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3 User Reviews
LAST UPDATED: May 21st, 2021

GEICO Corporation was founded in 1936. Since then, it has become a leading insurance company that offers a variety of insurance coverage, including car insurance, motorcycle insurance, home insurance, life insurance, and renters insurance. 

GEICO strongly believes in providing outstanding customer service to its policyholders and strives to give back to communities everywhere.

Read GEICO Renters Insurance Reviews

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The Good

  • Coverage and Add-Ons
  • Quote Comparison
  • Savings
  • Online Policy Management
  • Financial Strength

Coverage and Add-Ons

GEICO's renters insurance covers the basics. Three standard coverages come with every renters policy:

  • Loss of use — coverage for additional living expenses if a home becomes unfit to live in due to damages covered by a covered loss
  • Damage to property of others — includes instances such as if you borrow a friend’s computer and it breaks while you’re using it
  • Medical payment — provides coverage for medical bills of guests who get hurt on your property

The loss of use and two types of liability coverage are common offerings in the industry. Additionally, GEICO's renters insurance covers personal property and personal liability.

However, customers can change the amount depending on their coverage needs. Keep in mind changing the amounts will affect your insurance cost.

Tenants who want a bit more coverage can browse through GEICO's add-on policies for the following coverage:

  • Replacement cost coverage — receive funds to replace clothes, furniture, and other items
  • Incidental business coverage — protects tenants who sell products online or have a home business

If you have valuable personal property, like jewelry, you can use GEICO to purchase personal property coverage for these items separately.

Purchasing additional insurance coverage can offer further protection beyond your renters insurance policy.

Quote Comparison

GEICO allows you to view insurance rate quotes and coverage options from multiple insurers. This quick ability to comparison shop helps you find the best deals on policies and find a good renters insurance company.

As you look at renters insurance rates, consider the coverage offered. In some cases, it can be worth paying a higher premium for more comprehensive coverage.

Savings

GEICO offers several ways to save on renters insurance:

  • Multi-policy
  • Home security system
  • Sprinklers or smoke alarms

These discounts are common for the industry, which makes GEICO competitive.

Online Policy Management

Whether you buy a GEICO policy or purchase a policy from another insurer through GEICO, you can manage your insurance policy online.

GEICO's facilitation of communication between policyholders and their insurers makes using GEICO helpful through the research, application, purchase, and use stages.

Financial Strength

According to the GEICO website, the company has some of the highest ratings in the industry for financial strength and claims-paying ability. GEICO has earned high financial strength ratings from A.M. Best.

Choose an insurance company with high financial strength because high financial strength ratings indicate an insurer's ability to meet claims obligations. 

Insurance companies with lower ratings are more likely to encounter issues paying their clients' claims. 

Although GEICO has high financial strength ratings, it does not underwrite every policy it sells. Some of the policies it sells are underwritten by other insurers.

If you apply for an insurance product from another insurer through GEICO, double-check the insurance carrier's financial strength ratings before you become a policyholder.

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The Bad

  • Minimal Customer Insight

Minimal Customer Insight

While GEICO is a well-known brand with a good reputation, it doesn't have many customer reviews on BestCompany.com.

This lack of reviews makes it difficult to make a recommendation based on the customer experience.

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The Bottom Line

While it would be nice to have more insight into the customer experience with GEICO, GEICO is a great resource if you're looking for a renters insurance quote and are interested in comparing policies from multiple insurers. 

GEICO's renters insurance coverage includes a relatively basic and straightforward policy. Tenants can expect their policy to cover loss of use, personal property, damage to the property of others, and medical payments. This liability protection is common across the industry.

The insurance provider also has several add-ons; however, the additional benefits and features are fairly common throughout the industry and don't provide unique coverage.

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3 Reviews

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Tiffany I Gaithersburg, MD

I have renters insurance while my home is being remodeled. It was easy to set up online and super affordable. I highly doubt we’ll need it but it’s just nice having peace of mind that we’re covered.

5 months ago

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Review Source

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JDWain Tallahassee, FL

I have my renters insurance through GEICO, they were the lowest price in my area for the most coverage. My renters insurance was only about 100 dollars for the whole year and gives me peace of mind. A must have for any renter, its a no brainier because of how cheap it is

1 year ago

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Review Source

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Janie Dennis Tallahassee, FL

I have Geico and their customer service is really good! I like their rates according to the city!

1 year ago

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