USAA Renters Insurance Review and Prices
USAA was started by a small group of Army officers who wanted car insurance in 1922. It now has more than 13 million members. The company, which is based in San Antonio, offers many services, such as insurance, loans, and planning for retirement.
After starting out as an auto insurance company, USAA began to offer insurance for renters and homeowners, among other things. In 2020, USAA’s insurance group handled more than 270,000 disaster claims worth more than $2.4 billion. In a separate review, you can find out more about USAA’s home insurance.
Our list of the best renters insurance companies for 2023 puts USAA at the top. USAA offers renters insurance in all 50 states, the District of Columbia, Germany, the United Kingdom, Italy, and other places around the world. Standard coverage can start as low as $10 per month. USAA is different from other insurance companies because its policies cover floods and earthquakes.
USAA was made to help military members and their families, so some of its policies are made with this group in mind. Personal items, even those in storage, are covered by overseas insurance for members who are sent overseas or who live there. Also, active-duty members who live on a base or post can save up to 28% on their policies.
USAA requires that all customers who want to buy renters insurance be members before they can do so. Only people who are or have been in the U.S. military, their children, and their spouses or partners can join. Ex-spouses of USAA members can join, too, as long as they haven’t remarried (with the exception of widowers).
What Does USAA’s Renters Insurance Coverage Include?
USAA renters insurance includes the following:
Coverage for personal property. The renter’s belongings are covered if they are lost because of a peril on the list, such as fire or theft. USAA offers replacement cost coverage. This means that if you lose or damage something, USAA will pay to replace it with a new one instead of just giving you the value of the item when it was new.
Medical payments. If a guest gets hurt on a renter’s property, the renter may have to pay for the guest’s medical bills.
Own responsibility. Most standard USAA renters insurance policies cover up to $100,000 for someone who gets hurt in your rented space. This can include the cost of the renter’s legal defense.
Extra costs for living. If a covered peril causes long-term damage to your rental property that makes it unlivable, your renters insurance will cover normal living expenses and maybe even more.
What other types of renter’s insurance does USAA offer?
Renters and other people can pay an extra fee to USAA to get extra insurance coverage. The cost of each of these will be different, and so will the deductible, so talk to an agent for more information.
Some of the extra coverages that are available are:
Umbrella insurance. An umbrella policy gives the renter and the people who live with them more protection. These add-on policies can include more liability coverage, which would help protect the renter’s assets from big claims or lawsuits. In some cases, renters need both renters insurance and auto insurance from USAA in order to get umbrella coverage.
Collectibles insurance. This is extra insurance for personal collections whose value may be more than what is covered by standard renters insurance. Collections that qualify include, among other things, items from the military, sports, entertainment, and pop culture, stamps, coins, vintage dolls, classic toys, model trains, figurines, and wine.
Valuable things that you own. This extra coverage is for things that cost more than $100, like musical instruments, jewelry, guns, and camera equipment. It doesn’t cover things like collectibles, gaming systems, electronics, or cell phones, which are covered by a separate policy.
Mobile phone protection. For $99.99 a year, USAA covers all of your mobile devices fully. Devices that are broken, lost, or stolen will be replaced within 48 hours for a fee of $199.
Insurance for a small business. Small business insurance is a good way for renters who work from home to protect their business equipment. Depending on the policy you choose, you may be covered for the cost of replacing expensive computers and other electronics as well as liability costs.
How do I buy a policy from USAA for renters insurance?
Sign into the USAA account you already have. You can also become a member by clicking the “Join USAA” link on the company’s website.
Get a quote for renters insurance. You can do this by putting in the name, address, and phone number of the policyholder. Based on the information you entered, USAA will give you an initial quote.
Change the policy so that it fits your needs best. You can do this by changing the limits of your policy, your deductible, and whether or not you want replacement cost coverage. You can move on to the next step once you agree with the policy.