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Nationwide Renters Insurance Review 2021

March 18, 2021
Insurance, Renters Insurance
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Nationwide renters insurance policies go beyond the basics. They include standard coverage options that other companies’ policies don’t, and Nationwide offers a consumer-first experience that lets you submit and track claims in its mobile app.

Nationwide renters insurance pros and cons

ProsCons
Offers some coverage standard that other companies typically don'tMore expensive, on average, than major competitors in NerdWallet’s rate analysis
User-friendly mobile app
Many additional coverage options

Nationwide renters insurance rating

5.0 NerdWallet rating

Nationwide renters insurance earned 5 out of 5 stars for overall performance. NerdWallet’s ratings are determined by our editorial team. The renters insurance scoring formula takes into account policy coverage options and discounts, ease of filing a claim, website transparency, the financial strength of the company, complaint data from the National Association of Insurance Commissioners and more.

Based on these considerations, Nationwide is among NerdWallet’s best renters insurance companies for 2021.

Nationwide renters insurance state availability

Nationwide renters insurance is available in 46 states and Washington, D.C.

If you live in Florida, you’ll need to work with an agent to get coverage. Residents of other states and Washington, D.C., can get quotes through Nationwide’s website.

In the four states where Nationwide renters insurance isn’t available — Alaska, Hawaii, Louisiana and Massachusetts — Nationwide has partners that provide coverage.

» MORE: Renters insurance quotes: What you need to know

Nationwide renters insurance coverage

Basic coverage

Nationwide includes the four standard forms of renters insurance coverage in all policies: property, loss of use, personal liability and medical payments to others. Additionally, it offers two types of coverage as part of its basic policy that many other insurers do not:

  • Building additions and alterations, which pays for damage to elements of your home that have been updated or improved during your time there.
  • Credit card coverage, which pays you back — up to an amount you choose — for unauthorized financial transactions on your credit or debit card, or if you’re the victim of forged checks or counterfeit money.

Optional coverage

Nationwide also offers several optional types of coverage:

  • Brand-new belongings, which pays you back for damaged or stolen items in two steps. You get the depreciated value of the item first; then, after you repair or replace it, Nationwide pays you the difference.
  • Valuables plus, providing additional coverage for big-ticket items like jewelry or art.
  • Water backup, covering damage from backed-up sewers or drains.
  • Theft extension, offering additional coverage for personal items in a motor vehicle, trailer or watercraft.
  • Earthquake, paying for damage caused by an earthquake.

» MORE: Nationwide auto insurance review

Nationwide renters insurance rates

NerdWallet compared Nationwide’s average annual rate for renters insurance with those of four major competitors in ZIP codes across the United States. Nationwide was the second-most expensive at $205 per year, on average — nearly $40 more than the national average of $168.

Nationwide renters insurance discounts

Nationwide offers the standard discounts for renters insurance. Those include:

  • Multipolicy discount for bundling your renters insurance with another Nationwide policy, such as auto insurance.
  • Protective devices discount for homes with fire alarms, smoke detectors and more.
  • Claims-free discount if you haven’t filed any recent claims.

Nationwide renters insurance consumer complaints

Nationwide had fewer than the expected number of home insurance complaints to state regulators relative to its size, according to three years’ worth of data from the National Association of Insurance Commissioners. (NAIC home insurance complaints also cover other home policy types, including mobile home, renters and condo insurance.)

Nationwide consumer experience

Website: Nationwide’s website offers online quotes for the states in which renters policies are available, except Florida. You can also submit and track claims and read a broad selection of educational content.

App: The Nationwide app is available for iOS and Android. It allows users to submit and track claims, as well as manage payments for their policies.

Nationwide renters insurance FAQ

What other types of insurance does Nationwide offer?

Nationwide offers several other types of insurance, including but not limited to:

  • Homeowners and condo.
  • Auto and motorcycle.
  • Boat and personal watercraft.

» MORE: Nationwide life insurance review

Can you bundle Nationwide auto and renters insurance?

Yes, Nationwide offers a multipolicy discount for having both renters and auto insurance coverage.

How do you file a Nationwide renters insurance claim?

You can file a claim by calling Nationwide’s claims team, submitting information through Nationwide’s website or using the mobile app.

What does Nationwide renters insurance cover?

The standard policy covers your stuff, personal liability, medical payments to others injured on your property, additional living expenses if you have to stay elsewhere because of a covered incident, improvements made to your home since you’ve lived there, and a limited number of unauthorized transactions on your credit or bank card. Several optional add-ons are also available.

» MORE: Nationwide home insurance review

Renters Insurance Ratings Methodology

NerdWallet’s renters insurance ratings reward companies for customer-first features and practices. Ratings are based on weighted averages of scores in several categories, including financial strength, consumer complaints, coverage options, discounts, online experience and more. These ratings are a guide, but we encourage you to shop around and compare several insurance quotes to find the best rate for you. NerdWallet does not receive compensation for any reviews. Read our editorial guidelines.

Insurer complaints methodology

NerdWallet examined complaints received by state insurance regulators and reported to the National Association of Insurance Commissioners in 2016-2018. To assess how insurers compare to one another, the NAIC calculates a complaint index each year for each subsidiary, measuring its share of total complaints relative to its size, or share of total premiums in the industry. To evaluate a company’s complaint history, NerdWallet calculated a similar index for each insurer, weighted by market shares of each subsidiary, over the three-year period. Ratios are determined separately for auto, home (including renters and condo) and life insurance.

NerdWallet averaged rates for 30-year-old men and women for multiple insurance companies in every ZIP code across all 50 states and Washington, D.C. Sample tenants were nonsmokers with good credit living in a two-bedroom apartment. They had a $500 deductible and the following coverage limits:

  • $30,000 in personal property coverage.
  • $100,000 in liability coverage.
  • $10,000 in additional living expenses coverage.
  • $1,000 in medical payments coverage.

City data was gathered from all counties within each city’s metropolitan statistical area as defined by the United States Office of Management and Budget.

These are sample rates generated through Quadrant Information Services. Your own rates will be different.

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