All About Costco Renters Insurance
Meta: One of the benefits that Costco offers its members is discounted renters insurance, and this article will tell you everything you need to know about it.
While many people have heard about Costco, not many of them are aware of the insurance benefits they offer for their members. Costco has partnered with CONNECT by American Family insurance to offer its members insurance policies at discounted prices — renter’s insurance being one of those. We’ll explore everything you need to know about this policy so that you can decide if it’s the one for you.
How CONNECT insurance compares to other insurance companies
CONNECT insurance offers different insurance policies, such as home, auto, renters, specialty, and umbrella insurance. They are backed by American Family Insurance, a company with 90 years of experience in the industry. And, they have partnered with Costco to make it easy for their members to sign up and enjoy their benefits.
Coverage options provided by CONNECT renters insurance
The policy offers many protections, such as:
- Personal Belongings: It protects any item that’s not a permanent part of your rental’s structure.
- Liability protection: Protects you in case someone gets hurt in your property; this includes medical payments.
- Living expenses: Covers any costs incurred by having to move out of your rental.
- Water back-up or sump overflow: If your rental has a basement that suffers a water back-up due to a sump failure. Note: this is an optional coverage, and is not part of a standard plan.
- Earthquake coverage: If you live in an area prone to earthquakes, your property is protected.
Discounts you can get through Costco renters insurance
According to Costco’s website, members can save an average of $615.43 during the first year after they switch to CONNECT.
While CONNECT does offer an exclusive discount for Costco members, this only applies to their auto and home insurance policies. However, before you turn away, CONNECT does offer plenty of other deals for their renters insurance, which include:
- Home safety features: A discount for homes that have certain safety features like smoke alarms, fire extinguishers, deadbolt locks, security alarms, a sprinkler system, among others.
- Tenure discount: A discount for loyal customers. Once you’ve hit a year with CONNECT, the longer you stay, the lower your rates may get.
- Multi-product discount: If you happen to purchase more than one insurance policy with CONNECT, you are eligible for a bundle discount.
- Claims free discount: This is a discount available for those who haven’t filed a claim in the last five years.
States in which you can find Costco renters insurance
CONNECT is licensed to operate in the following states:
- District of Columbia
- New Hampshire
- New Jersey
- New Mexico
- New York
- North Carolina
- South Carolina
- South Dakota
- West Virginia
Better Business Bureau (BBB) and A.M. Best ratings
When it comes to businesses, the BBB and A.M. Best are two things you should know. The BBB rates companies in terms of customer service, while the A.M. Best, rates insurers for their financial strength, stability, and soundness of operating performance.
While CONNECT group is comprised of multiple companies, they are a BBB Accredited business in excellent standing, and they also managed to get an “A“ (Excellent) from A.M. Best, the third-highest of their ratings.
With their extensive years of experience, outstanding ratings, and convenient partnership with Costco, CONNECT is a great insurance option for those looking for renters insurance policy.