All About Costco Renters Insurance
One of the benefits that Costco offers its members is discounted renters insurance.
Written by Marisol Pereira
Edited by Melanie Krieps Mergen
Table of Contents
- Costco renters insurance is underwritten by CONNECT Insurance
- Costco renters insurance offers a full suite of protections
- You can save over $600 in your first year after switching
- You can find Costco renters insurance in 44 states
- Better Business Bureau (BBB) and A.M. Best ratings
- FAQs
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Costco has partnered with
CONNECT
by American Family Insurance to offer its members insurance policies at discounted prices—including renter's insurance. - Costco offers insurance options to its members through an insurance provider called CONNECT, including renters, auto, and homeowners insurance.
- Renters insurance coverages include personal belongings and liability protection.
- Being free of insurance claims, having home safety equipment, and bundling policies can help you get a discounted insurance premium.
- Costco offers insurance options to its members through an insurance provider called CONNECT, including renters, auto, and homeowners insurance.
- Renters insurance coverages include personal belongings and liability protection.
- Being free of insurance claims, having home safety equipment, and bundling policies can help you get a discounted insurance premium.
Costco renters insurance is underwritten by CONNECT Insurance
CONNECT Insurance offers numerous insurance products, such as home, renters, specialty, auto, and umbrella insurance. They are backed by American Family Insurance—a company with 90 years of experience in the industry—and have partnered with Costco to make it easy for their members to sign up and enjoy their benefits.
Costco renters insurance offers a full suite of protections
Here are some of the key coverages that Costco insurance offers:
- Personal belongings: Any item that's not a permanent part of your rental's structure
- Liability protection: Protects you in case someone gets hurt on your property; this includes medical payments.
- Living expenses: Covers any costs incurred by having to move out of your rental.
- Earthquake coverage: If you live in an area prone to earthquakes, your property is protected.
- Water back-up or sump overflow: If your rental has a basement that suffers a water back-up due to a sump failure. This is a coverage option add-on and is not part of a standard plan.
You’ll also have access to other benefits, like identity theft protection.
You can save over $600 in your first year after switching
According to Costco's
website
, members can save an average of $615.43 as policyholders during the first year after they switch to CONNECT. While CONNECT does offer an exclusive insurance discount with Costco memberships, this only applies to their
auto insurance
and home insurance policies. - Home safety features: A discount for homes that have certain safety features like smoke alarms, fire extinguishers, deadbolt locks, security alarms, and sprinkler system.
- 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. Another plus: CONNECT says claims of less than $500 won’t count against you.
You can find Costco renters insurance in 44 states
CONNECT is licensed to operate in the following states:
- Alabama
- Arizona
- Arkansas
- California
- Colorado
- Connecticut
- Delaware
- District of Columbia
- Florida
- Georgia
- Hawaii
- Idaho
- Illinois
- Indiana
- Iowa
- Kansas
- Kentucky
- Maryland
- Michigan
- Minnesota
- Mississippi
- Missouri
- Montana
- Nebraska
- Nevada
- New Hampshire
- New Jersey
- New Mexico
- New York
- North Carolina
- Ohio
- Oklahoma
- Oregon
- Pennsylvania
- South Carolina
- South Dakota
- Tennessee
- Texas
- Utah
- Vermont
- Virginia
- Washington
- West Virginia
- Wisconsin
Better Business Bureau (BBB) and A.M. Best ratings
- BBB rates companies in terms of customer service
- 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.
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FAQs
Do I have to be a Costco member for Costco renters insurance?
Yes, you need to be a Costco member to purchase CONNECT insurance.
Where can I get the best rate on Costco renters insurance?
For the best rate on any insurance, try
Jerry
. If you’re looking for a new insurance company, Jerry can provide you with competitive quotes in under a minute. Swapping is just as effortless. Jerry takes care of all the paperwork and phone calls and even can assist you in canceling your old policy!Are you overpaying for car insurance?
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