Service, Cost and More

GEICO Renters Insurance Review

Based on MoneyGeek’s review, GEICO’s renters insurance ranks in the middle of the pack with an overall score of 85 out of 100. The company scores a perfect five for its financial stability and gets relatively high customer service and affordability scores. GEICO, however, offers limited discounts and additional coverages.

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Last Updated: 8/12/2022
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iconribbonscore85

4.23/5

satisfaction

3.91/5

affordability

5/5

stability

4.25/5

stars


pros

This is an iconWide range of coverage levels
This is an iconPerfect score in financial stability
This is an iconOffers many other insurance products

cons

This is an iconLimited discounts and coverages
This is an iconAvailable in only eight states
This is an iconHigh NAIC customer complaint ratio

Verdict

GEICO’s financial stability is excellent, and the company gets solid ratings for affordability and customer service. GEICO’s renters insurance is only available in eight states, with limited discounts and coverages. The company also has a significantly higher than average customer complaint ratio.

Does GEICO Have Good Customer Service?

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.

Customer Satisfaction Rating

GEICO

MoneyGeek looked at GEICO’s J.D. Power customer satisfaction rating — a 4.23 out of five — and its AM Best score for financial stability, which was perfect. The insurer, however, has more than average customer complaints.

The National Association of Insurance Commissioners (NAIC) tracks insurers’ customer complaint ratios. GEICO’s ratio is 1.52, which is much higher than the national median of 1.00.

Financial Stability Rating

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.

What to Expect From GEICO Renters Insurance

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.

1

Getting a quote

GEICO’s online quote tool uses your information to personalize your quote.

2

Customer support

You can reach GEICO 24/7 via a live chat option or by calling (800) 241-8098. You can also mail or email the company.

3

Filing a claim

GEICO policyholders can file a claim on the company’s mobile app or website.

4

Canceling your policy

To cancel GEICO renters insurance, contact a representative through the mobile app or by calling (800) 841-1587.

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STATE AVAILABILITY

GEICO’s renters insurance is available only in the following states: California, Florida, Georgia, Maryland, New Jersey, New York, Texas and Virginia.

How Much Does GEICO’s Renters Insurance Cost?

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.

Average Cost of GEICO Renters Insurance

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  • Coverage
    GEICO Average Premium
  • 5K
    $111
  • 10K
    $142
  • 20K
    $209
  • 50K
    $378
  • 100K
    $786
  • 150K
    $1.051
  • 200K
    $1.332

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.

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Total:


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MONEYGEEK EXPERT TIP

Spend the time to compute the value of your personal property accurately, so you don’t waste money on coverage you don’t need.

What Discounts Does GEICO Offer?

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.

  • Discount
    Description
  • Online Payment Discount

    Pay your premiums online and qualify for a discount.

  • Multi-Policy Discount

    Bundle your renters and auto insurance and save money.

  • Home Security System

    Get a discount if you have a home security system, burglar alarm or have security staff in your building.

  • Sprinklers or Smoke Alarms

    Get a discount for having fire prevention alarms and tools like fire extinguishers, sprinklers and smoke alarms.

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MONEYGEEK EXPERT TIP

With GEICO’s multi-policy discount, you can combine your renters and auto insurance and save money. Aside from bundling and the online payment discount, GEICO offers few opportunities to lower your costs other than lowering your coverage level.

Which Coverage Types Does GEICO Offer?

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.

1

Replacement Cost Contents

After a covered loss, GEICO pays you the cost of replacing your belongings versus their cash value, which is usually lower.

2

Disasters Coverage

You can get extra coverage for natural disasters if you live in an area prone to floods or earthquakes.

3

Identity Theft Protection

GEICO notifies you of high-risk transactions, tracks your credit profile and offers data protection software.

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.

Renters Insurance Coverages: What to Expect

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Standard:
  • Personal Property Coverage
  • Personal Liability Coverage
  • Medical Payments Coverage
  • Additional Living Expenses (Loss of Use)
denySign
Rarely Offered:
  • Flood Coverage
  • Earthquake Coverage
  • Insect or Bed Bug Coverage

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AVAILABLE COVERAGE LIMITS

GEICO renters insurance lets you select coverage limits ranging from $3,000 to $200,000.

What Online Renters Insurance Tools Does GEICO Offer?

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.

Other GEICO Insurance Products

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.

  • Type of Product
    Description
  • Umbrella insurance

    GEICO car insurance policy owners can use umbrella insurance to increase the liability limits on their existing policies.

  • Condo insurance

    Condo owners can get protection for their personal property or for the condo’s interior structure.

  • Flood insurance

    GEICO policyholders are protected against water damage, in compliance with the National Flood Insurance Program (NFIP).

  • Rideshare insurance

    Lyft or Uber rideshare drivers can get protection, even when they’re not carrying a passenger.

  • Personal property insurance

    Personal property insurance can cover loss, theft or damage to your jewelry.

  • Business insurance

    Businesses can protect their employees, properties and assets.

  • Motorcycle insurance

    Motorcycle drivers can get comprehensive policies.

  • Recreational vehicle insurance

    GEICO provides insurance for all-terrain vehicles (ATVs).

  • Pet insurance

    Pet owners can get coverage for their pets’ medical expenses.

Insurance Rates

Compare Insurance Rates

Ensure you are getting the best rate for your insurance. Compare quotes from the top insurance companies.

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Methodology

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.

About the Author


expert-profile

Mark Fitzpatrick is a senior content manager with MoneyGeek specializing in insurance. Mark has years of experience analyzing the insurance market and creating original research and content. He graduated from Boston College with a Bachelor of Arts and Johns Hopkins University with a Master of Arts.


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