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ByCynthia Paez Bowman

Cynthia Paez Bowman is a finance, real estate, and international business journalist. Her work has been featured in MSN, Freshome.com, Bankrate.com, and SimpleDollar.com.

Nationwide Renters Insurance Review

If you don’t think renters insurance is needed, think again. Who will cover your expenses if your belongings are damaged or stolen? The landlord isn’t responsible for your property — you are. Luckily, renters insurance is generally affordable.

Nationwide is known for homeowners and auto insurance, but it also offers rental coverage. It will protect your valuables like computers, clothes, jewelry, and electronics against loss or damage by paying for their repair or replacement so you’re not stuck with out-of-pocket costs. It’ll even cover the medical bills of guests who are hurt while visiting you or lawsuits should someone slip and fall in your apartment. Unfortunately, Nationwide doesn't have the best track record with customer satisfaction, so if good customer service is high on your priority list, you may want to look elsewhere. Otherwise, Nationwide's solid coverage makes it worthy of a quote.

Pros Cons
Online quotes
Multi-policy bundling discounts
Good online learning center

Average customer satisfaction rating

The Renters Insurance Factors We Analyzed

Customer experience

Nationwide’s customer satisfaction score in the J.D. Power Property Claims Satisfaction study was an average three out of five, with the insurer coming in ninth place out of 22 ranked insurers. However, in a separate J.D. Power study measuring customer satisfaction with renters insurance, Nationwide fell below industry average with a score of two out of five. That said, the company had fewer complaints than average registered with the National Association of Insurance Commissioners in 2018, so low J.D. Power rankings could be an indication that customers are unhappy with the insurer's pricing or policy offerings.

One of the strongest features of Nationwide is its online access. Customers can get quotes, apply for renters insurance, manage their accounts, pay bills, and even file claims online. Besides online access, customer service representatives are available and ready to help by calling 1-877-669-6877.

Coverage information

Nationwide’s renters insurance covers the contents of your rented home or apartment. The coverage provides standard personal liability, medical payments, and loss of use for when you need to move out while your home is being repaired or refurbished. It also includes credit card coverage as standard that pays up to your selected limit for unauthorized credit card, bank, and ATM transactions, as well as forged checks. Besides the standard coverage, Nationwide has four supplemental coverages:

  • Earthquake coverage to reimburse you for part of your losses
  • Theft Extension to protect your belongings outside of the house when they’re stored in a motor vehicle
  • Valuables Plus to add extra coverage if you own expensive art, jewelry, or other high-ticket valuables
  • Water Backup for water damage caused by clogged drains or backed-up sewers

Deals, discounts, and add-ons

Renters insurance isn’t typically expensive. Coverage typically costs as little as $14 to $18 per month. You can reduce the cost further by taking advantage of Nationwide discounts such as:

  • Multi-policy discount when you bundle your other Nationwide Insurance coverages like auto insurance
  • Protective device discount if you have installed a home security system, smoke detectors, and carbon monoxide detectors
  • Claims-free discount for long-term customers if you haven’t filed a renters insurance claim in the past

Nationwide Renters Insurance Overview: Financial Strength, Availability, and History

Nationwide Insurance started in 1926 as Farm Bureau Mutual to provide affordable car insurance to Ohio farmers. Today, it's the 10th-largest insurer in the country and a Fortune 100 company. Besides traditional coverages like auto, home, and life insurance, the insurer offers unique insurance products such as pet, identity theft, and wedding insurance.

  • In business since: 1926
  • S&P Global financial strength rating: A+
  • Moody’s financial strength rating: A1
  • A.M. Best financial strength rating: A+
  • States served: 50

The Competition

  Overall Rank Reviews.com Score Customer Experience Score Financial Strength Score
Nationwide
5
3.3/5
3/5
4/5
USAA
1
4.8/5
5/5
4.3/5
State Farm
2
3.8/5
4/5
3/5
American Family
3
3.6/5
4/5
2.3/5
Allstate
4
3.3/5
3/5
4/5
Farmers
6
3.1/5
3/5
3.3/5

All information accurate as of January 15, 2020.

The Bottom Line

Nationwide offers renters insurance coverages to match your particular needs, along with flexible deductibles and a few policy discounts. You can upgrade your base plan by adding earthquake coverage, high-value coverage for more expensive items, water backup coverage, and theft protection for property stored in a vehicle. While Nationwide suffers from average to low customer satisfaction ratings, it may still be worth getting a quote from the company as you search for renters insurance.

Nationwide Renters Insurance FAQ

How much does renters insurance cost from Nationwide?

Renters insurance costs depend on your ZIP code, coverage, and property value, among other things, so it’s impossible to predict how much it will cost you without getting a quote for yourself. According to the Zebra, a Nationwide policy with property limits between $25,000 and $50,000 averages out to $236 per year (under $20 per month). This ranks Nationwide as the second-highest cost for renters insurance on the list. As with any type of insurance, though, we suggest getting quotes from a few different providers to see what renters insurance will cost for your specific situation.

What is typically covered under Nationwide renters insurance?

Nationwide’s base rental insurance covers property, personal liability, medical bills, and credit card losses. You can add supplemental earthquake, water backup protection, high value coverage for more expensive items, and theft protection for property stored in a vehicle.

Can you cancel Nationwide renters insurance?

To cancel your Nationwide renters insurance, call customer service at 1-877-669-6877. Nationwide will prorate and refund the unused portion of your renters policy if you prepaid the premium.

How long does it usually take to buy Nationwide renters insurance?

=The entire process can be handled online in minutes. Visit Nationwide for an online quote. Enter your ZIP code and the following information:

  • Name and address
  • Details about your home, such as size, if there’s an alarm system, etc.
  • The total value of your belongings
  • Your preferred coverage and deductible

If you agree with the price, complete the payment process.

Does Nationwide renters insurance cover flood damage?

Nationwide renters insurance policies do not provide coverage for damages and losses from flooding but cover water damages or loss from a washing machine or burst pipe. In addition, you can add the supplemental Water Backup to cover your property against backed-up sewers and plumbing.

Does Nationwide renters insurance cover dog bites?

It depends on the type of dog breed you have. If the pet falls within the guidelines, dog bites are covered under personal liability.

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