Unless you’re in the business or are facing an immediate crisis, insurance isn’t something you give much thought to. And when we niche down to personal lines, a Renters Policy doesn’t even make the list for many Central New Yorkers.
Some who do consider renters insurance believe that those policies are created equal. That myth is perpetuated by rental property managers who direct tenants to a preferred insurer which often leads to inferior but expensive coverage for the renters.
Our agency has written hundreds of renters policies for CNY residents through various carriers over the years, and we have found one company that stands head and shoulders above the rest concerning affordable and robust renters coverage.
In this article, we’ll explain why Erie Insurance is the best-in-class carrier for renters insurance in our region and why purchasing a policy for your rental unit through the company can restore your belongings after a loss and safeguard your financial future.
Five Reasons Why Erie Insurance Should Be On Your Radar
1. Affordable Pricing
It is no exaggeration to say that Erie’s renters policies are considerably inexpensive compared to the competition. More than that, if you bundle an auto policy with the carrier, it yields a multi-policy discount that pays for the entire cost of the renters coverage in many cases.
For example, a shift manager at Kinney Drugs named Sarah insures her SUV with Erie (opting for full coverage) and adds a renters policy. Her total cost comes to $900 for the year.
If she removes the renters policy, the auto portion jumps to $1,008 annually. And if she purchased the renter’s policy separately she would pay $135 per year. So, her multi-policy discount essentially pays for the renters policy in this case.
But even if she purchased the renters policy by itself, her monthly payment of $11.25 costs less than a standard Netflix subscription. Some policyholders can pay as little as $80 annually, depending on their situation and coverage.
Since Erie offers monthly electronic funds transfer (EFT) payments at no extra charge, that can be less than $7 per month. And initiating the policy costs as little as a one-month downpayment.
That’s a lot of value for every dollar spent, particularly when you consider our next reason.
2. Coverage Options
Erie is unique in that coverage for personal property (your belongings inside the rental unit) starts at $10,000. Most carriers want you to have $15,000 of personal property coverage before they’ll write a policy.
And know that the primary function of renters insurance is to cover your personal belongings, whether they’re damaged, lost, or stolen—even away from home. Meaning coverage for your personal belongings extends worldwide with Erie.
Some tenants mistakenly believe that a landlord’s policy extends coverage to those items.
It does not.
The only sure way to protect your things is by you insuring them.
Renters insurance offers other benefits and protections, like loss of use coverage, personal injury liability, medical payments to others, and more. You can read about those coverages in detail in our renters insurance overview.
Items like guns, furs, and jewelry are covered (including for theft and loss) up to $3,000 for any one item.
Other carriers will reimburse policyholders for any item up to $1,500 and omit misplacement as a covered peril.
This level of coverage from Erie can restore your missing or stolen item without the need to schedule it. But if you happen to have precious items or a collection of jewelry that requires more coverage, then scheduling those items is highly advised.
With Erie, replacement cost coverage is automatic. If you lose a covered item, rather than receiving the actual cash value for that belonging, which factors in depreciation, you get the replacement cost, which does what the name promises.
You’re paid for the original cost of the item (or a similar version of the same quality at today’s price if that item is unavailable).
If your lease obligates you to add a property manager or landlord to your policy, Erie does this at no extra cost, unlike other insurers.
An Erie renters policy extends liability coverage to the children of renters who operate temporary gig businesses that include lawn care, caddying, newspaper delivery, and babysitting.
Erie allows you to add supplemental coverage to your standard policy as well for added protection.
If you’re a senior citizen renting a unit in a retirement complex that utilizes golf carts, Erie’s renters policies offer golf cart coverage so you can zip around the community with peace of mind.
An Erie renters policy can also cover small watercraft for up to $2,000 of physical damage and liability as long as the vessel is less than 26 feet and under 75 horsepower.
For the small cost of a renters policy, this coverage can benefit CNY residents who rent units situated near one of our beautiful lakes.
Since renters insurance doesn’t extend coverage to the unit you’re renting, Erie offers improvements and betterments coverage, which insures any upgrades or changes you make to the walls, ceilings, and floors. This can include changing light fixtures, sinks, tiles, carpeting, and more.
3. Customer Service
From initiating new policies to claims handling, Erie’s customer care and service are exceptional.
When you purchase a customized renters policy with Erie, they process it fairly quickly. Payouts for claims are also fast and efficient once you’ve gone through all the proper procedures.
As another customer service perk, Erie makes payouts for a lost or stolen item under $5,000 without the need for a policyholder to first replace that item and then seek reimbursement.
The worldwide leader in consumer insights, JD Power, ranked Erie Insurance number one for customer satisfaction among Mid-Atlantic insurers in 2022. A Forbes/Statista survey also listed the carrier among America’s Best Insurance Companies in 2023.
So, renters are in good company with Erie.
5. Financial Strength
In 2021, Erie received a stellar A+ (Superior) rating for financial strength from AM Best, the respected credit rating agency headquartered in New Jersey. AM Best also rated Erie “aa” (Superior) as a long-term issuer of credit.
Erie has been in business for close to 100 years and has cemented itself as a trusted and reliable underwriter with the ability to make payouts to policyholders for the long term.
Why You Should Consider Erie for Renters Insurance
Considering its low premiums for renters insurance policies, as well as the robust coverage it offers at such affordable premiums, Erie is a winner in our book. Their customer service, reputation, and stable position make them the premier carrier for renters insurance in Central New York.
If you’re still unsure about purchasing a renters policy or need additional info, read our review of Erie Insurance to learn more about this impressive company and its many insurance products.
Ready to purchase a policy? Give us a call at 315-635-2095 or click the Get a Quote button below to start the ball rolling. We’re looking forward to hearing from you.