ePremium Renters Insurance: Is it the best choice for you?

Most landlords require tenants to purchase a renters insurance policy. It provides valuable coverage for the following:

• Personal property coverage, which can help you replace your belongings if they are stolen or damaged by a covered peril

• Additional living expenses coverage, which can help pay for alternative accommodations if your apartment becomes uninhabitable

• Liability coverage, which pays for legal expenses and other costs associated with an accident or injury that occurs in your home or is caused by you or your pet

Without this protection, you could be on the hook for thousands of dollars if the unexpected occurs. Fortunately, a renters policy is very affordable. The average premium is just $180 per year, and you could potentially pay even less if you shop around for the best rate.

If your property manager is partnered with ePremium, it’ll probably provide the easiest path to securing rental insurance online since the enrollment process is convenient and your approval is guaranteed. But there are some drawbacks. To find out if ePremium is the right carrier for you, continue reading our ePremium insurance review.

ePremium Renters Insurance: The Basics

ePremium bills itself as the gold standard for renters insurance. ePremium renters policies aren’t as customizable as plans you can get with other providers since property managers set the coverage limits and deductibles. But that’s not a concern if the policy meets your needs.

Depending on the renters insurance program chosen by your property management company, ePremium may pay either the actual cash value of your belongings after depreciation or the replacement cost of your items, which comes with a higher premium.

What does ePremium renters insurance cover?

ePremium provides contents coverage that protects your personal belongings against most perils, liability coverage to help with legal expenses and medical payments, and loss of use coverage if your apartment becomes uninhabitable. ePremium also offers some attractive add-ons:

• Identity theft coverage

• Water backup protection

• Pet damage coverage for your unit, which is included in many policies at no cost

• Bed bug remediation coverage, which is included in many policies at no cost

• Earthquake coverage in California

ePremium also offers security deposit insurance, which can help you move into an apartment with lower up-front costs. The insurance product is known as eDeposit, and it’s included in the ePremium RentersPLUS package. You’ll pay a one-time, low-cost premium in exchange for the provider covering your security deposit, which can help free up cash for moving costs and other expenses.

Special Deals and Discounts

Unlike other insurance companies, ePremium does not offer bundling discounts, safety discounts, or payment discounts. And you won’t be able to reduce your monthly premium by raising your deductible or lowering your limits, since these are determined by your property manager.

Where does ePremium offer renters insurance?

ePremium offers renters insurance in all 50 states, but policies are only available for residents of apartment communities that partner with ePremium.

ePremium Renters Insurance Ratings

ePremium Renters Insurance Customer Reviews

ePremium Insurance Agency, LLC, doesn’t write policies for customers, but rather connects management companies with Millennial Specialty Insurance ( MSI ), which uses several different insurers to do the underwriting. As a result, the claims process varies, and so does customer satisfaction.

ePremium doesn’t currently have any customer reviews on Trustpilot, Consumer Affairs, or the Better Business Bureau, and complaint data is different for each underwriter. A few of the underwriters ePremium uses have a complaint index above 1, which shows they’re receiving more than their market share of complaints from consumers.

Average Cost of ePremium Renters Insurance

Pricing for ePremium is higher than for some other insurance companies. The average cost ranges from $11 to $22, depending on your state and your policy’s coverage limits.

By contrast, both Lemonade and Liberty Mutual offer renters insurance policies that start at just $5 per month. However, ePremium’s monthly premiums are comparable with those of leading insurers like GEICO and Allstate.

Positives and Negatives of ePremium Renters Insurance

Is ePremium renters insurance right for me?

If your landlord has partnered with ePremium, it’ll be incredibly easy to get a policy, and the security deposit insurance feature may be appealing to renters who are strapped for cash.

However, you should compare coverage levels and rates across insurers since many providers advertise lower premiums than ePremium Insurance. Consider your budget and your coverage needs when choosing the right renters insurance provider for you.

How to Get a Quote for ePremium Renters Insurance

Here’s how to get a quote for ePremium Renters Insurance.

ePremium Renters Insurance Contact Information

Customer service hours are Monday through Friday, 9 a.m. to 6 p.m. Eastern.

ePremium Renters Insurance FAQ

How to Find the Best Renters Insurance Quotes

While you’re shopping around for renters insurance, it’s a good idea to get quotes for your other insurance needs since you can apply any savings toward your renters insurance premium. For example, you can use Insurify to get car insurance quotes that could potentially save you hundreds of dollars.

It’s a good idea to check your rates with Insurify every six months since individual circumstances can change and so will your quotes. But don’t worry — you won’t need to carve more than 10 minutes out of your life to compare policies. That’s because Insurify uses your personal info to grab quotes from up to 20 providers on your behalf, customized for you. Try shopping with Insurify today!