Assuming you are reading this post because you’re considering getting Geico renters insurance you can give yourself a big hi-5 (or really any renters insurance at all)! You’re making a great decision as a renter to protect yourself. We can tell you from experience that as a landlord the insurance policy we have on our rental property is not going to cover some very valuable items to you. I’d say 99% of the renters that we’ve had issues with find this out way too late in the game… meaning they’ve lost some personal property of theirs in an accident or theft that wasn’t covered by our insurance policy and they hadn’t thought ahead enough to insure themselves with a good rental insurance policy.
What does Geico renters insurance cover?
Renters insurance (not just Geico) typically covers your personal property (as a renter / tenant). Specifically some of the things that might be really important to you that are typically covered are:
- Laptop Computers (well, computers in general)
- Electronics (your televisions, Bluray Player, etc..)
- That fancy clothing taking up all the space in your closet (yes, including your shoes ladies!).
- That leather sofa (or really any of your furniture).
All policies are different and will vary from provider to provider so we would highly recommend calling one of Geico’s licensed insurance agents and ask lots of questions (really any renters insurance company… but did we mention we were biased towards Geico?… Which you can call as late as 1am!!!). Most of the renters insurance policies will also cover your liability. Liability coverage will provide you with financial protection if a person is accidentally hurt or suffers an injury while they are at your rental home. Again here be sure to ask lots of questions and speak with a licensed agent.
So where do I get renters insurance?
Well, you can get it from all the typical insurance companies you’d think of… the same ones that would cover your car for instance… also usually offer renters insurance as well. Call around or search on google for renters insurance and you’ll find a whole host of options. We’ve got our favorite which leads us to the our assertion in the title of this post…
So who’s the best… whom should I get renters insurance from?
Well, as you can tell from the title of this post we’re pretty smitten with Geico. We’ve had great experience with them in the past (in both renters and auto insurance), and their customer service is top notch. On top of that they have some fantastic commercials which make us grin. In the end you need to decide for yourself whom is the best out there. Our opinion when you look at price, quality of service, and ease of doing business the answer is hands down Geico Renters Insurance. Some of the things we considered when forming this opinion:
- What do the smart people think: We know a lot of smart renters out there and we asked them who they’ve used in the past, which company they currently use, and what they’ve heard from their peers.
- Ease of doing business: We called Geico a handful of times and asked lots of questions. The agents were friendly, humorous, and in general very easy to get along with. Additionally we think Geico has one of the best websites out there for getting quotes. Lastly they had some really friendly business hours staying open as late as 1am on weekdays to answer our questions.
- Price: We’re cheap…. but we still value quality. We think that Geico is probably one of the more affordable renters insurance companies out there and even when they aren’t the quality you get with them will more than make up for the little bit of extra bucks you’ll be paying.
Okay, this sounds like a great idea… any tips or tricks for me on getting a good deal on renters insurance?
Most renters insurance companies provide discounts. You need to ask lots of questions about the discounts but then don’t be afraid to volunteer up information either. Some of the information you might want to volunteer up would be:
- The fact that you’ve got lots of fire sprinklers in your apartment or home that you are renting (assuming you do)
- There are working smoke alarms throughout the property… and I always like to include the fact that they are wired to the electrical system and have a backup battery. No idea if this helps but like I said don’t be afraid to offer up anything that might help you get a better rate. If you don’t ask you don’t know.
- The presence of any burglar alarms (or anti burglar dogs!)
- Let them know that you’ve got working fire extinguishers (how many and where they are located throughout the home)
- If you’re in an apartment is there a security detail that keeps track of whom is coming and going
One last piece of advice on renters insurance…
It’s critical that you keep track of the personal belongings in your home (this is true regardless of if you are a renter or not but is especially true if you’re going to purchase renters insurance). If there is ever a fire or someone breaks into your home and steels your personal property you’re going to want to be able to show the insurance agents documentation that lets them know what you had in your home and the value of that property. No doubt this can be a daunting task, but using a bit of technology it can be very easy. We’ll detail this out a bit more in a later post with a specific how to guide with lots of options for keeping track of your personal belongings but as a teaser here’s the quick start guide to help you get started:
- Print up this personal property log template (Microsoft Excel Version).
- Walk around your home and fill out the personal property template (it has places to track a description, value, whether or not you have the receipt, date purchased, and picture taken)
- Go back through the home with a digital camera (even the camera on your phone is better than nothing so use it if it’s all you’ve got) and take pictures of everything on your list. Be sure to check off the items on the list as you go.
- For those items you marked as having the receipt for take a picture of that receipt too.
- Make a digital copy of your template (you can scan it in, take a picture of it, or type it back up using the template as a guide)
- Put all of those pictures you just took and the filled out template itself into an application called evernote: Doing this will securely store your data online where it is accessable from any internet connected device (your phone, table, computer, grandma’s computer,etc…)
That’s it folks…
Geico renters insurance is, in our opinion, by far the best renters insurance company out there. We also think it’s important to have renters insurance regardless of which company you pick to cover you. Don’t hesitate start doing your homework and get out there and protect yourself. Hit us up in the comments if you have some great stories about how you wish you would have had renters insurance or where you’re glad you did.