Safeco Renters Insurance Review
Safeco is an insurance provider owned by Liberty Mutual that offers home, auto, property, pet, and umbrella insurance. Safeco renters insurance works well for people who want to tack on additional insurance policies. You can save up to 15% with a Safeco package when you bundle multiple insurance policies. Furthermore, if you’re willing to pay in a lump sum rather than through monthly installments, you’ll receive a discount. Safeco’s customer service reviews are only average, however, so that’s something to keep in mind.
- File claims online 24/7
- Up to 15% bundling discounts on auto, motorcycle, or boat coverage
- Save money by paying bills in full
- Outdated agent contact information on the website
- Low customer service satisfaction
- No online policy approval
The Renters Insurance Factors We Analyzed
When looking specifically at renters insurance, Safeco falls low on the totem pole. According to J.D. Power’s most recent home insurance study of overall customer satisfaction with renters insurance providers, Safeco came in third to last place among the 14 companies across the U.S. included in the report. The study focused on interactions between customers and representatives, the policies offered, how much it cost, how billing worked, and the ins and outs of the claims process. Safeco’s renters insurance fell below average for these categories, scoring 820 out of 1,000 points—the industry average is 844.
Additionally, our research revealed that it can be tricky to find the right local agent to reach out to since some of the contact information on its website is outdated. Also, according to the NAIC, the company’s complaint index is 2.29, which is over twice as high as the number of expected complaints in the market.
Safeco, as a whole, is considered financially stable. Moody’s ranks it an A2 company, which is the middle of the road among its best grades. S&P offers an A rating, while AM Best also gives it an A, both of which are strong. Furthermore, Safeco is backed by its parent company, Liberty Mutual, which is one of the Fortune 100 largest U.S. companies. Thus, if you file a claim with Safeco renters insurance, you’re in the clear, as it’s very likely that the company can fulfill its obligations.
Safeco renters insurance provides coverage from damage and theft for all of your possessions, even while you’re traveling. You’ll also be covered if someone is injured while they’re at your rental property and you’re deemed liable. Furthermore, if you have to live off-site due to damage from an event like a fire or flood, you’ll receive a stipend for up to 24 months to offset the cost of temporary housing.
Furthermore, you can choose to add several options to your coverage:
- Identity theft coverage. You pay $1/month and Safeco helps cover the cost of restoring your identity if it’s stolen.
- Valuable article coverage. If you have expensive belongings like jewelry, electronics, or antiques, you can sign up for valuable article coverage through Safeco. You agree to a dollar amount that the items are worth, and you don’t have to pay a deductible if you file a claim.
- Personal property replacement cost protection. With this add-on, you’re covered for the value of a new item to replace your lost article. Regardless of the age of the original object, Safeco covers the cost of a new article that’s similar to the one you lost.
Deals, discounts, and add-ons
With Safeco, you can receive a discount for any safety equipment included in your rental. If it comes with things like a sprinkler system, a burglar alarm, or a fire extinguisher, you could get money off your monthly bill. Also, you’ll get a deal when you bundle your Safeco renters insurance with other insurances from the company, like for your car or motorcycle. Furthermore, if you pay your bill in full rather than through monthly installments, you’ll save money in the long term.
Safeco Overview: Financial Strength, Availability, and History
Safeco Insurance is in the middle of the public approval spectrum. There were about 100 complaints filed with the National Association of Insurance Commissioners (NAIC) in 2019, which for a company of its size isn’t surprising. On the other hand, its parent company, Liberty Mutual Group, has an A rating with the Better Business Bureau.
- In business since: 1923
- S&P Financial Strength Rating: A
- Moody’s Financial Strength Rating: A2
- AM Best Financial Strength Rating: A
- States served: 50
|AM Best Financial Strength Rating||J.D. Power 2019 U.S. Renters Insurance Study Score|
*All information as of May 5, 2020.
The Bottom Line
Safeco renters insurance has less-than-stellar customer service reviews, but the deals you get through bundling might make a renters insurance policy worth it. Your personal property is protected in your home while you’re traveling, and sometimes if it’s stolen from your car. Additionally, there are agents available nationwide. Although you have to make a phone call to launch a policy, you can file claims and control your plan through the Safeco website or app, which makes it a convenient choice, as well.
Safeco Renters Insurance FAQ
Safeco renters insurance typically costs a few dollars per month. The price you pay depends on factors like your geographic location, the size of your rental, and how many safety features you have installed. You can get a quote online to find out what you would end up paying for your renter’s insurance.
Safeco covers damage or theft of your belongings while inside your rental home and outside of it. If the property becomes unlivable, Safeco helps cover your temporary housing expenses for up to 24 months. Additionally, you’re covered if someone gets hurt in and around your rental, and you’re held liable.