United Services Renters Association (USAA) is a privately owned Texas-based bank founded in 1922 that serves millions of military service-members and their families by offering competitive rates and services ranging from banking, brokerage, and insurance products.
Renters insurance is an important and often over-looked component to the financial responsibility of renting or leasing a place to live. Generally speaking, renters insurance is incredibly affordable when compared to the price you would ultimately pay if you had to replace your possessions due to an unforeseen incident. When researching institutions to carry a renter’s insurance policy with, it is important to understand everything you can not only about the institution but the policy itself. It is imperative you are fully aware of the features, fees, advantages, and disadvantages.
When reviewing your renters protection insurance policy, USAA divides the policy into three major components:
Personal Belongings (Includes Replacement Cost) – This includes your belongings that can be moved from one location to another, such as household goods, furniture, electronics or clothing. This deserves particular attention because many insurance companies require you to pay more money for the replacement cost option as actual cash value is the more common coverage type which only covers the cash value of the item at the time of loss.
Personal Liability – This component provides protection if someone makes a claim or files a suit against you or someone covered by the policy for accidental personal injury or property damage. This coverage includes the cost to defend any such claim or suit.
Medical Payments to Others – This coverage provides medical expenses for people other than you and your family who may be injured either on your premises or as a result of your actions away from the home.
Note that renters insurance is not the same as homeowners insurance and rental property insurance. As an example, if a bad storm came through your area and blew some siding and shingles off the house, those repairs are the responsibility of the landlord. Renters insurance is specific to those items you own inside the dwelling while homeowners insurance is more focused on the dwelling.
USAA also offers various discounts that can significantly reduce your insurance premium. These can include, but are not limited to:
Membership Savings
Auto and Renters Combination Discount – Carrying both auto and renters insurance can have a positive impact on both premiums. In short, this discount provides a premium credit for members who have an active auto policy when applying for a renters policy. If the member does not have an active auto policy at the time, USAA will check for one again in seven, 30 and 60 days. If an auto policy has been activated within those times, the discount will be applied (applies only to new and returning policies, not renewals). If an auto policy is bought after those time frames, the discount will not apply until the renters policy renews.
Good payment history – This discount simply credits you for having steady, consistent payment history with USAA.
Claims Free Discount - Receive a discount off your new or renewed renters policy when you have had no renters claims paid by USAA in the last three years. If you remain "claims free”, this discount will increase over time.
Aside from the policy and discount components, another worthy aspect that deserves examination is the website and its user-friendliness, which is where USAA gets high marks. USAA boasts a very user-friendly online web interface through which to conduct your renters insurance shopping. Their website is easy to use and I would rate its ease of navigation and functionality as above-average. To assist in ensuring you purchase adequate coverage, there is a very handy personal belongings calculator that allows you to manipulate slider bars for each major category of personal belongings. Examples include, but are not limited to: furniture, clothing, watches and jewelry, dishes and cookware, and appliances.
USAA Renters Insurance Review Summary
Overall, the entire process is very straightforward, easy to understand, and easy to use. You can rest assured that the company that made its start as an insurance company, to this day continues to deliver quality, affordable renters insurance for all its members.
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