How is Allstate Renters Insurance Rated? (Review Of 2024) Allstate vs. Nationwide & Travelers

How is Allstate Renters Insurance Rated: Unbiased Review.!!!

An image illustration of Allstate Renters Insurance
“Allstate Renters Insurance Reviews: Ratings & Customer Feedback”
Insuranceblob Rating 5 out of 5.
J.D. Power (out of 1,000) Score 836
A.M. Best – Financial Strength Rating A++
BBB Rating A+
NAIC Complaint Index Score 1.77

Allstate vs. Nationwide: Which is Better?

Sure thing!

So, Nationwide and Allstate have some differences in their renter’s insurance policies.

Nationwide offers three coverages as standard that Allstate doesn’t have:

An infographic illustration of Nationwide Standard Coverages

  • Building Additions and Alterations:

Let’s say you spruce up your rental by adding new fixtures or wallpaper.

Nationwide’s policy covers any damage to these changes, setting aside a portion of your personal property amount for this coverage.

  • Credit Card Coverage:

If someone swipes your credit or debit card and racks up unauthorized charges, Nationwide will reimburse you.

They’ll even cover forged checks. Allstate has a similar perk with its identity theft restoration, which is almost like Nationwide’s credit card coverage.

  • Brand New Belongings:

This one’s neat. Nationwide pays you the depreciated value of your belongings if they’re stolen, damaged, or destroyed.

And if replacing them costs more than what you’re reimbursed, Nationwide covers the difference.

Unlike Allstate, Nationwide includes replacement coverage as standard in its policy.

With Allstate, you’d typically need to add it on, which can get pricey.

So, hey!

Now, the big difference between the two?

It’s the cost.

Nationwide’s rates are higher compared to Allstate.

Allstate’s monthly cost is around $10, while Nationwide’s is $21 with a $500 deductible.

Quite the price gap, huh?

The Bottom Line

In summary, while Nationwide offers more standard coverages in its basic policy, Allstate has a broader presence nationwide.

Moreover, Allstate provides more discounts compared to Nationwide, offering potential savings to offset Nationwide’s higher premiums.

If affordability, comprehensive coverage, and discounts are your priorities, Allstate might be the better choice for you.

Conversely, Nationwide’s main advantage lies in its expanded standard coverage offerings, but its higher rates may not justify the value considering what’s included in the policy.

How is Nationwide Renters Insurance Rated?

Insuranceblob Rating 4 out of 5.
J.D. Power (out of 1,000) Score 859
A.M. Best – Financial Strength Rating A+
BBB Rating A+
NAIC Complaint Index Score 0.04 (Very Low)

Allstate vs. Travelers: Which is Better?

Travelers is one of the oldest insurance companies in the US, dating back to 1853.

They offer some additional coverage options you can tack onto your basic policy and a few discounts.

But here’s the kicker: Allstate offers the exact same coverages.

Let me break it down for you:

  1. Valuable Items Coverage
  2. Equipment Breakdown Coverage
  3. Water Backup Coverage
  4. Contents Replacement Cost

As for discounts, Travelers has some basics like bundling, claims-free, and having safety devices in your rental.

But guess what?

Allstate offers those too, along with a bunch of other useful coverage options.

And get this!

Even their multi-policy discount falls short compared to Allstate’s.

You’ll only get a 5% discount on your auto policy if you bundle renters and auto with Travelers, whereas Allstate offers a solid 10% off.

Now, here’s where it gets interesting.

Travelers’ basic renters’ insurance comes with a higher price tag than Allstate’s, averaging around $22.14 per month.

But here’s the rub!

There’s not much reason for Travelers to charge that much when they only offer a handful of discounts.

It’s a missed opportunity to lower your premium.

And let’s talk about uniqueness.

Travelers boasts about decreasing deductible coverage, but guess what?

Allstate offers the same thing, just under a different name.

Oh, and one more thing to consider!

With Travelers, you often have to pick up the phone to get a quote in many states, and you can only buy a policy annually, not monthly.

Talk about a hassle, right?

It means shelling out a lump sum upfront, which isn’t exactly wallet friendly.

The Bottom Line

In conclusion, although Travelers boasts top ratings from AM Best (A++) and a wider agent network than Allstate with 13,500 agents nationwide, its higher premium doesn’t seem justified.

On the flip side, Allstate offers customizable coverage options, allowing you to tailor your policy to include features like Replacement Cost Value (RCV) or Actual Cash Value (ACV), as well as additional protection for specific items in your home.

Plus, Allstate’s range of discounts can further reduce its already competitive rates.

If you prioritize a variety of coverage options, affordability, and the assurance that your personal belongings are safeguarded regardless of your rental property’s circumstances, then Allstate may be the better choice for you.

How is Travelers Renters Insurance Rated?

Insuranceblob Rating 4 out of 5.
J.D. Power (out of 1,000) Score 801
A.M. Best – Financial Strength Rating A++
BBB Rating A
NAIC Complaint Index Score 3.88

Allstate Renters Insurance Review of 2024: Overview, Costs, Coverage, Discounts & Policy

FAQs

Q. What factors determine the rating of Allstate renters’ insurance?

A. Allstate renters’ insurance is typically rated based on several factors including coverage options, customer service, claims handling, pricing, and overall satisfaction.

Ratings may also take into account feedback from policyholders, industry experts, and independent rating agencies.

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