HomeFinanceErie Renters Insurance Review 2022: What to Know

Erie Renters Insurance Review 2022: What to Know

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Erie renters insurance coverage is on the market by means of impartial brokers in 12 states and Washington, D.C. Although the corporate’s geographical attain is restricted, its insurance policies are value contemplating when you’re eligible.

Erie gives a wide range of methods to customise and save in your coverage, and it attracts fewer shopper complaints than anticipated for an organization of its dimension. But Erie’s web site lacks options that another insurance coverage firms have, similar to on-line quotes and declare submitting.

Best for: Renters who need strong protection and good service, and who do not thoughts talking with an agent to get it.

Erie renters insurance coverage professionals and cons

How Erie renters insurance coverage charges

Erie renters insurance coverage earned 4.5 out of 5 stars for total efficiency. NerdWallet’s rankings are decided by our editorial workforce. The renters insurance coverage scoring method takes into consideration coverage protection choices and reductions, ease of submitting a declare, web site transparency, the monetary energy of the corporate, criticism information from the National Association of Insurance Commissioners and extra.

Based on these rankings, Erie is amongst NerdWallet’s Best Renters Insurance Companies for 2022.

State availability

Erie insurance coverage is on the market in 12 states and Washington, D.C.

» MORE: The greatest low-cost renters insurance coverage

Erie renters insurance coverage protection

Landlords generally require tenants to buy a coverage with a minimal quantity of renters legal responsibility insurance coverage, however in any other case, the protection you select is usually up to you. Below are the 4 sorts of protection included in most traditional renters insurance policies:

For extra particulars, see what renters insurance coverage is and what it covers.

In addition to the fundamentals listed above, Erie additionally consists of protection for meals that spoils throughout an influence outage and a few restricted protection for boats and trailers. (Those with bigger watercraft might want to purchase a separate boat insurance coverage coverage.)

You could have the ability to customise your coverage with the next protection choices, relying on the place you reside:

  • Sewer and drain backup, which pays for injury if water backs up into your property.
  • Home-sharing, which covers legal responsibility, theft and injury to your belongings when you hire out your house on a website like Airbnb or Vrbo.
  • Identity restoration, which gives help when you’re a sufferer of identification theft.
  • Scheduled private property, which gives extra protection for valuables like jewellery or sports activities tools.
  • Replacement price loss settlement, which ensures that after submitting a declare, you’ll be paid sufficient to purchase new replacements in your broken belongings. (Without this endorsement, the payout for older gadgets is likely to be lowered due to depreciation.)

In a lot of the states it serves, Erie additionally gives bundles that embody among the choices above plus increased protection limits.

Erie renters insurance coverage charges

Erie renters insurance coverage prices $150 a 12 months on common, in accordance to NerdWallet’s price evaluation. Although that’s cheaper than the nationwide common of $168, Erie was dearer than common in lots of the states the place we evaluated its charges.

» MORE: The common price of renters insurance coverage in each state

Discounts

You can get monetary savings on Erie renters insurance coverage by:

  • Having an alarm or sprinkler system in your house.
  • Getting a quote greater than every week earlier than you need your renters coverage to take impact.
  • Buying a couple of Erie coverage.
  • Being at the very least 45 years previous.

Discount availability varies by state.

Consumer complaints

Erie obtained fewer than the anticipated variety of dwelling insurance coverage complaints to state regulators relative to its dimension, in accordance to three years’ value of information from the National Association of Insurance Commissioners. (NAIC dwelling insurance coverage complaints additionally cowl different dwelling coverage sorts, together with cellular dwelling, renters and rental insurance coverage.)

» MORE: 6 causes not to skip renters insurance coverage

Consumer expertise

Website: Erie’s web site doesn’t have many bells and whistles, however you should use it to make funds, discover an agent and monitor claims. However, you possibly can’t get a quote or file a brand new declare on-line.

App: On the Erie cellular app, you possibly can learn coverage paperwork, pay payments, verify the standing of a declare and discover your agent’s contact particulars.

Renters insurance coverage shopping for information

Before you examine renters insurance coverage firms, collect key data such because the tackle of the rental and any security and safety features the unit has.

