Nationwide renters insurance is typically affordable and can help you replace your belongings if they are lost or damaged due to theft or a covered natural disaster and pay for medical bills if someone gets injured in your home. Its digital tools make it easy to manage your rental insurance online from getting a quote to making payments.
If you rent a house, apartment, or dorm, it’s essential to understand what you’re responsible for if your belongings are lost or stolen. Your landlord won’t cover the costs of replacing your property, so the best way to protect yourself is with a rental insurance policy.
In this Nationwide renters insurance review, we’ll discuss how the company performs across several categories, including customer satisfaction and coverage. The company is one of the best renters insurance providers in the United States so it’s worth taking a look when looking for a new policy.
Nationwide Renters Insurance Overview
Most of the American public are at least somewhat familiar with Nationwide as a brand, with 91% of people saying they’ve heard of the company. Among those who are familiar with Nationwide, 38% have a positive opinion of the company. 45% have a neutral opinion, and 8% have a negative opinion.
In terms of customer feedback, the most common complaint from policyholders in the BBB website is the difficulty to get the company to pay their claims. Negative customer feedback on review sites isn’t uncommon among insurance companies, since some policyholders use social media to express their dissatisfaction when things have gone wrong.
- Affordable Nationwide renters insurance is affordable and offers a standard level of coverage for your property
- Easy-to-use online tools Easy-to-use online tools to manage your Nationwide rental insurance policy, with the ability to get a quote, sign up, and pay your bills online
- Multi-policy discount Current Nationwide customers may be able to get a multi-policy discount on renters insurance if they bundle it with other coverage, like auto insurance
- Customer satisfaction Nationwide renters insurance is on the bottom half of J.D. Power’s renters insurance customer satisfaction index.
- Basic coverage does not cover floods or earthquakes Basic coverage does not include damage caused by floods or earthquakes (but earthquake insurance can be added for an extra cost)
- Stolen property from your vehicle isn’t covered Property stolen from your vehicle isn’t covered under the basic Nationwide renters insurance plan (although it can be added for an additional fee)
According to the company, Nationwide renters insurance begins at $20 per month. (That’s a bit higher than the industry average of $15 per month.) Your premium will vary depending on your circumstances, including where you live and the value of your belongings.
For example, if you reside in a major city, you can expect to pay a bit more. Also, your rate can change based on your specific property — including its age, condition, and size.
Finally, you’ll pay a higher premium if you own expensive belongings (like jewelry and artwork) that you’d like to cover with your Nationwide rental insurance.
- Content: This includes furniture, clothing, jewelry, electronics and other items damaged during a covered event.
- Loss of use: You can receive a reimbursement for some of your living expenses, like renting another place and meals, if you have to move out while your home is being repaired.
- Personal liability: If there’s an accident in your rental, the policy helps you pay for damages or injuries to other people, like your guests or neighbors.
- Medical payments: Nationwide will cover medical bills or funeral expenses if someone who doesn’t live with you gets injured in your home.
- Additions and alterations: Covers damage to fixtures, improvements and installations you do to the property.
- Credit cards coverage: Protects you against unauthorized transactions to your credit or debit cards, and applies to forged checks and counterfeit money.
Nationwide’s renters insurance includes what you could expect by industry standards, including protection for your belongings and finances in case of theft, certain natural disasters and accidents in the property.
In the most recent J.D. Power U.S. Home Insurance Study, Nationwide ranked ninth out of 13 providers in customer satisfaction. However, the company has registered fewer complaints than average, according to the National Association of Insurance Commissioners.
With a robust self-service online portal, Nationwide makes it easy to apply for a renters insurance policy. You’ll need to submit your name, address, and other information about your home. Once you’ve received a quote, you can adjust your coverage preferences. If you need help, you’ll have to call Nationwide. The company doesn’t offer a live chat feature for renters insurance shoppers.
- Multi-policy discounts for existing Nationwide customers who bundle their renters insurance with other Nationwide policies
- Protective device discounts if you have smoke detectors, burglar alarms, and fire alarms installed in the property
- Claims-free discount allows people who don’t submit any claims to potentially qualify for a lower rate
- Valuables Plus for high-value items such as jewelry, watches, antiques and art that may be worth more than what’s included in the standard coverage. To calculate the value of your assets, write down the costs of pricier items and estimate everything else (like clothes and shoes).
