Nationwide Renters Insurance Review: Cost & Service (2024)

When looking for the best renters insurance company, customer service is crucial. Filing a claim can be a stressful experience, so you want a provider that will diligently and reliably process your claim.

MoneyGeek recommends Nationwide renters insurance for its high J.D. Power customer satisfaction rating and AM Best financial stability ratings. According to the NAIC, their customer complaint index is significantly lower than the national median, indicating that the firm has received fewer complaints than most of its competitors.

Nationwide received a J.D. Power customer satisfaction score of 852 out of 1,000, making it one of the top ten renters insurance companies for customer satisfaction. J.D. Power evaluates a company's interaction, pricing, billing procedure, policy options, policy information and claims to determine the appropriate customer satisfaction rating. With an industry average of 848, Nationwide's reputation for providing excellent customer service is better than that of a typical insurer.

An insurance company's financial stability rating measures how successfully it meets its financial responsibilities to pay genuine claims. AM Best is a company that assesses insurance firms' financial stability and assigns them a financial strength score. Nationwide received an A+ rating, indicating that it has an excellent track record of meeting its financial responsibilities.

The cost of renters insurance varies by company, coverage limit and locations. On average, renters insurance typically costs $156 per year. The average cost of a renters insurance policy with Nationwide is significantly more at $336 per year, but your actual rate may vary.

To find out the cost of your Nationwide renters insurance policy, speak with an agent or get an estimate online. Depending on your coverage limit, which is determined by the value of your personal property, you may pay more or less than the average rate for renters insurance. To determine how much coverage is appropriate for your needs, use MoneyGeek's personal property calculator.

The cost of renters insurance is mostly determined by the coverage limit you choose, but you don't want to have too much or too little coverage. While a coverage limit of $20,000 is sufficient for most renters, we still advise you to use our calculator to figure out how much you truly need.

For renters insurance, Nationwide gives four discounts, which is just below the industry average of five. If you qualify, most discounts are applied automatically, but you will want to verify that you’re receiving all the discounts that you’re eligible for. Aside from the Nationwide Associate discount, which is unique to this company, other insurers commonly offer similar discounts.

The cost of renters insurance is also affected by the policy’s coverage. Renters insurance companies typically market seven different coverage options. Policyholders with Nationwide renters insurance have a choice of eleven coverage options, five of which are rarely offered by other companies.

Nationwide renters insurance covers your stolen personal possessions kept in or on any motor vehicle, trailer or watercraft. It also pays for a portion of the costs for property damaged by earthquakes and volcanoes. However, if you want flood coverage, you'll need to get a separate flood insurance policy.

Each of the eleven coverage choices for a Nationwide renters insurance policy is described in detail below. These include water backup, identity theft, earthquake damage, credit card coverage, personal property replacement cost and more.

It's critical to make sure you have all of the standard renters insurance coverages when shopping around for a policy. Personal property, personal liabilities, medical bills and supplementary living expenses should all be covered.

Depending on your needs and circumstances, you may also want supplementary flood, earthquake and pest coverage. Some policies are only available on a limited basis, so make sure you read the fine print before acquiring one.

The availability of various online tools improves customer satisfaction. Nationwide provides a number of free products to policyholders and non-policyholders, including an online quote tool, calculators and mobile apps. You may also set up a payment plan, pay bills and make claims all online.

Besides renters insurance, Nationwide offers several additional insurance products, including auto, life, homeowners and pet insurance, among others.

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