USAA Renters Insurance: The Basics
Here’s the basics on USAA renters insurance.
What does USAA renters insurance cover?
At the heart of USAA renters insurance is personal property protection. In the event of fire, theft, vandalism, water damage, or accidental damage, the personal belongings on your rental property are covered. USAA also stands apart from the competition by making flood coverage and earthquake coverage part of their standard renters insurance policy.
USAA also offers replacement cost coverage, which means USAA will compensate you with enough money to replace your belongings with new items in the event of theft or property damage. That way, you don’t have to worry about the depreciation in value of your belongings.
USAA also offers liability coverage, which you might know as bodily injury coverage. This means you’re covered if someone on your property is injured due to a fire, a weather-related incident, or just a simple accident, such as tripping and falling. USAA will cover the medical payments associated with this personal injury.
And you can feel secure knowing your belongings are covered wherever you go. If you’re moving or storing your items, they’ll still be covered at your new rental location. You simply need to change your address on your policy, rather than cancel and restart it at the new location. But keep in mind that USAA will not cover any damage these items sustain while in transit.
The standard USAA renters policy includes liability and personal property insurance. If you find that you need only one of these coverage options, you can choose one and potentially pay a lower premium.
You’ll need to assess your living situation and financial standing before deciding how much renters coverage you need. For instance, if you have a dog or multiple roommates, that might increase the risk of bodily injury on your property, which means you’ll want to opt for more liability insurance. And if you have a lot of valuable personal property, such as fine art, you might want to buy more personal property insurance. The average coverage needed for a two-bedroom apartment starts at $20,000. Creating an inventory of your property can help you decide how much coverage you need.
Special Deals and Discounts
Renters insurance is generally quite affordable, especially when compared to other coverage options like homeowners insurance. Even though the price of renters insurance is already quite low, USAA offers a few easy ways to lower your monthly insurance premiums.
Save big when you bundle: The best way to save on renters insurance is by bundling it with other insurance coverage, such as auto insurance or health insurance. This is particularly useful for people who might already be USAA policyholders and want to strengthen their protection for just a few more dollars a month.
Unlock military discounts: If you’re living on an active military base, you can receive an insurance discount of up to 28 percent. Keep in mind this discount may not apply to all bases, so speak to a USAA customer service representative to see if you qualify.
Secure your property, lower your premiums: When you equip your rental property with various security measures, such as smoke detectors, alarm systems, or deadbolt locks, you lower the chance of filing a claim. USAA will recognize that you’re cheaper to insure and will respond in kind with lower premiums.
Where does USAA offer renters insurance?
Whether you live in New York or North Carolina, you’re in luck. USAA offers renters insurance in all 50 states and Washington, D.C.
USAA Renters Insurance Ratings
USAA Renters Insurance Customer Reviews
In general, USAA renters insurance receives praise for its low prices and ongoing commitment to active military members and their families. They’ve received an A- grade from the Better Business Bureau, which indicates a generally high level of customer satisfaction. They also have an A++ rating from A.M. Best, which is an excellent financial strength rating. That said, their customer score on BBB is only 1.2 out of a possible 5, with some customers complaining about a slow and frustrating claims process and subpar customer service.
“I love my USAA insurance rates, the credit card, and checking account,” says one customer. “But the customer service I dealt with today was subpar.”
Still, some customers have nothing but positive experiences over the course of their USAA membership. “I am amazed by the level of service I have received on my recent insurance claim,” says Brittany. “The process was so easy and quick. The adjuster came to my home to inspect the damage and the money was in my account less than 24 hours later. The settlement was fair. I can’t believe how painless the process was.”
Average Cost of USAA Renters Insurance
USAA boasts that their renters insurance starts at the low price of $10 per month. Keep in mind that this price can vary based on the location of your property, your claims history, your credit score, and several other factors. This price is quite a bit lower than the national average of $15 per month and is far more affordable than the typical price of home insurance. USAA ’s rate is significantly lower than Progressive’s average rate and $5 less than Allstate ’s average rate.
Positives and Negatives of USAA Renters Insurance
Is USAA renters insurance right for me?
Before you register for USAA renters insurance, you’ll want to reach out to a USAA customer service representative and receive a quote. Then, you can compare this quote to the rate offered by other competing insurance carriers. During this process, you’ll want to figure out just how much renters insurance you need, taking into account your inventory and factors such as roommates, pets, and the location of your property.
If you are associated with the U.S. military, USAA is definitely an option you should consider. Their insurance products are designed to cater to those who serve, and their customer service representatives have extensive experience dealing with military families. Additionally, if you already have an auto insurance policy with USAA, buying renters insurance as an add-on to your policy for just a few dollars more a month makes perfect sense.
