Geico Renters Insurance Review

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In 1936, Leo and Lillian Goodwin founded the Government Employees Insurance Company to provide insurance for government workers and members of the U.S. Armed Forces. In 1996, Berkshire Hathaway purchased Geico.

Today, Geico offers a wide range of insurance products and insures over 28 million automobiles. Geico operates from offices throughout the United States and employs over 40,000 people who provide policyholders 24/7 service, 365 days per year.

Geico and Berkshire Hathaway consistently earn top financial ratings from AM Best, Standard and Poor’s, Moody’s and Fitch. The company also gets honors for its workplace diversity, marketing and customer satisfaction. AM Best gives Geico an A++ (Superior) rating for its financial stability, and the Better Business Bureau awards the insurer an A+ rating for customer relations.

Geico renters insurance coverage

Geico’s standard renters insurance policies include:

  • Personal property coverage: This covers items such as clothing, computers, entertainment systems, furniture, jewelry, mobile devices, musical instruments and sporting equipment.
  • Personal liability coverage: Personal liability coverage helps pay for injuries or property damage when a court finds you liable for an incident that occurs on your covered property. Personal liability coverage can also help pay legal fees and court costs.
  • Medical payments coverage: This part of your policy covers the medical expenses of someone outside your household if they sustain an injury in your insured apartment or house.
  • Loss of use coverage: This can help pay your living expenses if a covered disaster makes your apartment or house uninhabitable. For instance, if your apartment sustains smoke damage, loss of use coverage can help pay your hotel expenses while your apartment is repaired.
  • Damage to property of others coverage: This helps pay for damage to or loss of another person’s property when you are at fault. For example, if you accidentally drop your friend’s smartphone and break it, damage to property of others coverage can help repair or replace it. Most insurance companies do not include this type of coverage in standard renters policies.

Geico renters insurance policies offer protection for damages or losses caused by fire, injuries, smoke, theft, vandalism, wind and water. In some cases, a standard renters insurance policy might not offer adequate protection for some personal property. For instance, if you own expensive jewelry, you might consider purchasing a separate jewelry policy.

Reasons to choose Geico renters insurance

Geico automobile insurance customers can earn a discount when they purchase a renters or homeowners policy. Renters can also earn discounts when they purchase a policy for a dwelling equipped with a home security system, sprinkler system and smoke alarm. Geico customers also enjoy substantial savings when they pay their entire premium in one payment.

Geico’s mobile app is available for Android and Apple devices. The app stores a digital copy of your insurance card and enables you to get an insurance quote, view policy information, pay your Geico bill and file a claim using your smartphone or tablet. For Geico car insurance customers, the app features a maintenance and service history screen, along with a roadside assistance screen to call for help during an emergency.

Geico gives policyholders three ways to file a claim. You can call Geico’s toll-free number, file on the Geico website or file using the Geico mobile app.

Based on a recent study by The Zebra, an organization that researches insurance companies and products, U.S. renters pay an average annual premium of $188 for renters insurance. Wyoming residents pay an annual average of $107 for renters insurance, the lowest in the nation, while Louisiana renters pay the highest rates, around $340. As with home coverage, insurance companies establish renters insurance rates based on factors such as proximity to a fire station, crime rates and proximity to a coastline.

Bankrate requested Geico renters insurance quotes for three properties, on the East and West Coasts and in the middle of the country.

San Francisco, CA Memphis, TN Savannah, GA
Personal Property Coverage $20,000 $20,000 $20,000
Loss of Use Coverage $4,000 $4,000 $4,000
Personal Liability Coverage $100,000 $100,000 $100,000
Medical Payments Coverage $1,000 $1,000 $1,000
Damage to Property of Others Coverage $500 $500 $500
Deductible $500 $500 $500
Geico Rate $269 annually / $27.42 monthly $253 annually / $26.09 monthly $294 annually / $29.50 monthly

Additional policies offered by Geico

Besides renters insurance, Geico also sells policies to protect vehicles, personal property and much more, including:

  • Automobile, ATV, boat, motorcycle and RV insurance.
  • Classic car, commercial vehicle, Mexico automobile and rideshare insurance.
  • Condo, flood, homeowners, landlord and mobile home insurance.
  • Business owner’s, general liability and professional liability insurance.
  • Medical malpractice, wellness and fitness and worker’s compensation insurance.
  • Overseas and travel insurance.
  • Term, universal and whole life insurance.
  • Identity protection and umbrella insurance.
  • Jewelry and pet insurance.

Tips for getting the best renters insurance coverage

When shopping for renters insurance, follow a few basic guidelines to ensure you get the best policy and adequate coverage:

  • Take an inventory of your personal property: To determine how much coverage you need, take an inventory of your possessions. When taking a written inventory, record details about each item, along with serial numbers and costs. Mobile apps make inventory taking even easier. Most inventory apps enable you to insert text descriptions and use your device’s camera for photo records.
  • Decide whose property to protect: If you have a roommate, you can often save a little money by purchasing one policy for your combined possessions. However, if one person files too many claims, the insurance company may raise your rate, which can lead to disputes in your household.
  • Consider extra coverages: Expensive possessions such as art collections, jewelry and musical instruments may need more coverage than a standard renters policy can provide. Consider how much money you would need to replace each item and purchase riders or separate policies to protect your most valued possessions.

Frequently asked questions

What information is needed to get a quote from Geico?

The information Geico needs to know to produce a renters insurance quote varies by state. Typically, you will need to provide your address, your age, an email address and the amount of coverage you need. The quote tool on the Geico website makes it quick and easy to get a quote.

How do I file a claim with Geico?

You can file a renters insurance claim by calling Geico’s toll-free number, on the Geico website or using the Geico mobile app.

Do I need renters insurance?

Yes. Your landlord’s insurance does not cover your personal property or protect you against personal liability. Renters insurance is relatively inexpensive in many states, so it makes good financial sense to purchase coverage.

How much renters insurance do I need?

The amount of insurance you need depends upon the value and replacement cost of your possessions. In some cases, you might need to purchase a standard renters insurance policy, plus additional policies to cover expensive items such as jewelry.

Does Geico offer any renters insurance discounts?

Yes. You can earn a discount if you purchase multiple Geico policies. Renters can also get a discount if their apartment or house has a smoke alarm or security system. You can also save money if you pay your entire premium in one payment.