The Hartford Renters Insurance Review
Founded in 1810, The Hartford is one of the oldest insurance companies on the market. The Hartford offers renters insurance nationwide, and customers can expect to get fairly standard coverage options. The Hartford’s home and renters insurance is specifically tailored to AARP members.
The Hartford Renters Insurance Overview
Overall, The Hartford is a company with mixed reviews. The Hartford received an A+ financial strength rating from AM Best. 71% of people have heard of the company, and 30% of people have a positive opinion (compared to just 7% with a negative opinion). That being said, it rates poorly in other areas. The company has a rating of C+ from the Better Business Bureau. It also has low customer satisfaction according to J.D. Power, and an above-average number of customer complaints on the National Association of Insurance Commissioners (NAIC) Index. The Hartford rates particularly poorly among millennials and generation X, though baby boomers have a much more favorable view of the company.
- Financial strength: The Hartford earns an A+ financial strength rating from AM Best.
- Coverage area: The company offers renters insurance in all 50 states.
- Customer satisfaction: The company’s renters insurance has low customer satisfaction and above-average complaints
- Coverage options: The Hartford’s standard coverage is lacking for those in areas prone to natural disasters.
The Hartford Highlights
The national average renters insurance premium is roughly $180 per year, according to data from the Insurance Information Institute. That being said, the cost of renters insurance can vary widely depending on just a few factors. The amount of coverage you purchase will significantly impact your cost. Additionally, location can play a huge role. Those in areas prone to extreme weather can expect to pay higher premiums.
The Hartford provides much of the standard renters insurance coverage. Policies come with property damage coverage, liability claims, and medical payments. The Hartford also covers the cost of living expenses, such as hotel fees or dining costs, if a covered loss prevents you from living in your home temporarily.
Another unique coverage is The Hartford’s “new for old” protection option which replaces lost or damaged items that are covered at a “like-new” price point. Put another way, if you bought a TV worth $1,000 that gets irreparably damaged three years later, depreciation isn’t taken into account. The Hartford will cover the cost of the TV at its like-new $1,000 price point, assuming you’ve purchased this add-on.
Some things are notably missing from The Hartford’s renters insurance policies. If you experience a natural disaster such as a flood or earthquake, your belongings aren’t covered under a standard policy. You’ll have to purchase additional coverage for those instances.
In J.D. Power’s Overal Satisfaction Index for renters insurance, the carrier finished eleventh out of 13 companies. Similarly, while the company had below-average customer complaints overall, its property insurance had above-average complaints. What does this mean for you? Ultimately, it means that The Hartford may not be consistently reliable when it comes to its renters insurance; it will likely pay out on claims in a timely manner, but customers are less happy with price, policy offerings, and customer service interactions.
The Hartford offers a variety of discounts to its customers. First, bundling vehicle and renters insurance can help provide savings. Other discounts include a security discount for users living in buildings with 24-hour surveillance and renewal discounts for loyal renters insurance customers at The Hartford. Along with this, policyholders can opt for The Hartford’s ProtectorPlus zero deductible benefits, which waives up to $5,000 from your deductible when you suffer covered losses exceeding $27,500.
For The Hartford renters insurance review we evaluated the company based on its customer rating and experience, financial stability, and coverage. To compare renters insurance companies across the board, we 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*||NAIC Customer Complaints|
|The Hartford||4.5||A+||824||More complaints than average|
|State Farm||3.25||A++||836||More complaints than average|
|Geico||2.75||A++||N/A||Fewer complaints than average|
|USAA||3.75||A++||888||Fewer complaints than average|
|American Family||3.75||A||840||Fewer complaints than average|
*All information accurate as of Saturday, September 26, 2020
**Based on a 1,000-point scale
The Hartford vs. State Farm
The Hartford and State Farm both offer renters insurance in all 50 states. State Farm has significantly more name recognition than The Hartford. Additionally, State Farm has a better rating for customer satisfaction in renters insurance. The companies are more fairly matched in other areas. Both have excellent financial strength, but above-average complaints for their property insurance.
The Hartford vs. Geico
Geico is an insurance company with an excellent reputation. With an A++ financial strength rating from AM Best and below-average customer complaints, they’re a top contender in the renters insurance industry. Although, keep in mind, that Geico provides renters insurance through a network of partners. Geico didn’t receive a rating in J.D. Power’s customer satisfaction survey, so it’s difficult to fully compare the two. That being said, Geico has consistently high public opinion among every generation, compared to The Hartford’s popularity among only baby boomers.
The Bottom Line
The Hartford’s renters insurance coverage is strongly geared toward retirees and AARP members. Those outside of that age bracket are unlikely to have a positive view of the company. On top of that, The Hartford struggles with customer service and complaints.
That being said, the company has some good things to offer. It has a few unique items in its renters insurance standard policy, including its “new for old” protection. Its strong financial ratings also indicate that customers can trust the company to pay out claims.
The Hartford Renters Insurance FAQ
In addition to its renters insurance, The Hartford also offers home and condo insurance. Because flood damage isn’t included in its standard policies, it also offers flood coverage a la carte. The Hartford also offers business property insurance.
There’s no one-size-fits-all coverage for renters insurance. The Hartford recommends buying enough coverage to replace all of your belongings if you lost everything.
The Hartford renters insurance is available in all 50 states.
Renters insurance policies purchased through The Hartford may be underwritten by one of the company’s affiliates. Underwriters include:
- Hartford Fire Insurance Company
- Hartford Underwriters Insurance Company
- Hartford Casualty Insurance Company
- Sentinel Insurance Company
- Trumbell Insurance Company
- Property and Casualty Insurance Company of Hartford
- Hartford Insurance Company of the Midwest
- Hartford Accident and Indemnity Company
The Hartford’s standard renters insurance policy covers:
- Property damage
- Liability claims
- Medical payments
- Built-in improvements
- “New for old” protection
- Living expenses
Policies don’t provide coverage from certain natural disasters such as floods and earthquakes. Policyholders can purchase separate policies to protect their belongings from this type of damage.