ResidentShield is an insurance agency whose renter’s insurance is allegedly highly-priced. You can notice a significant price difference between RenderShield and its competitors’ insurance offerings. Reportedly, ResidentShield insurance costs insurance holders a fortune in exchange for few benefits.
Should you opt for ResidentShield Renters insurance? This ResidentShield renters insurance review will reveal whether it’s worth the price it charges. Additionally, we will disclose some beneficial competitors of ResidentShield. They might help you get premium benefits at a justified premium.
Let’s get started.
A Quick Introduction to ResidentShield Renters Insurance
ResidentShield renters insurance offers you liability coverage that protects your personal property. However, the ResidentShield renters insurance cost is the talk of the town because it charges almost twice compared to its competitors. Then, why would people lean toward ResidentShield renter’s insurance?
Well, ResidentShield quotes are more acceptable to people with poor credit scores. This company doesn’t run a hard credit check on your profile. Thus, your credit score doesn’t impact your insurance rate.
Another benefit of ResidentShield’s renter insurance is that your landlord gets assigned as an interested party on your policy where you are a renter. This will notify them if your policy gets cancelled or lapsed. On a related note, the insurance agency collaborates with Yardi Systems Inc., a software developer.
Hence, the integrated software makes it easy for landlords to verify the renter’s insurance. However, almost every renter’s insurance agency now offers similar advantages, and incorporating them takes a few minutes. So, paying a high premium appears to be a waste of money with little to no benefits.
On the other hand, we found that it’s comparatively tougher to cancel ResidentSheld’s renter insurance. The ResidentShield website declares that renters are not eligible to cancel a policy. Whereas other renter insurance competitors let their customers cancel corresponding policies online.
You have to contact your landlord and the insurance company to discuss the cancellation of the policy. That’s why most landlords prefer ResidentShield renter’s insurance, as they are in charge of almost everything.
However, a landlord can’t force you to select a particular renter’s insurance. Since the ResidentShield renter’s insurance cost is extremely high, you might want to select something affordable but with legitimate benefits.
What’s the Average Cost of ResidentShield Renter’s Insurance?
This ResidentShield renter’s insurance review will remain incomplete if we skip the cost. So far, customers have complained about the high premium costs. Is it true that ResidentShield charges more than other competitors?
Yes, it is. We have found that ResidentShield renter’s insurance is more expensive and charges its customers $487 per annum on average. However, this is the average charge for standard renters’ coverage. You must pay $41 for monthly premiums to maintain your insurance benefits.
That’s more than twice the average cost from ResidentShield’s competitors. For example, a renter’s insurance policy from ResidentShield is thrice the most affordable option from Lemonade. Renters must pay $336 less annually for the same coverage when they choose Lemonade.
Coverages Offered by ResidentShield Renter’s Insurance
What does ResidentShield renter’s policy cover? Like any other renter’s insurance company, ResidentSheld provides the following basic coverages for its customers:
Personal Property Coverage
ResidentShield will pay for your belongings’ repair or replacement if stolen or damaged.
Guest Medical Payments
Additionally, this insurance will cover medical expenses for your guests if they become sick at your home.
Personal Liability
The policy will pay for damage you caused to others and their belongings.
Loss of Use Coverage
You will receive coverage for a hotel or similar accommodation from the insurance company. However, this applies to you when your home is not in a condition to reside in because of a covered disaster.
Earthquake Coverage
You will get this extra coverage if you reside in California and depend on ResidentShield renter’s insurance. It will pay for any damage to the property and your belongings caused by an earthquake.
Apart from these basic coverages, the ResidentShield renter’s insurance policy offers the following additional coverages in exchange for a few extra bucks:
Bed Bug Coverage
Do you think that your beds are infested with bed bugs? Well, you can treat them, and the ResidentShield insurance policy will bear the cost of eliminating bed bugs from the property. Fortunately, you can get this add-on privilege at a monthly premium of $1.
Pet Damage Liability
On a related note, the insurance will cover up to $500 damage after your pet and rental deposits are exhausted. However, this will cost you $1.50 per month.
Water & Sewer Overflow
You can add this feature if you want the insurance to cover the damage caused by a sewer overflow. Indeed, this will charge you $1 per month.