- Water backup to protect your belongings from water damage caused by backed up sewers or drains.
- Theft extension covers items stored in or on motor vehicles, including trailers and boats.
- Earthquake coverage applies to damages caused by earthquakes or volcanic eruptions.
Nationwide renters insurance starts at $20 per month, which is quite affordable. However, you might qualify for other discounts from Nationwide to lower your monthly premium.
You can also arrange an insurance review with a Nationwide insurance professional to ensure you’re getting all of the discounts available to you. An agent can also help you determine if you need to get additional coverage to make sure that all of your assets are protected.
Most renters insurance policies won’t cover water damage from flooding. If that’s a risk in your area, you should consider getting a separate flood insurance policy, which Nationwide has available and can be bundled with your renters insurance for savings.
We evaluated Nationwide’s renters insurance based on its customer rating and experience, financial stability, and coverage to determine the best companies. To compare insurance companies across the board, we then calculated a Reviews.com score based on the following:
- Customer Ratings– Customer ratings are an indication of satisfaction with the process of filing a claim. We measured this using J.D. Power Homeowners Satisfaction ratings.
- Coverage– As there isn’t one company to fit everyone’s needs, we evaluated companies by the amount of coverage options available and add-ons available.
- Confidence– It is extremely important for insurance companies to fulfill customers’ claims. Companies with sound financial strength will not have issues paying out claims, regardless of the amount. However, companies with weak financial strength might not be able to pay out claims. We measured this using AM Best.
- Customer Experience– The amount of complaints a company receives is an indicator of the overall customer experience as it expresses dissatisfaction. We have based this measure on the NAIC National Complaint Index.
|Company||Reviews.com Score||AM Best Financial Strength Rating||J.D. Power 2020 Score (On a 1,000-point scale)||NAIC Customer Complaints|
|Nationwide||3.75||A+||831||Fewer complaints than average|
|State Farm||3.75||A++||836||More complaints than average|
|Allstate||4||A+||841||More complaints than average|
|USAA||4||A++||N/A||More complaints than average|
|American Family||3.75||A||840||More complaints than average|
|Farmers||3.5||A||839||More complaints than average|
|Liberty Mutual||3.25||A||825||More complaints than average|
*All information accurate as of 9/29/20.
Nationwide vs. State Farm
Both Nationwide and State Farm are well-known insurance providers, so how do their rental insurance offerings compare? In terms of coverage, both companies offer standard rental insurance inclusions, such as personal property and liability, medical costs, and loss of use.
In general, State Farm’s renters insurance premiums are lower than Nationwide, but since renters insurance is already so affordable, this isn’t a huge deal. When it comes to deals, State Farm offers fewer discounts and bundled savings options than Nationwide.
Finally, State Farm outperformed Nationwide in customer satisfaction in the latest J.D. Power U.S. Home Insurance Study but only for a few points.
Nationwide vs. Allstate
Nationwide and Allstate share a few similarities in terms of their rental insurance offerings. With either company, you’ll get standard coverage for your personal property, liability, medical bills, and loss of use. Like Nationwide, Allstate also allows customers to add extra coverage for what they need.
Both companies are strong in terms of available discounts. Nationwide and Allstate offer multi-policy discounts, protective device discounts, and claims-free discounts. As a bonus, Allstate customers can also score discounts if they’re retired or when they sign up for autopay.
Lastly, Allstate beat Nationwide in customer satisfaction in this year’s J.D. Power Index. While Allstate ranked third, Nationwide was ninth of 13 companies listed.
The Bottom Line
Overall, Nationwide’s renters insurance offering is on par with other providers, albeit a bit more expensive. However, renters might be able to take advantage of one of Nationwide’s available discounts, including multi-policy and claims-free discounts.
Its coverage aligns with other providers, so you can expect typical inclusions like personal property and liability protection, medical coverage for yourself and guests, and loss of use.
While Nationwide’s customer satisfaction ratings could be better, they’re still a reputable provider of renters insurance. Getting a quote is pretty painless, so it’s worth taking a few minutes to see what you’d pay for a Nationwide renters insurance policy while shopping for your policy.