Amica Renters Insurance Review
Amica is well-known as a trusted insurance provider. The company’s renters insurance offers basic coverage at low average prices. Amica also provides a few optional coverages at additional cost.
The provider’s wide reach encompasses the continental U.S. But residents in Alaska and Hawaii will have to look elsewhere for renters insurance.
Amica holds the top ranking in J.D. Power’s 2019 U.S. Property Claims Satisfaction Study, which speaks to the company’s focus on customer satisfaction.
Amica has been selling insurance for over a century, and maintains a good standing with professional organizations. AM Best rated the company A+ for financial strength. Renters interested in insurance will find Amica to be a safe bet.
|Excellent Customer ServiceLong track record in the industryOffers discounts on policies||Unavailable in Alaska & Hawaii Full replacement cost for personal property is not included in standard coverage|
The Renters Insurance Factors We Analyzed
The latest renter’s insurance study from J.D. Power did not take Amica into account, but J.D. Power’s 2019 U.S. Property Claims Satisfaction Study ranked Amica best of the business at 5 out of 5 in overall customer satisfaction.
The customer complaints recorded by the National Association of Insurance Commissioners (NAIC) show Amica has fewer than average complaints, although the majority of those complaints stem from Amica’s auto insurance policies.
Amica’s website is informative and easy to navigate. The company offers two ways to get a quote on renters insurance—people can call in and talk to an agent or fill out their information with the online quote tool.
Although Amica does not hold any current rating from Moody’s or Standard & Poor, the provider received an A+ (superior) financial strength rating from A.M Best. Amica’s positive rating from A.M Best is important because it signifies the company’s strong ability to pay claims.
Amica’s standard policy comes with all of the coverages that one would expect, including personal property coverage, personal liability coverage, and loss of use coverage. It’s a no-frills insurance policy that’s easy to understand.
The provider’s optional coverage for renters include heightened coverage for personal effects, like personal property replacement and scheduled personal property.
Amica also offers additional coverage for computers and smart devices, which definitely comes in handy for modern-day renters. Identity theft coverage is offered at an extra cost, as well.
Deals, discounts, and add-ons
Amica offers 5 different discounts on their renters insurance. The provider offers a loyalty discount for policyholders of 2+ years and a multi-line discount for renters who also purchase Amica car insurance.
Amica offers a claims-free discount to renters who don’t file claims for 3 consecutive years. And the company discounts policies when renters set up auto-payment and/or online billing
Amica Renters Insurance Overview: Financial Strength, Availability, and History
Founded in 1907, Amica was the first mutual auto insurer in the U.S. The company expanded their offerings to include home and life insurance—and today, Amica is known as a customer-focused company with solid financial strength.
The Better Business Bureau awarded Amica an A+ rating. And although the company has not received a rating from Standard & Poor or Moody’s, AM Best rated Amica as A+ for their superior financial strength. This provider’s renters insurance is available anywhere in the continental U.S.
- In business since: 1907
- S&P Financial Strength Rating: N/A
- Moody’s Financial Strength Rating: N/A
- AM Best Financial Strength Rating: A+
- States served (availability): 48 states, unavailable in Alaska & Hawaii
|AM Best Financial Strength Rating||J.D. Power 2019 U.S. Renters Insurance Study Score||NAIC Customer Complaints|
|Amica||A+||N/A||Fewer 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|
|Allstate||A+||2/5||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 4/8/2020.
The Bottom Line
Renters looking for a straightforward insurance policy will appreciate the simplicity and ease of doing business with Amica.
This provider’s standard policy includes what’s expected, but nothing more. However, renters can extend the limits of their coverage with Amica’s additional coverage options.
Thanks to Amica’s excellent online resources and optional coverage for smart devices, younger renters will appreciate policies from this provider.
The century-old company is held in high regard among professional organizations in the insurance industry, and Amica’s financial strength indicates the provider will have no trouble paying claims.
Amica advertises renters insurance rates as low as $4 per week. However, this price factors in discounts, and Amica clarifies that actual rates do vary by state. To find the best rate available in the desired region, make sure to get an individualized quote from the provider.
Amica’s standard renters insurance policy includes three different coverages— personal property coverage, personal liability coverage, and loss of use coverage. The company also offers additional coverage at extra cost. Amica’s additional coverages include personal property replacement, scheduled personal property, smart devices and computer coverage, and identity theft coverage.
Amica offers a one-year term for their renters insurance policies. But the policy can be cancelled at any time without a penalty fee.
The Amica quoting process is fast and easy. You can fill out an online quote or call in and speak with an agent. Either way, the quote should only take 10-15 minutes. After that, finalizing the details should be a quick process..
Amica renters insurance is available in 48 states. However, the company’s renter insurance policy is not available in Alaska or Hawaii.