Making Renters Insurance Easier with Nationwide InsuranceFor less than $20 a month, the average renter can protect nearly $30K in personal property. Published: November 06, 2018
Nationwide is a legacy, Fortune 500 company based in Columbus, Ohio. The company has a long history and is looking to connect with companies that would allow renters to cover insurance costs where they rent. Below are emailed responses from Nationwide’s Teresa Scham, associate vice president of product development (personal lines).
For young, urban single people or couples, what are the most important things about Nationwide's renters insurance policy to know?
In general, most renters policies are similar in the core protections they provide; however, Nationwide is able to tailor coverage for added protection based on the individual needs of a renter.
For example, the growing number of renters in single family homes may need additional endorsements that typical apartment renters don’t have to consider. Someone who rents a single family home may have a greater need for a water backup endorsement to protect their possessions, for example.
The average renter buys more than $29,000 in personal property protection to cover everything they own for an average of less than $20 per month. Knowing that a landlord’s insurance policy typically doesn’t cover a tenant’s belongings, a renter can insure their electronics, clothing, appliances, furniture, and more for about the cost of two movie tickets monthly.
How would you describe the long-term value of protecting yourself with renter's insurance?
A large loss, such as one caused by a fire, or a theft can happen to anyone. The cost of replacing or repairing damaged personal property can potentially cause severe financial strain on an individual that is not properly insured.
Is there any emerging technology that’s helping Nationwide better connect with renters insurance consumers?
Nationwide has introduced several capabilities on Amazon Alexa, including finding local agents, inquiring into claims and paying bills. We continue to invest in innovation and research and development while staying on top of emerging technologies. Nationwide is constantly evolving to improve our customer experience to ensure easy and reliable protection.
Research indicates consumers want to purchase and pay for insurance where they pay for rent; as a result, we are working with new companies to make it easier to purchase and pay for Nationwide renters insurance with their rent payment.
What specific features make your renters insurance easy to access? How about to renew?
We make it easy to access our renters insurance because customers can access it in any form they choose. A potential customer can get a quote and purchase a policy online at Nationwide.com by answering just a few questions, or they can call and work with an agent to obtain a policy. There are also online self-service options—such as filing a claim, paying a bill, changing coverage.
All of our policies automatically renew after an advance notice of the upcoming renewal has been sent. We also make paying for the policy easy by offering multiple payment options including paying in full, recurring electronic funds payments with selectable payment dates, and installment plans.
How are thinking about the needs of pet owners in your renters insurance policy?
Although not a component of a renters insurance policy, Nationwide is the largest provider of pet health insurance in the United States, with more than 650,000 insured pets. Pet insurance from Nationwide is available direct to consumers and as a workplace benefit through employers. More than 6,000 U.S. companies, including nearly half of all Fortune 500 companies, offer Nationwide pet insurance as a voluntary employee benefit.