Is Assurant a Legitimate Insurance Company to Trust

Assurant has been in the insurance business for over 125 years, which is a testament to its stability and longevity.

The company offers a wide range of insurance products, including auto, home, and life insurance.

Assurant has a strong financial foundation, with a solid credit rating from Moody's and Standard & Poor's.

It has a significant market presence, with over 40 million customers worldwide.

Assurant offers a range of coverage options that are comparable to those of competing companies.

The standard Assurant renters insurance policy covers four types of coverage: personal property, loss of use, liability, and medical payments. Personal property coverage pays for the cost to replace your belongings, while loss of use coverage pays for expenses if you have to live elsewhere while your home undergoes repairs.

You can choose to add optional coverage to your policy for scenarios like damage caused by pets, identity theft expenses, and rent payment(s) if you lose your job.

Assurant's policy also offers replacement cost coverage for your personal belongings, which means you'll get enough money to buy brand-new items rather than a lower amount reflecting their depreciated value. This is a notable feature, as many insurance companies charge extra for replacement cost coverage.

Here are the standard perils covered under an Assurant renters insurance policy:

You can also choose from various optional coverages, including sewer backup, pet damage, unemployment insurance, identity fraud coverage, and earthquake coverage (available only in California and Washington State).

Assurant's customer experience is a mixed bag. Customers often face a lengthy claims process and struggle to get in touch with an adjuster while making a claim.

Some customers have had trouble canceling their policies, which can't be done online and is difficult to take care of over the phone.

On the other hand, Assurant has a high degree of financial strength, with an A rating from A.M. Best, indicating a strong financial footing.

Assurant stands out for its comprehensive coverage, including bedbug damage and extermination. This is a rare feature among renters policies.

One notable perk is replacement cost coverage for personal belongings, which is a valuable added benefit.

Quick quotes are available on the Assurant website, making it easy to estimate your price.

Assurant's customer service has mixed reviews. Customers often face a lengthy claims process and frequently have trouble getting in contact with an adjuster while making a claim.

Some customers have had difficulty canceling their policies, as it can't be done online and is hard to take care of over the phone. In fact, one customer reported that it took over three months to get their reimbursement, and they had to stay persistent with multiple emails, phone calls, and messages.

On the other hand, some customers have had positive experiences with Assurant's customer service. One customer reported that the person who called them was very professional and efficient. Another customer was able to quickly file a repair claim on the website and even schedule the repair for the next day.

Assurant received a complaint ratio score of 1.57 from the National Association of Insurance Commissioners, indicating that it receives more complaints than could be expected for a company of its size.

Here's a breakdown of Assurant's ratings from various review platforms:

Health Policy Cancellations can be a nightmare for customers. In some cases, health insurance companies have been found to cancel policies for customers with serious medical conditions.

Assurant Health, a company that was repeatedly criticized for its practices, was found to have a company policy to target HIV-positive policyholders for automatic fraud investigations. This led to policy cancellations on incorrect information or no reason at all.

In one notable case, a woman in Colorado was awarded $37.1 million in punitive damages after Assurant Health breached its contract with her following a hit-and-run accident. The jury found that the company had acted in bad faith.

The South Carolina Supreme Court also ruled against Assurant Health, ordering the company to pay $10 million to a policyholder who had contracted HIV after purchasing a policy. The court found that the company had wrongly revoked the policy.

Assurant's overall reputation is a major red flag. Overall, no, Assurant is not a good insurance company.

High renters insurance rates are a significant drawback. Their rates are not competitive with other insurance companies.

A difficult claims process is another issue that renters should be aware of. Assurant has a less than ideal process for handling claims.

Assurant's high renters insurance rates are a major concern for many renters. This can lead to financial strain, especially for those on a tight budget.

High volume of complaints to state regulators suggests that Assurant's policyholders aren't always satisfied. This can be a red flag for potential customers.

Renters who like the convenience of an app will have to use the site's website instead, as Assurant does not have a mobile app. This can be frustrating for those who value ease of use.

To evaluate companies, we looked at a specific scenario: a 30-year-old renter in Washington, DC. We collected renters insurance quotes from Assurant and top competing companies.