You also needs to work out how a lot protection you want. Take a fast stock of your belongings: How a lot would it not price you to substitute them? Include all furnishings, digital gadgets, clothes, jewellery and home items. This complete is the minimal quantity of private property insurance coverage you need to have.

Your legal responsibility restrict needs to be excessive sufficient to cowl your internet value, whereas your deductible needs to be an quantity you’d really feel snug paying in an emergency.

When evaluating renters insurance coverage quotes, be sure every price estimate consists of the identical protection limits and deductibles so you realize you’re getting a good comparability. While it’s tempting to purchase the most affordable coverage, you might also need to learn opinions of your most popular firm to be sure it gives good customer support.

How to file a renters insurance coverage declare

File as quickly because it’s protected. The sooner you report a theft or injury to your property, the earlier your insurer can assign an adjuster and begin engaged on paying out your declare. Some firms allow you to file claims on-line or by means of their app, whereas in different circumstances you will have to name your agent or insurer as a substitute. Have your coverage quantity helpful.

Document the injury. Bolster your declare by taking pictures or video of all injury. If one thing was stolen, report it to the police earlier than you contact your insurance coverage firm. Your insurer could ask for a replica of their report.

Prevent additional injury. After you’ve taken footage of all the things damaged or destroyed, take steps to stop extra injury, similar to placing a tarp over a damaged window to shield your belongings inside. Keep receipts for any provides you purchase, as your insurer could reimburse you later.

Frequently requested questions

What different sorts of insurance coverage does Erie provide?

Erie sells auto, householders, boat, life and umbrella insurance coverage, amongst different insurance policies. Learn extra with NerdWallet’s Erie insurance coverage evaluate.

Does Erie renters insurance coverage cowl canine bites?

Yes, the legal responsibility portion of your coverage will usually cowl bills in case your canine bites another person. However, the corporate gained’t cowl sure breeds in some states; verify along with your agent for particulars.

How can I get an Erie renters insurance coverage quote?

Erie sells insurance policies by means of native brokers and doesn’t provide on-line quotes. You can enter your ZIP code on the Erie web site to discover an agent close to you.

Other renters insurance coverage firms to contemplate

Not prepared to decide? You could also be focused on these different renters insurance coverage firms:

Renters insurance coverage rankings methodology

NerdWallet’s renters insurance coverage rankings reward firms for customer-first options and practices. Ratings are based mostly on weighted averages of scores in a number of classes, together with monetary energy, shopper complaints, protection choices, reductions, on-line expertise and extra. Our “ease of use” class seems at elements similar to web site transparency and the way simple it’s to file a declare. These rankings are a information, however we encourage you to store round and examine a number of insurance coverage quotes to discover the very best price for you. NerdWallet doesn’t obtain compensation for any opinions. Read our editorial pointers.

Insurer complaints methodology

NerdWallet examined complaints obtained by state insurance coverage regulators and reported to the National Association of Insurance Commissioners in 2018-2020. To assess how insurers examine to each other, the NAIC calculates a criticism index every year for every subsidiary, measuring its share of complete complaints relative to its dimension, or share of complete premiums within the trade. To consider an organization’s criticism historical past, NerdWallet calculated an analogous index for every insurer, weighted by market shares of every subsidiary, over the three-year interval. Ratios are decided individually for auto, dwelling (together with renters and rental) and life insurance coverage.

Rates methodology

To discover the nationwide price of renters insurance coverage, NerdWallet averaged charges for 30-year-old women and men for a number of insurance coverage firms in each ZIP code throughout all 50 states and Washington, D.C. Sample tenants have been nonsmokers with good credit score and no latest claims, residing in a two-bedroom house. They had a $500 deductible and the next protection limits:

  • $30,000 in private property protection.
  • $100,000 in legal responsibility protection.
  • $10,000 in extra residing bills protection.
  • $1,000 in medical funds protection.

We then in contrast Erie’s charges to the typical price for all firms in states the place Erie gives insurance policies and the place its charges have been accessible from Quadrant Information Services.

These are pattern charges generated by means of Quadrant Information Services. Your personal charges shall be completely different.

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