Travelers Renters Insurance Review
Travelers is one of the most popular renters insurance providers in the United States, not surprising for a company that has been around since the 1800s. This gives Travelers the ability to offer a wide range of renters insurance policies, with different types and amounts of coverage. The policies are also available in most states, although in some cases, the policy may not be offered directly through Travelers but through an affiliate.The Zebra claims that Travelers’ rates are slightly higher than those of its competitors, though your rate will depend on your individual profile. There are also plenty of opportunities to bundle and save to get a better price. You can save up to 10% on your car insurance policy by bundling a home policy through Travelers, and there may be additional discounts available for having home security devices or going a long time without filing a claim.
Discounts for bundling policies
No “green” discounts
The Renters Insurance Factors We Analyzed
Large insurance providers like Travelers sometimes get a bad reputation for customer service. In this case, it seems that customers agree. Travelers received a two-star overall rating (out of five) in the 2019 J.D. Power U.S. Property Claims Satisfaction Study, toward the bottom of the list. J.D. Power’s 2019 renters insurance-focused study also puts Travelers around the bottom of the list. The provider received a two-star rating overall, with the same score across all subcategories: policy offerings, price, billing process, and interaction.
Meanwhile, the National Association of Insurance Commissioners reports that Travelers received more complaints than average for a company of its size in 2018, which does little to assuage concerns.
Coverage informationTravelers’ renters insurance policies are robust and customizable. The two main areas of coverage are personal property and personal liability. Personal property coverage protects your possessions from certain types of loss and damage, both in and out of the home. Personal liability coverage takes care of lawsuits filed against you for others’ bodily injury or property damage.
Renters insurance policies from Travelers also cover medical payments, typically up to $1,000, for anyone who is injured while on your property. Additional living expenses are covered as well, which means you can find a place to stay, eat, and do your laundry if your home becomes unsafe to occupy without footing the bill. Higher amounts of coverage are available in both of these areas.
Deals, discounts, and add-ons
Travelers offers the biggest renters insurance deals when you bundle with a car insurance plan. The advertised discount is up to 5% for having both policies. Travelers also offers a loss-free discount, meaning your premium could go down if you don’t file a claim for a certain period of time. Finally, you could get your monthly bill reduced if you have working smoke detectors or sprinklers, or if you install smart home security devices, especially ones with professional monitoring.
Travelers Renters Insurance Overview: Financial Strength, Availability, and History
Travelers holds accreditation and an A+ rating from the Better Business Bureau. However, it’s one of the lesser-known insurance companies out there. YouGov ranks it 24th in terms of name recognition, far behind some of Travelers’ competitors like Geico and Progressive.
- In business since: 1853
- S&P Global financial strength rating: AA
- Moody’s financial strength rating: Aa2
- AM Best financial strength rating: A++
- States served: 47 plus Washington, D.C.
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All information accurate as of January 20, 2020.
The Bottom Line
Travelers is a long-standing pillar in the home and renters insurance industry. Its renters insurance policies do offer quite a bit of policy customization, and it has a few easy ways to save on your initial premium. Its customer satisfaction record is its biggest drawback; we always recommend pulling quotes from a few insurers before purchasing a policy, but if you value good customer service, you may want to start with companies like State Farm or American Family.
Travelers Renters Insurance FAQ
Many factors influence the price of renters insurance from Travelers, including the size and type of home you live in, your location, and the deductible you choose. Thankfully, Travelers advertises many types of discounts. These include bundling discounts, discounts for not filing a claim over long periods of time, and discounts for installing home safety devices like smoke alarms and security systems.
Travelers renters insurance covers property damage and personal liability. Your possessions will be protected from incidents such as vandalism, fire, and certain weather-related incidents. You can also opt for additional medical payments coverage and living expenses in case your home becomes uninhabitable.