping yourself protected is important. According to the U.S. Department of Education, the most common crimes on college campuses are thefts and burglaries, accounting for 42% of all on-campus crimes. In the 2015-2016 school year alone, nearly 80% of all public colleges in the United States reported incidents of crime.
Those figures are staggering – and they don’t even account for thefts on private campuses, unreported thefts, or other common events that may require renters insurance (like natural disasters or accidents).
Clearly, renters insurance is important – and at less than $30 a month, in most cases, it’s well worth the investment.
What Does Safeco Renters Insurance Cost?
Pricing varies depending on several factors. We’ll give you some sample estimates below, but keep in mind that your quote will vary depending on the value of your personal property, living expenses, home type, location, and liability coverage.
Sample Quote 1: NYC Student
If you live in an NYC dorm or apartment, you can expect to pay about $22.97 per month or $275.68 per year. This will vary depending on which borough you live in and what kind of coverage you choose (this number includes roughly $50,000 in property coverage limits and $300,000 in liability).
Sample Quote 2: Chicago Student
A Chicago student will pay about the same amount as an NYC student with a Safeco renters insurance policy – just slightly less at $22.29 per month or $267.52 per year for the same liability and property coverage limits.
Sample Quote 3: Mobile, AL Student
If you’re going to school in Mobile, AL, you’ll pay around $32.09 per month or $385.12 per year for renters insurance with Safeco. Getting renters insurance in Alabama tends to be more expensive since Alabama in general is a rent-heavy state. This state also has one of the top home theft rates in the country and damage from hurricanes and flooding is more common, hence the steeper rates.
Sample Quote 4: Burlington, VT Student
Vermont is one of the best states to get renters insurance in, especially if you choose Safeco. In Burlington, you’ll pay an average of $7.75 per month or $92.96 for renters insurance.
Coverage Types
In addition to providing coverage for personal property, liability, and living expenses, Safeco stands out because it has three optional renters coverages you can choose from as a renter.
- Identify Recovery: If you are the victim of identity theft, this coverage can help you recover lost wages and pay for other expenses (like legal fees) in many cases.
- Valuable Articles: If you have super valuable items in your apartment or dorm, like jewelry or antiques, this additional coverage can cover them.
- Personal Property Replacement Cost: While most standard renters insurance policies will give you a cookie-cutter balance to pay for your belongings, Safeco has an option to go one step further that will pay the actual cost to replace your personal belongings.
Limits
Safeco has certain limits in what it will cover, which is the case with most renters’ insurance policies.
For one, it’s important to remember that it will only pay up to the amount of coverage you have on your policy. If you pay for a $50,000 renters policy coverage on your personal belongings, Safeco will only pay for $50,000 worth of belongings – even if the value you have exceeds that.
Safeco does not pay your rent if you are unable to. It can cover expenses related to temporary housing if you can’t live in your building while it’s being repaired (such as food and transportation) but not rent itself.
Remember, renters insurance covers your belongings and your liability within your personal space in your building. The landlord (or school) is responsible for insuring the building itself – but not your belongings inside. That’s an important distinction to make with any kind of renters insurance.
Safeco covers only up to $250 on money prepaid passes and $3,000 on rare coins and currency. It covers a maximum of $1,500 on watercraft and trailers. It covers just $1500 on any one article or no more than $3000 in total for valuable items like jewelry and silverware.
It does not cover:
- Animals
- Articles that are individually insured outside of the policy
- Motorized land vehicles while you are in the vehicle e
- Aircraft
- Business property or documents
- Property of any roommates or people unrelated to you, the insured
Finally, Safeco offers coverage that will protect your belongings both when they’re at home with you – as well as anywhere else in the world. That means you’re protected even when you’re on vacation.
Deductibles
Safeco offers multiple ways to save with different types of deductibles. If you pay a higher deductible, you can lower the amount you pay for your insurance premium by shifting some of the loss payment to you.
If you choose to bundle multiple policies, you might choose a Safeco Package for the deductible benefits. A Safeco Package generally includes a single loss deductible. If you have a significant loss, deductibles for other policies that are affected can be waived once you pay the first deductible.
Otherwise, you can choose your deductible to pick one that works well for you. If you choose to pay a higher deductible, you’ll have a lower premium, and vice versa.
You can also get an overall discount if you pay your bill in full when you start a policy, rather than paying in multiple installments.
Claims
Safeco’s Renters Insurance makes life easier by allowing you to choose from two types of coverage. There is actual cash value coverage. This pays for the value of your items at their depreciated price, and replacement cost coverage. This pays the cost of brand-new replacement items (and costs a bit more as part of your policy).
Filing a claim is simple. You can do so by contacting the insurance company directly or by doing so online. You’ll need to provide your policy number and proof that your items were damaged or stolen.
If your items were stolen, you’ll need a copy of a written police report, too.
For the most part, claims are settled in less than two weeks.
Reputation
Safeco has a fairly solid reputation as an insurance provider. It is owned by Liberty Mutual Group, a testament to its stability, and it has an A+ rating with the Better Business Bureau.
About 80% of Safeco customers say they would recommend the company to a friend. Because this company offers features in its policies that others don’t, it’s a good option to consider if you want more value in your policy.
Final Thoughts
Safeco Renters Insurance is a great option for anyone looking for quality coverage without breaking the bank. The company has a long history of providing excellent service and affordable rates, making it a popular choice for renters all over the country.
If you’re in the market for renters insurance, be sure to check out Safeco. You won’t be disappointed.
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.