Service, Cost and More

Nationwide Renters Insurance Review

MoneyGeek evaluated renters insurance companies based on customer service, financial stability and affordability to help you find the best renters insurance for your needs.

Based on MoneyGeek’s evaluation, Nationwide received an overall score of 76 out of 100. It received excellent ratings for customer service and financial stability but scored extremely low for affordability. Of the renters insurance providers evaluated by MoneyGeek, Nationwide was the least affordable option. The provider offers an above average amount of coverage options and a fair amount of discounts.

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Last Updated: 8/31/2022
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4.65/5

satisfaction

3/5

affordability

4.5/5

stability


pros

This is an iconHigh customer satisfaction and financial stability ratings
This is an iconFair amount of discounts
This is an iconAbove average number of coverages

cons

This is an iconLow affordability score

Verdict

Nationwide received an above average rating for its excellent customer satisfaction and financial stability, but its overall score suffered from a low affordability rating. This means that Nationwide is a good provider for borrowers that don’t mind paying extra for quality customer service. That being said, you may be able to find other companies that offer the same or better customer service at a lower cost by shopping around.

MoneyGeek’s Nationwide renters insurance review shows that the company’s National Association of Insurance Commissioners (NAIC) customer complaint index score is below the national median, which is a testament to its excellent customer service.

The company also provides a number of online tools and services that help customers have a more convenient and transparent experience. Additionally, the company offers an above average amount of discounts that can reduce the cost of your premium and a good number of included and endorsement coverages.

Does Nationwide Have Good Customer Service?

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.

Customer Satisfaction Rating

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.

Nationwide

Customer satisfaction was also assessed through the NAIC score. This rating is based on the amount of customer complaints a firm receives in comparison to its competitors. Nationwide received a score of 0.49 on the NAIC complaint index report, far below the national median of 1.00. This indicates that this insurer receives significantly less complaints than the average insurance company.

Financial Stability Rating

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.

What to Expect From Nationwide Renters Insurance

Perhaps the most difficult part of getting renters insurance is figuring out how to get renters insurance, as every provider has a different process. MoneyGeek explains how to get, manage and cancel Nationwide renters insurance coverage in the steps below.

1

Getting a quote

You may acquire a Nationwide renters insurance quote online by simply entering your ZIP code. You may also look for a local agent through its website. To save you time, MoneyGeek has already gathered various Nationwide quotes, which may be found in the subsequent section.

2

Customer support

Nationwide policyholders or prospective customers can reach the company by phone 24 hours a day, seven days a week, or by email. They can also communicate with customer support through the Nationwide mobile app and your online account.

3

Filing a claim

You can call 1-800-421-3535 to file a claim anytime.

4

Canceling your policy

You can talk to your agent to guide you with the process of how to cancel your Nationwide renters insurance policy. Use the available online tool from the Nationwide website to find your agent, but if you don’t have one, call 877-669-6877.

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STATE AVAILABILITY

Nationwide renters insurance is available in all states except Alaska, Florida, Hawaii, Louisiana, Massachusetts, New Jersey and New Mexico.

How Much Does Nationwide’s Renters Insurance Cost?

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.

AVERAGE COST OF NATIONWIDE RENTERS INSURANCE
  • Personal Property Coverage
    Annual Rate
  • $20,000

    $165.96

  • $50,000

    $320.48

  • $100,000

    $570.98

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.

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Total:


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MONEYGEEK EXPERT TIP

By calculating the exact value of your personal property, you can determine how much coverage you require. This is a crucial step that may allow you to save money.

What Discounts Does Nationwide Offer?

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.

  • Discount
    Description
  • Protective Device Discount

    You may be able to decrease your premium if your house includes smoke detectors, fire alarms, burglar alarms or other qualifying devices.

  • Claim Free Discount

    If you haven't made any claims on your insurance, you could be eligible for lower Nationwide renters insurance prices.

  • Associate

    If the insured is a current or retired Nationwide Associate, this discount applies.

  • Multi-Policy Discount

    By combining your renters insurance with your car or other insurance policies, you may save money with Nationwide's multi-policy discount.

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MONEYGEEK EXPERT TIP

Bundling multiple insurance policies is one approach to saving money. Nationwide provides a multi-policy discount that can reduce your overall insurance costs if you have multiple insurance policies with them. For example, you save money on insurance by purchasing Nationwide auto and renters insurance policies. If not, there are still a number of ways to save money through other discounts available through Nationwide.

Which Coverage Types Does Nationwide Offer?

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.

1

Identity Theft

This is an included benefit that compensates for expenses incurred as a consequence of identity theft or fraud detected during the policy period, up to the policy limits.

2

Water Backup

Water that backs up via sewers or drains, overflows a sump pump, sump pump well or other devices meant to remove water from the foundation area is covered under this add-on coverage. It's important to note that this isn't flood insurance.

3

Building additions & alterations

It's an endorsement coverage related to a building ordinance or law. In the event that your home requires repairs as a result of an insured loss, it will help bring your home up to code.

4

Loss Assessment

Pays for damages to a communal facility, such as a gym, pool or community room, as assessed by a homeowners association. It is automatically included under the policy.

5

Tools

An integrated policy that understands that tools have a unique liability limit in the event of theft. You can increase the tool theft limit for better protection.

6

Scheduled personal property

This is a recommended coverage that adds protection to high-value objects like jewelry, watches, antiques and fine art.

7

Theft extension

It’s an add-on policy that extends coverage to personal possessions kept in or on any vehicle, trailer or watercraft.

8

Credit card coverage

Pays for unauthorized transactions on your credit cards and bank debit/ATM cards up to the amount you choose. Also applies to fake checks and fake currency. This is optional coverage.

9

Earthquake

An optional coverage that covers insured losses to your property caused by earthquakes or volcanoes up to your specified limits.

10

Flood

Flood damage is not covered by most renters insurance policies, including Nationwide. To protect against this type of property loss, you'll need to acquire a separate flood insurance policy.

11

Personal Property Replacement Cost

This is an add-on coverage that helps you repair or replace objects in your home that have been damaged or stolen. First, you'll receive money for the depreciated worth of the products you've insured. Then, when you've purchased replacement products or had them fixed, you’ll return the receipt to the company, which will then reimburse you for the difference.

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.

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)
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Rarely Offered:
  • Flood Coverage
  • Earthquake Coverage
  • Insect or Bed Bug Coverage

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AVAILABLE COVERAGE LIMITS

Nationwide does not disclose the different coverage limits offered in their policies online. To receive more information about coverage limits available through Nationwide, contact your local agent.

What Online Renters Insurance Tools Does Nationwide Offer?

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.

Other Nationwide Insurance Products

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

  • Type of Product
    Description
  • Auto Insurance

    Under a Nationwide auto insurance policy, collision, comprehensive, liability and medical payments coverage are all available. The provider also offers accident forgiveness, meaning you can avoid an increase in the cost of your insurance premium following an accident.

  • Life Insurance

    Several life insurance policy options, including term, universal, whole and variable are available through Nationwide. You can get more information about each type of life insurance by visiting the provider’s website.

  • Homeowners Insurance

    When you’re ready to purchase your own home, Nationwide also offers regular homeowners insurance. Homeowners insurance with Nationwide can protect your home against theft, fire, lawsuits, weather damage and other covered losses.

  • Pet Insurance

    Nationwide is the leading pet insurance provider in the U.S. Existing policyholders with Nationwide receive a 5% discount on a pet health insurance policy.

Insurance Rates

Compare Insurance Rates

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Methodology

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.

About the Author


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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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