Assurant Renters Insurance Review

Assurant offers the usual package of liability, theft, and property damage coverages in its renters insurance policies. However, the company also has some innovative and attractive optional coverages available. These include coverage for damage to the premises caused by a pet, earthquake insurance, involuntary unemployment insurance, and drain/sewer backup coverage. Roommates can also be added to Assurant renters policies.

Assurant's website does not mention whether the company offers discounts for their renters insurance product, yet they do have lower than average deductible options, ranging from $250 to $500. Their coverages are equally flexible, with options between $5,000 and $95,000. Assurant's personal liability coverage is available for up to $300,000, while their Identity fraud solution can reach as much as $15,000. Customers who enroll in the company's involuntary unemployment insurance option can expect to receive a maximum of $500 a month for up to two months as compensation for lost income.

Strangely, Assurant has no overall BBB rating or profile, though it does have one for its Miami, Florida branch. The company also has no presence on TrustPilot and is not listed on the National Association of Insurance Commissioners website. Assurant has been involved in consumer litigation involving its mandatory dispute arbitration clause. In 2010, the company paid a civil penalty of $3.5 million to the Securities & Exchange Commission over allegedly improper accounting practices. While litigation and SEC enforcement actions are not uncommon for large insurance companies, the lack of online assessments of Assurant's business practices and the firm's frequent name changes may give some prospective customers cause to doubt the firm's reputation.

Assurant's scores from the big three financial ratings agencies are lower than many of their competitors. However, this may reflect the company's October 2017 acquisition of a warranty company. Though Assurant has changed its name a number of times, its predecessor company dates back to 1892, which suggests that the company has been managed well enough to get it through both good times and bad.