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Assurant Renters Insurance Review

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Assurant is a Fortune 500 specialty insurance company that focuses on apartments and rented homes, flood insurance, funeral insurance, manufactured homes, prepaid service plans, and other miscellaneous insurance lines. The company employs roughly 15,000 people in 16 countries and is based in New York City.
 
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How is Assurant rated?

Breakdown

5.0/5
Coverage Options
4.0/5
Add-Ons & Discounts
3.0/5
Customer Service
4.0/5
Financial Strength

Overall Rating: 4 / 5 (Very good)

Assurant's focuses on rental insurance as the primary aspect of their business, rather than a sideline. As such, it offers attractive optional coverages that few other carriers do. Its low deductible plans are also somewhat unusual within the industry. However, the company has been through significant legal and financial turmoil over the last ten years, and its numerous name changes make it difficult to accurately ascertain its reputation. In short, Assurant is a company with a troubled history, but that offers attractive coverage options.

Assurant Coverage

Coverage Options - 5 / 5

Assurant offers the usual package of liability, theft, and property damage coverages in its renters insurance policies. However, the company also has some innovative and attractive optional coverages available. These include coverage for damage to the premises caused by a pet, earthquake insurance, involuntary unemployment insurance, and drain/sewer backup coverage. Roommates can also be added to Assurant renters policies.
Basic Coverage
Personal Property
Personal Liability
Loss of Use / Additional Living Expenses
Optional Coverage
Scheduled Coverage
Identity Theft Restoration
Off-premises Event Coverage
Roommate / Additional Insured Individuals
Property Valuation Methods
Replacement Cost
Actual Cash Value

Pricing & Discounts

Add-Ons & Discounts - 4 / 5

Assurant's website does not mention whether the company offers discounts for their renters insurance product, yet they do have lower than average deductible options, ranging from $250 to $500. Their coverages are equally flexible, with options between $5,000 and $95,000. Assurant's personal liability coverage is available for up to $300,000, while their Identity fraud solution can reach as much as $15,000. Customers who enroll in the company's involuntary unemployment insurance option can expect to receive a maximum of $500 a month for up to two months as compensation for lost income.
Deductible Options
200 to 500
Maximum Liability Coverage
$300,000

Customer Experience

Customer Service - 3 / 5

Strangely, Assurant has no overall BBB rating or profile, though it does have one for its Miami, Florida branch. The company also has no presence on TrustPilot and is not listed on the National Association of Insurance Commissioners website. Assurant has been involved in consumer litigation involving its mandatory dispute arbitration clause. In 2010, the company paid a civil penalty of $3.5 million to the Securities & Exchange Commission over allegedly improper accounting practices. While litigation and SEC enforcement actions are not uncommon for large insurance companies, the lack of online assessments of Assurant's business practices and the firm's frequent name changes may give some prospective customers cause to doubt the firm's reputation.

Financial Strength Ratings

Financial Strength - 4 / 5

Assurant's scores from the big three financial ratings agencies are lower than many of their competitors. However, this may reflect the company's October 2017 acquisition of a warranty company. Though Assurant has changed its name a number of times, its predecessor company dates back to 1892, which suggests that the company has been managed well enough to get it through both good times and bad.
Underwriter
Assurant, Inc.
Standard & Poor's Financial Rating
BBB+
Moody's Financial Rating
Baa2
AM Best Financial Rating
bbb+
Company Type
Underwriter
*The above information reflects the financial strength of the underwriter of the Assurant renters insurance policies: Assurant, Inc..

Contact & Additional Information

Homepage URL
https://www.assurantrenters.com/
Company Phone
(866) 720-3213
Headquarters Address
28 Liberty Street, 41st Floor, New York, NY, 10005
Year Founded
1892

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Customer Comments & Reviews

Loading Reviews ...
srx705
5/14/2020
I submitted a claim due to an accident. They did everything within their power to make sure that they did not pay the claim. They didn't believe one word i said about the incident. The part that gets me is they have a document buried somewhere in their vault with as many loopholes as possible to make sure you can not collect on a claim. They do not share this info until you process a claim. This is FRAUD. I canceled my policy today. They showed me real disrespect. The "adjuster" seemed to actually enjoy denying the claims. Makes me wonder what kind of people work there.

Hannah P
12/8/2018
I used Google Trends to identify the top & rising search keywords related to cell phone insurance to weave into this negative review for Assurant Mobile Insurance in hopes that this review gets a high SEO ranking. The customer service I received is completely deplorable and I would never recommend insurance through Assurant. When I joined T-Mobile, I made sure to get "the best" insurance. Today my phone was stolen from me at a cafe and for a moment, actually felt re-assured that I had insurance to fall back on. Unfortunately, my experience with Assurant has been an utter nightmare and the complete opposite of what I would call best in service. At the store, I was advised to call in... Read More

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