PropertyNest Renters Insurance Ratings Methodology
The needs of renters vary greatly depending on preference, where you live, and if you rent an apartment in a building or a house.
The company ratings are carefully evaluated using weighted scores across various criteria, including online experience, financial strength, coverage options, affordability, discounts, and consumer complaints.
How We Collect Data
At PropertyNest, we take our customers' safety very seriously. To ensure that they are in good hands when it comes to their insurance needs, we have come up with a comprehensive ranking system based on multiple data points collected from insurers’ public-facing websites and representatives, state regulatory bodies, as well as third-party analyses.
The star-rated ranking helps differentiate between great companies and those that don't meet the standards of top-quality service – so you can make an informed decision about your policy provider.
Who Rates the Insurance Companies
PropertyNest is backed by an experienced team of insurance and real estate professionals with extensive credits and expertise in the most prestigious publications — their writing and editing conform to strict guidelines for editorial integrity. PropertyNest renters insurance reviews are crafted with years of knowledge and strict editorial guidelines from renowned industry leaders.
Here are the main factors we take into consideration when rating insurance companies:
- Online Experience & Usability - 15%
- Financial Strength & Stability - 25%
- Coverage Options - 25%
- Affordability - 15%
- Discounts - 10%
- Insurer Complaints - 10%
Online Experience & Usability
To ensure our customers get the best insurance coverage, we carefully evaluated providers for their ability to deliver a simple, user-friendly experience.
We considered navigation capabilities across mobile and web applications as paramount components of this evaluation process.
We sought out renters insurance providers with convenient mobile apps to ensure policyholders are able to quickly and easily lodge claims from their devices.
Financial Strength & Stability
The purpose of renters insurance is to protect your property in case of damage or loss, and if these situations occur, you can have peace of mind that you will be reimbursed for your loss.
Financial strength represents an insurer’s ability to pay out claims from its funds, so policyholders never have to worry if an insurer has run out of money to pay claims.
Several financial rating services rank insurance companies based on their financial strength and stability. We compared the insurance company’s financial ratings on A.M. Best Co., Fitch Ratings, Moody’s Investor Service, Inc., Standard & Poors, and Weiss Ratings.
We took the time to assess what kind of renters insurance coverage is available for consumers looking to add extra security and financial protection in case of unexpected events.
We chose renters insurance that was affordable for every kind of renter. Whether you have high-valued items you’d like to protect or basic coverage, you will find an insurer on this list that will fit your needs.
We also thought it was important to include insurers that make it easy to bundle other types of policies, like auto, to increase your savings on your policy.
We thoroughly studied renters insurance discounts to offer consumers an opportunity to reduce their rates. Our research enables individuals across the nation to access reliable coverage at more affordable prices.
Insurer Complaints Methodology
PropertyNest examined complaints received by consumers and state insurance regulators tracked by the National Association of Insurance Commissioners (NAIC) annual complaint index, enabling an efficient and accurate comparison system for consumers and insurers.
The NAIC leverages this data-driven approach by measuring each subsidiary's share of complaints versus their market size or total premiums collected.
Renters Insurance Rates Methodology
To measure the country's expense for renters insurance, PropertyNest assembled an in-depth analysis of thirty-year-old tenants from a variety of companies located within major ZIP codes throughout each of the fifty states and Washington D.C. All sample participants were nonsmokers with good credit scores who haven't filed any recent claims while living in one bedroom dwellings.