ePremium Renters Insurance: The Basics
ePremium bills itself as the gold standard for renters insurance. ePremium renters policies aren’t as customizable as plans you can get with other providers since property managers set the coverage limits and deductibles. But that’s not a concern if the policy meets your needs.
Depending on the renters insurance program chosen by your property management company, ePremium may pay either the actual cash value of your belongings after depreciation or the replacement cost of your items, which comes with a higher premium.
What does ePremium renters insurance cover?
ePremium provides contents coverage that protects your personal belongings against most perils, liability coverage to help with legal expenses and medical payments, and loss of use coverage if your apartment becomes uninhabitable. ePremium also offers some attractive add-ons:
Identity theft coverage
Water backup protection
Pet damage coverage for your unit, which is included in many policies at no cost
Bed bug remediation coverage, which is included in many policies at no cost
Earthquake coverage in California
ePremium also offers security deposit insurance, which can help you move into an apartment with lower up-front costs. The insurance product is known as eDeposit, and it’s included in the ePremium RentersPLUS package. You’ll pay a one-time, low-cost premium in exchange for the provider covering your security deposit, which can help free up cash for moving costs and other expenses.
Special Deals and Discounts
Unlike other insurance companies, ePremium does not offer bundling discounts, safety discounts, or payment discounts. And you won’t be able to reduce your monthly premium by raising your deductible or lowering your limits, since these are determined by your property manager.
Where does ePremium offer renters insurance?
ePremium offers renters insurance in all 50 states, but policies are only available for residents of apartment communities that partner with ePremium.
ePremium Renters Insurance Ratings
ePremium Renters Insurance Customer Reviews
ePremium Insurance Agency, LLC, doesn’t write policies for customers, but rather connects management companies with Millennial Specialty Insurance ( MSI ), which uses several different insurers to do the underwriting. As a result, the claims process varies, and so does customer satisfaction.
ePremium doesn’t currently have any customer reviews on Trustpilot, Consumer Affairs, or the Better Business Bureau, and complaint data is different for each underwriter. A few of the underwriters ePremium uses have a complaint index above 1, which shows they’re receiving more than their market share of complaints from consumers.
Average Cost of ePremium Renters Insurance
Pricing for ePremium is higher than for some other insurance companies. The average cost ranges from $11 to $22, depending on your state and your policy’s coverage limits.
By contrast, both Lemonade and Liberty Mutual offer renters insurance policies that start at just $5 per month. However, ePremium’s monthly premiums are comparable with those of leading insurers like GEICO and Allstate.
Positives and Negatives of ePremium Renters Insurance
Is ePremium renters insurance right for me?
If your landlord has partnered with ePremium, it’ll be incredibly easy to get a policy, and the security deposit insurance feature may be appealing to renters who are strapped for cash.
However, you should compare coverage levels and rates across insurers since many providers advertise lower premiums than ePremium Insurance. Consider your budget and your coverage needs when choosing the right renters insurance provider for you.
