Geico Renters Insurance Review


Rating: 8.1 / 10 (Excellent)
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Founded in 1936, GEICO Corporation is a leading insurance company that offers property, vehicle, and casualty insurance products through their subsidiaries. They also, in turn, operate as an intermediate holding company for its ultimate parent, Berkshire Hathaway, Inc. GEICO boasts an outstanding financial reputation and is deemed to have an excellent ability to meet policyholder obligations.

How is Geico rated?

Breakdown

9/10
Financial Strength
8/10
Coverage
8/10
Pricing & Discounts
7/10
Customer Experience

Overall Rating: 8.1 / 10 (Excellent)

Although better known for their auto insurance policies, GEICO Corporation is also a leading property and casualty insurer offering basic homeowners and renters insurance coverages. They provide a limited amount of discounts and are not as forthcoming with actual plan details as they are about the reasons why one should consider renters insurance in the first place, yet offer fair rates and sizable discounts for those who bundle their renters and auto policies. Although GEICO customers seem divided about whether the company upholds the highest possible customer service standards, they've received fewer complaints than similar-sized competitors, and remains a solid provider with an excellent financial reputation.

Geico Coverage

Coverage - 8 / 10

GEICO offers a basic renters insurance policy that covers both personal property loss and personal injury protection, essentially ensuring both the apartment building and the belongings housed within the apartment unit as well as its residents and any visitors. Their personal property protection covers damages caused by known perils such as fire, lightning, smoke, theft, etc., while the liability component is intended to cover medical payments in the event residents or guests are harmed while on the property. Although GEICO's discount and coverage options are very limited, they do extend a considerable list of additional coverages or plan riders that include protection for stocks, bonds, jewelry, business property, and other valuables.
Basic Coverage
Personal Property
Personal Liability
Optional Coverage
Identity Theft Restoration
Property Valuation Methods
Replacement Cost

Pricing & Discounts

Pricing & Discounts - 8 / 10

GEICO.com offers discounts for customers who bundle their renters insurance with their auto insurance coverage as well as those who have installed sprinklers, smoke alarms, or home security systems. GEICO fails to disclose deductible options or coverage amounts, so those interested in obtaining further plan details should request an online quote through the company's website.
Property-Level Discounts
Burglary Protected
Sprinkler System
Policy Discounts
Multi-Policy

Customer Experience

Customer Experience - 7 / 10

GEICO Corporation—headquartered in Washington, DC—is not accredited by the Better Business Bureau and has received mostly negative customer feedback on the organization's website, though this corresponds to the company as a whole and not their renters insurance specifically. Their products and services have been the object of numerous complaints from former clients, which is quite common for a company of its size. Geico has received mixed customer reviews on TrustPilot.com, despite their good 6.1 rating, with feedback dividing between approximately 43% positive and 29%.

Customer Ratings

TrustPilot Rating
6.1 out of 10
BBB Rating
B
Number of BBB Positive Reviews
4
Number of BBB Neutral Reviews
4
Number of BBB Negative Reviews
187

National Association of Insurance Commissioners

NAIC Complaint Ratio 2016
0.0
NAIC Total Complaints 2016
0
*The NAIC complaint ratio (in this case 0.0) is a ratio of the number of complaints a company received to the its total premiums written in a calendar year. The median complaint ratio across all companies is 1. A score below 1 means the company received fewer than average complaints. A score above 1 means the company received a higher number of complaints than average.

Financial Strength Ratings

Financial Strength - 9 / 10

GEICO Corporation, which is a wholly owned subsidiary of Berkshire Hathaway, Inc., boasts "A" (Excellent) financial strength ratings from all major U.S. credit rating agencies, including A.M. Best, Moody's, and Standard & Poor's. GEICO owns more than $32 billion in assets, has a stable financial outlook, and is deemed to have an excellent ability to meet its policyholder obligations.
Underwriter
GEICO Corporation
Standard & Poor's Financial Rating
AA
Moody's Financial Rating
Aa3
AM Best Financial Rating
A++
Company Type
Underwriter
*The above information reflects the financial strength of the underwriter of the Geico renters insurance policies: GEICO Corporation.

Contact & Additional Information

Homepage URL
Company Phone
(800) 207-7847
Headquarters Address
One GEICO Plaza, Washington, DC
Year Founded
1936

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