The sample policies we considered included $10,000, $20,000, $30,000, or $40,000 in property coverage. This range of options helps to understand how different companies price their policies.

Assurant offers a range of insurance products, including lender-placed insurance, which is commonly used by banks and mortgage servicers when homeowners' own property insurance has lapsed or is deemed insufficient.

Their lender-placed insurance segment is a market leader, indicating a significant presence in the industry.

Assurant's other insurance products include mobile device insurance, appliance & tools insurance, and homeowners insurance, which provide coverage for various types of assets.

These products demonstrate Assurant's focus on providing insurance solutions for everyday life, from protecting homes to mobile devices.

Here are some of the major insurance products offered by Assurant:

Assurant renters insurance quotes are available on Assurant's website, as well as through Geico, and the prices on each are the same.

If you're looking to compare prices, you're in luck - we've done the research for you. We collected sample quotes for Assurant, Lemonade, and State Farm at four levels of property coverage.

Assurant was consistently the most expensive renters insurance company for our sample renter, coming in at 53% more expensive than average overall. This means you're likely to find a better deal on renters insurance by going elsewhere.

Here's a breakdown of the prices for each company at different coverage levels:

This table shows that Assurant quoted the highest price at every coverage level we compared.

Assurant offers a range of insurance products to cater to various needs. Here are some of their major products:

Assurant is a market leader in lender-placed insurance, which is typically placed by a bank or mortgage servicer on a home when the homeowners' own property insurance has lapsed or is deemed insufficient.

Their insurance products include:

These products provide protection against various risks, allowing individuals to safeguard their valuable assets and investments.

Shipping is a crucial part of getting your products to customers, and Assurant offers shipping insurance that's specifically designed for regular and active shippers.

This type of insurance is considerably cheaper than other options, which makes it a great choice for businesses that rely on shipping to operate.

With Assurant's shipping insurance, you can expect a faster claims process, which means you can get back to shipping and selling without unnecessary delays.

Their shipping insurance is also easily integrable to your existing shipping system, making it a seamless addition to your business operations.

Assurant has received an A rating from A.M. Best, indicating a superior ranking for its financial strengths and credibility.

The National Association of Insurance Commissioners (NAIC) has given Assurant a 1.57 rating, which means it receives more than the average number of customer complaints.

Assurant's overall quality as an insurance carrier has been rated 4.5 out of 5 stars on average across various review platforms, including WalletHub, Value Penguin, Clearsurance, and Trustpilot.

Assurant's customer service has received mixed reviews, with some customers facing lengthy claims processes and difficulty getting in contact with an adjuster.

Assurant's claim process can be fast and easy, with some customers reporting processing times of under a minute.

Some customers have experienced issues with incorrect information being auto-filled on the claim page, but were still able to explain the issue in the "detailed information" section.

It's worth noting that customers who have had to cancel their policy due to issues with reimbursement have reported waiting over three months for payment.

In some cases, customers have received professional and efficient service from Assurant's customer service team, making the process relatively easy to set up a claim.

However, others have reported being shuffled around to multiple agents, including one who greeted them with a yawn, making the experience awkward and frustrating.

It's clear that Assurant's customer service can vary depending on the agent and the situation, but some customers have reported being able to quickly file a repair claim on their website and schedule a repair for the next day.

Assurant Insurance has received a superior rating of A from A.M. Best, indicating its strong financial footing.

The company's customer reviews are mixed, with some customers praising the ease of filing claims and others expressing frustration with the lengthy claims process.

Assurant received a complaint ratio score of 1.57 from the National Association of Insurance Commissioners (NAIC), indicating more complaints than expected for a company of its size.

The company has a high degree of financial strength, with an A rating from A.M. Best.

Here's a summary of customer reviews from various sources:

The Better Business Bureau has given Assurant a score of 4.7 out of 5 based on over 11,000 reviews.

Assurant had far more than the expected number of home insurance complaints to state regulators relative to its size. This is according to three years' worth of data from the National Association of Insurance Commissioners.

The NAIC's home insurance complaints cover a range of policy types, including renters and condo insurance.