GEICO Renters Insurance Review: Cost & Service (2024)

Quality customer service matters when shopping for the best renters insurance provider. Filing a claim can be overwhelming and stressful, so you should look for an insurer with a record for processing claims quickly and fairly.

Financial stability refers to how well insurance companies are prepared to meet their financial obligations. According to AM Best, GEICO has a rating of A++. This means that GEICO has a superior ability to meet its financial obligations to policyholders.

The process of acquiring renters insurance and working with insurers is different for each company. MoneyGeek outlines below how GEICO’s renters insurance process works.

Each company offers renters insurance at different price points. The value of your property will also affect your insurance cost.

The average annual cost of renters insurance is $159. However, prices will vary depending on where you live, how much property coverage you choose and other factors. If you’re looking to get an accurate estimate, you can use MoneyGeek’s personal property calculator below.

The coverage limit you choose affects the cost of your GEICO renters insurance. To save money, choose a coverage limit that fits your needs without exceeding them.

Generally, a $20,000 coverage level is a good starting point for renters insurance. A GEICO renters insurance policy with a $20,000 coverage level costs $209 per year, on average. The personal property calculator below can help you determine the best coverage amount for your unique situation.

GEICO only offers four discounts while other insurance companies advertise an average of five discounts. GEICO offers policy owners discounts for having multiple policies or paying online.

Your GEICO renters insurance price can also depend on the type of coverage you choose. The insurer offers renters three additional coverage options, fewer than the industry average of seven.

GEICO provides common coverages for disasters and identity theft. Additionally, GEICO has a unique coverage to replace your personal belongings in a covered loss.

MoneyGeek reviewed GEICO’s three additional coverage options. Identity theft and disaster coverage are common, while the company’s replacement cost contents coverage is a rare add-on. Learn more about each coverage in the table below.

It’s vital for renters to know which renters insurance coverages are included in their policies. Make sure your policy has personal liability and personal property protection, and coverage for medical payments and loss of use. These are standard coverages. If you need flood, earthquake or insect coverage, check the fine print to see if your policy includes these options.

GEICO has many online tools available on its website and mobile app, which is convenient if you’re always on the go and need to access your account from almost anywhere.

GEICO lets non-customers use its online quote tool and calculators. GEICO policyholders can access the mobile app and website for filing claims or paying bills.

In addition to renters insurance, GEICO offers car insurance, as well as umbrella, condo, flood, rideshare, personal property, business, motorcycle, recreational vehicle and pet insurance products, among others. You can bundle your renters and auto insurance to get a discount.

To examine GEICO’s quality as a renters insurance company, MoneyGeek analyzed GEICO’s website, manually collected quotes and consulted consumer intelligence organizations, such as J.D. Power, the NAIC and AM Best.