Equipment Protection Program
Are you looking for a ResidentShield renter’s insurance policy feature that will protect your electronics? Now, you can get that for only $1.42 per month. The insurance will pay for your laptop, phone, TV, and other electronic repair.
However, ResidentShield permits an individual renter to include up to 4 non-related roommates in a single insurance policy. So, this policy can be more acceptable to college students and younger renters.
Can You Get Discounts from ResidentShield?
Unfortunately, ResidentShield doesn’t offer discounted prices on its renter’s insurance policies. However, insurance companies might consider a few factors such as safety features, claim history while setting rates, etc.
This is not the case with ResidentShield. The company barely asks you such questions. So, you can’t get a discounted premium. Therefore, ResidentShield renter’s insurance might not be the best one you are looking for.
After all, you have to pay a hefty premium. You will receive the same basic features that other insurance companies pay for. ResidentShield’s competitors can offer you better deals regarding affordable premiums and better service.
5 Best Renter’s Insurance Providers
Are you looking for alternatives to the ResidentShield renter’s insurance policy? If yes, we covered you with some valuable companies and their amazing renter’s insurance policies. Let’s review them in brief:
1. Allstate
This insurance company offers recommendable rates for a wide range of renters. Check out Allstate’s renter’s insurance policy if you have a poor credit score or insurance limit. On average, a policy from Allstate will cost you $106 per year.
This company provides the cheapest renters insurance prices. Additionally, it covers identity theft restoration to assist you with legal costs, lost wages, and more. However, you may not find extra coverage options and discounts with Allstate renter’s insurance policies.
2. American Family
Available in 19 states, American Family offers you low-cost premiums. On average, you can get a renter’s insurance from this farm at $152 per annum. On the other hand, this company has very few complaints against it. So, you can trust American Family’s insurance policy as a ResidentShield competitor.
You can find many optional coverages such as travel protection, identity theft protection, pet insurance, and more from the American Family. Young adults can easily qualify for such insurance. However, this insurance is available in 19 states and has liability coverage of up to a $25,000 limit applicable to exotic pets and dangerous dogs.
3. Chubb
Chubb can arrange a beneficial policy if you want $15,000 of personal belongings coverage. In addition, it will cost you $114 a year on average, along with a guarantee of a good trust score.
On the other hand, Chubb renters insurance can get you lots of discounts for the following reasons:
- Residing in a gated community
- Owning a burglar alarm
- Having building security
- Being a loyal customer for a long period
- Accessing a water-leak detection system
Additionally, this renter’s insurance policy is available across the United States. However, the only hiccup with Chubb is that you can’t have add-on features like other ResidentShield renter’s insurance policies and competitors.
4. State Farm
State Farm offers renter’s insurance, too, and we had to pick it for its great value-added benefits. Get competitive renters insurance from State Farm in exchange for only $122 per year. The best part is that you can get up to $50,000 of personal property coverage with State Farm’s renter’s insurance policy.
Renters with poor credit scores can also apply for State Farm renter’s insurance. On a related note, you can add optional coverage for features like cyber extortion, identity restoration, and cyber-attack. However, renters might run out of extra coverage options and discounts.
5. Nationwide
We got another trustworthy and reasonable renter’s insurance policy from Nationwide. This company’s insurance products are available in 43 states. Low prices and diverse personal property coverage limits are prime reasons to choose Nationwide. Moreover, you will get a great deal from Nationwide despite your poor credit score.
You may have to pay $126 annually to get renter’s insurance from Nationwide. On a related note, the company provides excellent coverage options like additional coverage for new belongings, forged checks, counterfeit money, etc. Renters can also obtain great discounts by having fire alarms, burglar alarms, smoke detectors, and more devices.
Should You Opt for ResidentShield Renter’s Insurance?
Overall, ResidentShield renter’s insurance cost is on the expensive side. Additionally, this insurance doesn’t cover much compared to one with a premium. Hence, it’s better to check out the above-mentioned alternatives. These companies offer additional coverage features at competitive rates.
Besides them, you can check out renter’s insurance policies from Lemonade, Amica, Travelers, USAA, and more for cheap prices and decent coverage. Don’t forget to check out the terms and conditions before signing your next renter’s insurance.
