Property damage, theft, and accidents that occur at your house or apartment could leave you with hefty bills.
Renters insurance policies are designed to provide you with the funds you need to meet the cost if the unexpected occurs.
There are plenty of great renters insurance companies to choose from, one of which is USAA.
If you’re an active duty member of the military or you previously served, you can benefit from an affordable USAA renters insurance policy, as can your family.
We’ll walk through the pros, cons, and key considerations of USAA’s coverage options below.
Table of Contents:
- About USAA Renters Insurance
- USAA Renters Insurance Coverage
- How Much Does It Cost?
- Pros and Cons
- Is USAA Renters Insurance for You?
About USAA Renters Insurance
USAA found its start in 1922 in Santa Fe. The United Services Automobile Association was formed by a group of 25 Army officers who made the decision to insure one another’s vehicles.
Over the decades, they expanded their car insurance to other branches of the military, eventually serving millions of military families with much more than auto policies.
Today, USAA offers a full lineup of banking, loans, investment, retirement, and insurance products to millions, giving them the full set of financial tools and services they need to succeed.
USAA currently has over 13 million members and more than 35,000 employees.
With close to $219 billion in assets owned and under management, USAA is in great financial shape.
The company is well-equipped to pay out claims as promised, as you can see by their credit ratings below:
- M. Best: A++
- Moody’s: Aaa
- Standard & Poor’s: AA+
In renters insurance and beyond, USAA is an outstanding company dedicated to providing military families with next-level services and top of the line financial products.
USAA Renters Insurance Coverage
USAA’s renters insurance policies are among the most comprehensive ones available anywhere, with some often-excluded coverages in its basic plan.
For instance, USAA coverage includes flood and earthquake protection, at no additional cost.
It also includes replacement cost coverage, which provides you with the full replacement value, regardless of depreciation.
And coverage doesn’t end at home. Your insured belongings are protected during moves and in storage, too.
USAA renters insurance can cover several items, and protection kicks in for several named perils. We’ll take a look at both below:
Like most providers, USAA covers living expenses, liability coverage, and guest medical protection.
It also covers the replacement of the personal property below:
- Antiques, including coins and stamps
- Clothing and furs
- Electronics, including phones, computers, and cameras
- Fine art
- Hearing aids
- Liability, for legal defense and settlement fees
- Military equipment and uniforms
- Music equipment
- Silverware, china, and crystal
- Sports equipment and bicycles
Covered Causes of Loss
- Aircraft and vehicles: Includes damage from spacecraft and missiles
- Building collapse: Includes partial collapses
- Earthquakes and volcanic eruptions: Earthquake coverage includes tremors and shock waves.
- Fire and lightning
- Falling objects: The roof or exterior must be damaged by the falling object for coverage to take effect.
- Flood and water: Does not include slow seepage through the walls, ceilings, windows, foundations, etc.
- Freezing: Covers loss attributed to freezing from plumbing, heating, cooling, or sprinkler systems.
- Hail and windstorm: The storm must have created an opening in the building for coverage to take effect.
- Riots and civil unrest
- Smoke damage: Does not include damage from agricultural smudging or industrial operations.
- Sudden damage: Accidental burning, bulging, cracking, or tearing, or damage from an artificially generated electrical current
- Theft, vandalism, and mischief: Includes attempted theft and disappearance of a covered item from a known location where theft is assumed.
USAA’s basic coverage includes both liability and personal property protection, but you can opt for just one or the other to suit your budget and needs.
How Much Does USAA Renters Insurance Cost?
The cost of your USAA renters insurance policy depends on how much insurance you buy and how high a deductible you’re willing to pay.
It’s also based on your location and the level of risk imposed by insuring your property.
USAA’s policies start out at $10 a month. For that rate, you could secure:
- $2,500: Personal property protection
- $5,000: Medical payments coverage
- $100,000: Liability protection
You can save on USAA renters insurance by:
- Bundling multiple policies
- Having a good credit score
- Installing alarms/security systems, deadbolts, etc.
- Being claims-free
- Living near a fire department or police station
Pros and Cons
As you deliberate whether or not USAA is right for your renters insurance needs, consider the pros and cons below.
- Affordable coverage: USAA offers competitively priced policies, made even more affordable with its lineup of discounts.
- Customer satisfaction: USAA offers some of the best customer experience in the nation, with millions of satisfied policyholders.
- Financial strength: You can rest easy knowing your renters insurance policy is in good hands with USAA, as it has top-notch financial ratings across the board.
- Floods, earthquakes, and storms: While other insurers don’t usually cover these natural disasters, USAA does.
- Online experience: USAA’s website and app make it easy to get quotes, buy coverage, and file and follow up on claims, 24/7.
- Reimbursement valuation: USAA values your stolen or destroyed items at the estimated current replacement cost, even if they’re older.
- Limited availability: Though available in all 50 states, only military families can get USAA renters insurance; however, that focus is an advantage for military members and vets, with coverages like equipment and uniform replacement.
- Roommates policy: Unrelated roommates are not included under the policy’s protection, so they’ll have to buy their own renters insurance.
Alternatives to USAA Renters Insurance
Whether you aren’t eligible for USAA membership, or you’re simply looking to compare more options, you’re in luck.
There are several other renters insurance companies that offer competitively priced policies. The key to getting the best one for your needs is to shop around.
As you do, you may want to explore the companies below:
- The Hanover
Is USAA Renters Insurance for You?
Military families can benefit tremendously from a USAA membership, especially if they need renters insurance.
These policies offer low rates, great discounts, and coverage that goes beyond the basics offered by other companies.
With an exceptional reputation and a century of providing top-tier service to members of the U.S. military, USAA is hard to beat.
If you’re looking for renters insurance, take a few moments to get quotes from USAA and other leading insurers today.
USAA Renters Insurance
- M. Best: A++
- Moody’s: Aaa
- Standard & Poor’s: AA+