Allstate provides reliable renters insurance coverage to people in all 50 states, offering a variety of coverage options, as well as add-on policies. Notably, Allstate is ranked very highly for its claims handling process. In J.D. Power’s 2019 Renters Insurance study, the company received a perfect 5-star rating for claims.
If you’re looking to keep your insurance premium low, Allstate has multiple discounts available to help customers save money. They also have great online tools and resources that help people learn more about renters insurance, what it covers, and how much coverage they need.
Based on our research, Allstate has two major drawbacks. First, their customer service is sub-par compared to other providers in the industry. Additionally, their prices are more expensive than other providers we reviewed.
|Good discountsOnline tools and resourcesClaims handling reviews||Expensive premiumsPoor customer service|
The Renters Insurance Factors We Analyzed
When it comes to customer experience, Allstate is ranked below many other insurance providers. According to J.D. Power’s 2019 Renters Insurance study, the company received just 2 out of 5 stars for customer service, which is considered to be below average. But when it comes to claims handling satisfaction, Allstate earned 5 stars, which is ‘among the best.’
On the plus side, Allstate customers can manage their policy completely online, so there’s no need to work with a live agent. The company also offers great digital tools. They have an online quote generator, as well as a customer portal and mobile app, where customers can make changes to their policy, pay a bill, and file a claim.
Before choosing an insurance company, it’s important to look at their financial strength. Allstate is considered to be a very financially strong company. Allstate receives an A+ rating from AM Best, an Aa3 rating from Moody’s, and an S&P rating of AA-.
A company that is financially strong indicates its ability to reimburse you for a covered loss. Since the reason you have insurance is to get reimbursed after a loss, financial strength should always be taken into consideration.
Allstate offers basic renters insurance coverage, plus a few add-ons. Customers can get coverage for personal property, scheduled personal property, reimbursed living expenses, liability and guest medical coverage. Allstate customers can also choose to add identity restoration coverage to their policy for an added fee.
For renters who have valuable items, Allstate offers an umbrella policy to raise coverage limits. Those who live in flood zones can purchase flood insurance through Allstate to supplement their renters coverage. Generally speaking, Allstate’s renters insurance offerings are very similar to what its competitors provide.
Deals, discounts, and add-ons
Policy discounts are one of the things that Allstate is known for. Even though their premiums are higher than competitors, customers can take advantage of discounts to lower their rate. Allstate offers discounts for bundling renters and auto policies, having home safety features installed, signing up for autopay, having a clean claims history, and being 55 or older.
Compared to most competitors, Allstate offers more discounts than others. Specifically, Allstate is one of the only insurance providers that offers a discount for retired people, or those over age 55. If you’re eligible for several discounts, Allstate might be a good option for you.
Allstate Overview: Financial Strength, Availability, and History
Allstate was founded in 1931, and has grown to become the largest publicly held personal lines insurance company in the United States. Overall, Allstate has a good reputation among consumers. According to YouGov, 45% of people have a positive opinion of the company, compared with just 13% who have a negative opinion. The company is also very strong financially, with great ratings across the board.
- In business since: 1931
- S&P Financial Strength Rating: AA-
- Moody’s Financial Strength Rating: Aa3
- AM Best Financial Strength Rating: A+
- States served (availability): 50
|AM Best Financial Strength Rating||J.D. Power 2019 U.S. Renters Insurance Study Score||NAIC Customer Complaints|
|Allstate||A+||2/5||More complaints than average|
|USAA||A++||5/5||Fewer complaints than average|
|State Farm||A++||5/5||Fewer complaints than average|
|American Family||A||5/5||Fewer complaints than average|
|Nationwide||A+||2/5||Fewer complaints than average|
|Farmers||A||2/5||Fewer complaints than average|
*All information accurate as of April 7, 2020.
How We Evaluated Allstate
Factors evaluated in review of Allstate include financial strength as indicated by organizations such as AM Best and Standard & Poors, customer service ratings and support, as well as average premiums.
The Bottom Line
If you’re in the market for renters insurance, Allstate is a solid option. They offer good coverage options, and you can easily expand coverage with an add-on umbrella policy. You can also take advantage of discounts to save a significant amount on your premium.
Allstate is a great company for first-time renters. The company’s website provides online tools and resources that can help you learn about renters insurance and decide how much coverage you need. It’s also easy to manage your policy online or through the mobile app.
The biggest drawback to Allstate is their customer service. This is not an ideal company for people who value good customer service, or that prefer to work with a live agent.
How much does renters insurance cost from Allstate?
Allstate’s average renters insurance policy costs $15 per month. However, the actual amount you will pay might be more or less than the average as insurance quotes are highly personalized. When you request a quote, the insurance company will use criteria like your location, age, claims-history, and credit score to calculate your specific rate.
What is typically covered under Allstate renters insurance?
Allstate offers coverage for personal property, scheduled personal property, reimbursed living expenses, liability, and guest medical coverage. Identity restoration, coverage beyond the basic limits, and flood insurance are optional add-ons.
Can you cancel Allstate renters insurance?
Yes, you can cancel an Allstate renters insurance policy at any time. However, you’ll need to work with an agent throughout the cancellation process. The first step is to contact your agent, or find one near you. You might also have to submit a written request to formally acknowledge that you wish to cancel. The company does not charge a cancellation fee.
Where is Allstate renters insurance available?
Allstate offers renters insurance in all 50 states, so you can get coverage no matter where you’re located. If you move, you can keep your same insurance policy, although your rates may change slightly based on the average premium for your new location.