Allstate Renters Insurance Review

allstate insurance review

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If you are like most people, your home is where you keep your prized possessions, whether jewelry handed down from one generation to the next, a treasured wedding gift, a piece of art, a high-end TV, or simply a comfy sofa. For your cherished items, Allstate renters insurance can provide insurance protection if something bad happens.

Behind State Farm, Allstate is the second largest insurer in the United States and has been around since 1931 so you can be confident that you are selecting renters insurance from a company that has weathered economic storms and has the financial stability to pay eligible financial claims.

Allstate renters insurance is just one of the products available, but if you need insurance coverage for a car, boat, motorcycle, off-road vehicle, condo, or even a business, you can get insurance quotes too for those categories.

Where Allstate earns high marks is its competitive pricing. While coverage is dependable, it may cost less than you think, especially when it comes to renters insurance.

Allstate Review Spotlight

ALLSTATE SPOTLIGHT
allstate logo

InvestorMint Rating

4.5 out of 5 stars

  • Personal Property Coverage: YES
  • Personal Liability Coverage: YES
  • Additional Living Expenses Coverage: YES

via Allstate secure site

Allstate Renters Insurance
Coverage

Allstate renters insurance coverage includes protection from theft, vandalism, fire, smoke, and water damage (however flooding is not covered).

Personal property coverage is provided inside and outside your residence. So, if your sofa were damaged from a fire, a TV got smashed, or your bike was stolen from your property, those personal property items would be covered.

You can usually choose between two types of property coverage:

  • Actual Cash Value which covers your belongings for their replacement cost minus depreciation due to age, conditioning or other factors.
  • Replacement Cost Coverage which covers your belongings for the amount it would cost to replace them with a new similar item.

When you choose replacement cost coverage, you will usually be charged higher premiums.

Some categories of property coverage have a maximum dollar limit so clarify the amount for which you are covered before buying coverage.

Depending on the renters insurance policy you select, you may be responsible for paying an upfront deductible and Allstate pays the balance.

For example, if an item worth $5,000 needs to be replaced, you may be responsible for the first $500 and Allstate pays the remaining $4,500.

Additional living expenses coverage is also provided as part of your Allstate renters insurance policy.

For example, if a fire destroys your property and you need to find another place to live, your coverage may reimburse you for the costs you incur, such as hotel costs, food expenses, and even childcare services.

Family liability protection and guest medical protection is provided too in case of injury to someone in the home. For example, if you are found legally responsible to pay for medical bills and lost wages, Allstate renters insurance may save your bacon from an otherwise hefty bill.

Allstate Renters Insurance Policy

Your landlord’s insurance policy may not cover your possessions in case of fire or theft, so renters insurance is often a good idea.

An Allstate renters insurance policy generally includes the following:

Allstate Renters Insurance CoverageDescription
Personal property coverage
  • Covers belongings stolen or destroyed by fire, theft, or another covered factor.
  • Clothing, furniture, laptop, and electronics are covered.
Scheduled personal property
  • High-priced property coverage beyond the limits of personal property coverage.
  • You can add this to your policy to cover expensive jewelry for example.
Reimbursed living expenses
  • Pays for increased living costs if a covered loss makes your home uninhabitable.
Liability coverage
  • Coverage for legal expenses, medical bills, and other damages if someone is injured in your home and sues you.
Guest medical coverage
  • If someone is injured in your home, guest medical coverage pays for reasonable medical expenses like an ambulance and x-rays.
Identity restoration coverage
  • Identity restoration coverage is available in case your identity is stolen – a fraud specialist can help you to try to recover your identity.

Your Allstate renters insurance policy may not cover flood insurance and personal umbrella insurance.

Floods are the number one national disaster in the United States and not all landlords have flood insurance coverage so if you live in areas prone to floods it may be worth exploring.

Personal umbrella insurance may be appropriate if you are a hunter or engage in other higher risk activities because you won’t have to pay out of pocket for potentially high costs in the event of being sued.

How Much Is Allstate
Renters Insurance?

Even though renters insurance is among the most affordable types of insurance, there are ways to save and lower your costs.

Allstate rental insurance discounts are available to put a dent in your premiums.

