Not All Renters Insurance Companies Are Created Equal
Some companies are simply better at handling claims and customer service than others. Some have been said to “just not care” and worse. It’s important that you know what you’re getting into. If someone is willing to spend time answering your questions when you’re buying a policy, that’s a good sign that they’re willing to spend time helping you when there’s a loss.
If they just want to get you in and out as fast a possible like an assembly line, that’s a bad indication for the service you’ll receive when you need them.
Not All Renters Insurance Policies Are Created Equal
In many states, the base form is the same for all carriers, but that doesn’t mean there aren’t endorsements, changes, or different ways that they handle certain things. One company we know of defaults to actual cash value and only gives you replacement cost coverage if you ask for it. The actual cash value of your three year old computer is about fifty bucks. Is that going to buy you a new one? Not a chance!
Particularly in areas that are prone to certain disasters, you may find difference in the coverage as well. Can you get an endorsement for earthquake coverage? Can you get an endorsement for wind coverage, or is it already part of the policy? What about mudslides? These are all questions you should be asking.
Renters insurance reviews are often biased, but there’s a bigger problem…
Renters Insurance Reviews Are Often Written By People Who Didn’t Read Their Policy
XYZ insurance didn’t tell me that I didn’t have replacement cost coverage!
That is, indeed, unfortunate. However, your policy stipulates actual cash value. Did you read the policy? Did you ask if it was replacement cost?
That’s not to say that renters insurance reviews aren’t written by people with legitimate concerns from time to time. Those people have issues that are larger and more systemic, often, or they have specific concerns with the way something was handled. Would those concerns be applicable to you? It’s hard to say.
Just like anything else, when you’re reading renters insurance reviews you need to know what you’re buying, what criteria are important to you, and who wrote the review. Taken in the aggregate, they can be useful tools. Taken on a one-off basis, you probably need more information to be able to form a solid opinion.
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Photo Credit: Margaret Ornsby Reviews CC BY 2.0