Nationwide Renters Insurance Review 2024

Renters insurance is typically cheap with the average cost $11 monthly for $15,000 of personal property coverage. Unlike home insurance and car insurance, renters insurance rates don’t typically vary that much between insurers. Nationwide’s average renters insurance costs are in line with top competitors, helping it secure a spot on Forbes Advisor’s best renters insurance companies list.

Company	Average annual renters insurance cost for $15,000 of personal property coverage	Average annual renters insurance cost for $30,000 of personal property coverage	Average annual renters insurance cost for $50,000 of personal property coverage	Forbes Advisor rating
State Farm	$102	$121	$153
Westfield	$136	$156	$183
American Family	$154	$189	$231
Auto-Owners	$113	$147	$196
USAA*	$116	$155	$196
Allstate	$109	$153	$215
Country Financial	$174	$201	$253
Nationwide	$129	$163	$207
Average	$143	$186	$247	–

Source: Quadrant Information Services. Rates include $100,000 in liability coverage and $1,000 in medical payments coverage. *USAA is available only to the military, veterans and their families.

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Related: Cheap Renters Insurance

What renters insurance covers is pretty standard among companies.

Personal property: This covers your stuff—everything from artwork and jewelry to clothing, electronics, rugs, dishes, silverware and other items. It covers your belongings for problems like theft, vandalism, smoke, fire, the weight of snow and ice, explosions and falling objects.

Liability: This coverage type kicks in if you are sued for an accident that caused property damage or injuries to someone else. It also pays for a legal defense if you are sued because of an accident. For example, if you are sued because your dog bites someone, you can generally tap your personal liability insurance for the lawsuit costs.

Medical payments: This coverage type is often included in a renters insurance policy and pays for smaller medical bills of others, no matter who is at fault for the accident. For example, if your cat scratches a guest, this can pay for medical expenses. Coverage amounts are typically small and usually start at $1,000.

Additional living expenses: If you cannot live in your apartment due to damage caused by a problem covered by your policy (like a fire), additional living expenses coverage can pay for extra costs such as hotel bills, restaurant meals and other services, like pet boarding.

Nationwide offers several add-on coverages that you can buy to fill coverage gaps in your policy. Here are some examples:

• Brand-new belongings: If your personal items are stolen or destroyed, this coverage pays to have them fixed or replaced with new items. You’ll first get an insurance payment for the depreciated value of your items, and after having them replaced or repaired, send Nationwide the receipts and get another payment for the difference.
• Building additions & alterations: This covers damage to alterations, additions, improvements, installations and fixtures that you made to your home.
• Credit card coverage: This pays up to your chosen limit for unauthorized transactions on your bank debit/ATM and credit cards. This coverage also applies to counterfeit money and forged checks.
• Earthquake coverage: This covers damage to your property caused by earthquakes or volcanoes, up to your selected policy limits.
• Theft extension: This covers theft of your personal belongings that are stored in any car, trailer or watercraft.
• Valuables plus: This provides additional coverage for high-value property like jewelry, antiques and fine art.
• Water backup: This covers you for damage caused by backed up sewers or drains.

Here are some possible discounts from Nationwide:

• Multi-policy discount: You can save on your premiums if you bundle your auto insurance or other insurance policies from Nationwide with your renters insurance.
• Protective device discount: If your home is equipped with devices like a fire alarm, smoke detector, burglar alarm or other qualifying devices, you could get a discount.
• Claims-free discount: If you don’t have any claims on your policy, you may be eligible for a better rate.

Related: Cheap Renters Insurance of 2024

You can file a renters insurance claim with Nationwide online or by phone at 1-800-421-3535. It’s a good idea to save supporting documents like police reports and receipts.

Nationwide sells many types of insurance, including coverage for:

• ATVs
• Boats
• Cars
• Classic cars
• Condos
• Floods
• Golf carts
• House
• Life insurance
• RVs, motor homes, travel trailers and campers
• Scooters

To identify the best renters insurance companies, we evaluated each company based on the following.

Renter insurance rates (80% of score): We scored each company’s renters insurance rates based on national averages for policies with $15,000, $30,000, $50,000, $75,000, $100,000 and $200,000 worth of personal property coverage. Source: Quadrant Information Services.

Complaints (20% of score): We used complaints about home insurance (which includes renters insurance) upheld by state insurance departments. Most home/renters insurance complaints center on claims, including unsatisfactory settlements, delays and handling of the claim. Source: National Association of Insurance Commissioners.