Renters Insurance DiscountDiscount Description
Multi-policy discount
  • If you already have an Allstate auto insurance policy, you may be eligible for a discount.
Safe home discount
  • Rental properties equipped with safety and security devices, like fire alarms and security systems, are eligible for savings of up to 15%.
Easy pay plan
  • You can save up to 5% if you choose a renters insurance payment option where premiums are withdrawn automatically from your bank checking or savings accounts.
55 and retired discount
  • If you are retired and not actively seeking full-time employment, you may enjoy up to 25% off your premium.
Claim-free discounts
  • You are eligible for a discount of up to 20% in addition to bonus savings for every year you stay claim-free.

Is Allstate Renters Insurance
Right For You?

Allstate is a publicly traded multi-billion dollar company with tens of thousands of employees, including a vast network of agents spread across the country plus around-the-clock customer support every day of the week. So, you can be quite confident that the answer to the famous question “Are you in good hands?” is a resounding yes with Allstate Insurance.

Like almost any company of its size, Allstate has its fair share of customers who rate it poorly on the Better Business Bureau. Even Apple, which has an A+ rating on the Better Business Bureau was rated negatively by 88% of customers!

So take customer complaints with a pinch of salt. Happy customers are less likely than dissatisfied ones to take the time out of their days to rate companies highly.

There is a reason that Allstate has been around for nearly a century and it’s because on the whole it does a good job pricing insurance fairly for customers and serving them well so they renew year after year.

And if you are worried about whether Allstate will pay any claims you make, you can take solace from the financial strength ratings of the following ratings companies:

Rating CompanyAllstate InsuranceDescription
Standard & Poor’sAA-4th highest of 22 categories
Moody’s Investor ServiceAa34th highest of 21 categories
A.M. BestA+2nd highest of 16 categories

Allstate Renters Insurance
Pros and Cons

Allstate ProsAllstate Cons
Low Rates: Renters insurance may be available for as little as an extra $4 per month if you already have an Allstate auto insurance policy.Allstate Customer Feedback: We would prefer to see fewer overall negative complaints but our research uncovered limited negative feedback about Allstate renters insurance.
Leading Insurance Company: Allstate has been around for nearly a century and is the second largest insurer in the nation.Advertising: In 2016, Allstate was required to pay a $600,000 settlement in a consumer protection lawsuit regarding auto insurance TV ads.
Extensive Coverage: Personal property coverage, additional living expenses coverage, family liability protection, and guest medical protection are all included in Allstate renters insurance.
Optional Coverage: Personal umbrella coverage and flood insurance are optional additional coverage items.
Renters Insurance Discounts: If you have either an existing auto insurance policy with Allstate, are over 55, have installed safety and security devices in your home, remain claim-free, or sign up for automatic payments, you may be eligible for renters insurance discounts.
Financial Strength Ratings: Allstate receives high ratings from leading ratings companies like Standard & Poor’s and Moody’s.
Coverage Area: Allstate has national coverage so, no matter where you live, the chances are you can probably find an Allstate agent close by.

Allstate FAQ

Do I need renters insurance if I don’t own much?

When you add up the costs of replacing furniture, electronics, clothes, and appliances, you might be surprised to find how much you actually own and the total cost of replacing all you have. If you are not sure, have a chat with an Allstate agent and evaluate whether the coverage and peace of mind is worth the premiums.

Is my computer covered?

If you have a renters insurance policy with personal property coverage and your computer is one of your personal possessions, the protection likely extends to it.

What are the limits of my renters insurance policy?

Your renters insurance policy will cover you up to certain caps. For example, the cap for jewelry is usually around $1,500 but ask your agent before you purchase coverage so you are clear about what the caps are for your particular policy.

Should I choose replacement cost coverage or actual cash value?

Replacement cost coverage will generally cost you more in monthly premiums but it may well be worth it if you have bought a lot of new stuff.

However, if you have had your items for years and were planning to get rid of a bunch of them perhaps actual cash value is more suitable. Before making a decision, speak with your Allstate agent to better understand which coverage would best suit you.

Allstate Renters Insurance
Reviews Summary

Allstate is one of the largest insurance companies in the United States and as you might expect from a leading insurer, it is highly competitive when it comes to cost.

With a nationwide network of agents, the chances are high that an Allstate agent is near you and, if not, you can contact Allstate customer service anytime of day or night every day of the week.

To help lower your monthly premiums, Allstate renters insurance discounts are available to customers over 55 who are no longer seeking employment, have installed safety and security devices at home, remain claim-free, or sign up for automatic payments.

For peace of mind, Allstate is rated highly by leading ratings companies like Standard & Poor’s and Moody’s.

The bottom line is if you are looking for renters insurance from a renowned insurer offering competitive rates, Allstate is well worth checking out.

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