While you’ll likely be required by a lender to get homeowners insurance when you buy a house, whether or not you purchase renters insurance is usually up to you.
Though it isn’t always required, renters insurance can be just as crucial to protecting your stuff from damage or loss, and you from liability, if an accident happens.
One company that could provide just the right protection for your renters insurance needs is Erie Insurance.
In the review below, we’ll explore the ins and outs of Erie renters insurance so you can decide whether or not it might be a good fit.
Table of Contents
About Erie Renters Insurance
Erie Insurance has been in business since 1925, when it opened its doors as the Erie Insurance Exchange.
Over the decades that followed, Erie expanded its policy offering beyond auto to include a full range of insurance products, which include:
- Auto Insurance
- Renters Insurance
- Leisure Insurance
- Home and Property Insurance
- Life Insurance
- Medicare Supplement
- Business Insurance
- And more
Today, Erie is a FORTUNE 500 company with an impressive financial track record.
To date, Erie has over 5,000 employees and 12,000 independent agents in partnership.
The company also earned an “A+” credit rating from A.M. Best, which means you can rely on the company’s claims-paying ability.
From a client perspective, Erie has over 5 million policies in force across its various insurance lines.
Those millions of policyholders seem to be satisfied with Erie’s top-notch customer services, as Erie holds an “A+” with the Better Business Bureau.
Erie Renters Insurance Coverage
Though the specifics of Erie’s policies depend on what state you live in, you can expect to find the standard coverage highlighted below.
What Does Erie Renters Insurance Cover?
- Liability coverage: If someone gets injured while at your house or apartment or you’re responsible for damage to their stuff, liability coverage shields you from the financial repercussions.
- Loss of use: If your home is badly damaged by a covered peril, loss of use coverage pays for temporary lodging and cost of living while your home is unlivable.
- Personal property coverage: If any of the property you own gets damaged, destroyed, or stolen, Erie’s personal property coverage can help you to repair or replace it. This can include items like electronics, clothing, or furniture.
Erie’s renters policies cover your personal property and protect you against liability whether you’re at home or on-the-go.
As you can see, Erie’s policies are designed to cover just the basics, with few additional policy options.
You can add an endorsement to the base level of coverage to fully insure more expensive individual items like jewelry, an instrument, or artwork, for an added cost.
You may also be able to get the full replacement cost for personal property that is destroyed or stolen.
What Doesn’t Erie Renters Insurance Cover?
If you buy a policy from Erie, note that the following perils and coverages are excluded:
- Broken windows
- Flooding or damage from water backup
- Moving expenses
- Roommates’ personal property
Where Is Erie Renters Insurance Available?
One of the few drawbacks of Erie renters insurance is its limited availability.
You can get Erie renters insurance in the following states:
- New York
- North Carolina
- The District of Columbia
- West Virginia
If you live outside of D.C. or the covered states above, you’ll need to look elsewhere for your renters insurance needs.
How Much Does Erie Renters Insurance Cost?
The amount you’ll pay for renters insurance from Erie or any other insurance provider depends on a few factors. Your rates could be influenced by:
- Your location: The cost of coverage can vary across the country due to everything from crime rates to natural disasters. Additionally, insurance companies often offer lower rates to applicants who live in close proximity to fire stations or police departments.
- Your credit score: Your credit score is a good indicator of risk, showing how you handle money. Higher credit scores usually equate to lower rates.
- Property size: In some cases, the size of the house or apartment you’re renting can impact the cost of your policy.
- Security features: Many insurance companies offer better rates if you have an alarm, sprinklers, or security system of some sort installed at your home.
- Policy amount: One of the biggest factors determining your rates is how much coverage you purchase. The larger the policy, the higher the rates.
- Additional coverage: Likewise, any additional coverage, like insuring an expensive piece of jewelry beyond the basic policy amount could increase your rates.
- Deductible: Similarly, how much you’re willing to pay out of pocket before coverage kicks in can influence your premiums.
You can save money on your Erie renters policy by bundling it with their auto insurance.
What Does Erie Renters Insurance Cost?
Erie doesn’t provide the easiest online quotes, requiring you to receive rates via email.
After providing your contact information, one of Erie’s local agents will reach out to provide you with a quote.
However, the average cost of coverage for the most basic Erie policy is around $140 a year, lower than many competitors.
That number can change based on the coverage and deductible amounts you choose.
Pros and Cons
There are a few advantages and drawbacks to consider as you evaluate Erie. Keep the following in mind:
- Reputation: While some renters insurance companies are small or newcomers, Erie is one of the oldest and most dependable providers around, with rock-solid financial ratings.
- Customer Service: Erie ranks among the best for providing customers with top-notch, personalized care thanks to its network of local agents.
- Other Products: If you’re looking for a one-stop-shop for your insurance needs, Erie has you covered. You can even tap into great savings by bundling your renters and auto policies.
- Limited Availability: As great as it may be, Erie’s renters insurance isn’t available nationwide.
- Website: While easy to navigate, Erie’s website provides very minimal details about its actual coverage and prices, requiring you to contact an agent to get basic policy information.
Alternatives to Erie Renters Insurance
To be sure you’re getting the best policy at the lowest cost possible, it’s important to shop around.
Taking the time to compare multiple companies today could help you save on premiums tomorrow.
As you weigh your renters insurance options, keep the following alternatives to Erie in mind:
Is Erie Renters Insurance for You?
With an impressive history in the insurance industry and an impressive financial performance backed by top-tier credit ratings, Erie is a name you can trust.
It’s also a strong contender for renters insurance, offering the bare necessities of liability, property, and loss of use protection at low rates.
If you live in one of the states where Erie operates and you’re looking for a renters policy with the dedicated assistance of a local agent at your disposal, Erie just might be your best bet.
You can even bundle your renters and auto insurance policies to save money.
To be sure it’s the right choice, take a few moments to compare quotes from several top renters insurance companies.
Erie Renters Insurance
- A.M. Best: A+
- BBB: A+