Nationwide Renters Insurance Review

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Pros and Cons of Nationwide Renters Insurance

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Nationwide Renters Insurance Coverage

A Nationwide renters insurance policy protects you from the following events:

• Fire
• Lightning
• Windstorm
• Hail
• A frozen plumbing system
• Theft
• Vandalism
• Impact by a vehicle

Nationwide renters insurance policies will not cover the following:

• Valuables
• Home business
• Motorized vehicles

With Nationwide, you get coverage in seven areas of renters insurance:

1. Personal Property

This protects the items that you own inside of your rental. Nationwide allows you to choose between replacement cash value (RCV) and the actual cash value (ACV). RCV is more expensive than ACV, but it covers replacement costs as if your damaged belongings were new. ACV only covers the cost of the items as they are now, which means you’re given less money because of depreciation. Nationwide has an estimation tool in their online quote form to help you determine your property’s value.

In the quote we received from Nationwide, it covered $25,000 for personal property.

2. Loss of Use

This portion covers additional living expenses that are accrued when you have to temporarily leave your home after an event damages the property.

In the quote we received, Nationwide covered $5,000 for loss of use.

3. Liability

If you’re found liable for an incident that harms someone else or their property, your policy will cover the costs. An example of this would be if water reaches the floor below you and damages your neighbor’s belongings.

In our quote, Nationwide covered $100,000 for liability coverage.

4. Medical Payments to Others

If a guest in your home is injured, you can pay for their medical bills through this policy.

In the quote we received, Nationwide covered $1,000 per person for medical payments to others.

5. Ordinance or Law

This coverage pays to bring your home up to code and only comes into play if an event requires repairs to your home, and the repair technician finds a code violation.

Nationwide covered 10% of building additions and alterations for ordinance or law coverage in the quote we received.

6. Building Additions and Alterations

If you make small alterations to your rental, like changing the light fixtures, your policy will cover damage to these changes. A portion of your personal property amount is set aside for this coverage.

Nationwide covered $2,500 for building additions and alterations in the quote we received.

7. Credit Card

This pays for a certain amount of unauthorized charges to your credit card or bank account.

Nationwide covered $500 for credit cards in the quote we received.

Here’s how much you can purchase for each type of coverage based on North Carolina data:

Nationwide Coverage Breakdown

Area of Coverage	Amount Range
Personal property	No limit
Loss of use	20% of personal property
Liability	$100,000, $200,000, $300,000, $400,000, or $500,000
Medical payments to others	$1,000, $2,000, $3,000, $4,000, or $5,000
Ordinance or law	10%, 25%, or 50% of building additions and alterations
Building additions and alterations	10% of personal property
Credit card	$500, $1,000, $2,500, $5,000, $7,500 or $10,000
Deductible	$500, $1,000, or $2,500

Nationwide Additional Coverage

Nationwide has an extensive list of additional coverage options to customize your renters insurance policy:

• Personal injury
• Limited water backup
• Increased building additions and alterations
• Refrigerated property
• Earthquake
• Scheduled personal property
• Flood insurance
• Personal liability umbrella coverage
• Additional insureds

Nationwide also sells pet insurance policies with a 5% discount for its renters insurance policyholders.

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How Much Does Nationwide Cost?

Nationwide renters insurance costs about $20 per month, according to the company’s website. To see how much an actual policy would cost, we used Nationwide’s online tool to get a quote for a single woman living in a one-bedroom apartment in Raleigh, North Carolina:

Nationwide Cost Breakdown

Area of Coverage	Coverage Amount
Deductible	$500
Monthly cost	$21.50

Note: This quote is for an RCV policy.

When requesting a free quote, you’ll have to provide Nationwide with the following information:

• Name
• Address
• Date of birth
• Marital status
• Gender
• Phone number
• Email address
• Size of building
• Number of pets

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State Availability

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Customer Service and Claims Support

The best way to manage your policy and file a claim is by using the customer portal or the mobile app. If you would prefer to talk to a customer representative, you can call 800-421-3535 for the claims center or 877-669-6877 for sales and general customer support.

The sales department operates Monday through Friday, from 8 am–10 pm and on Saturday, from 9 am–7:30 pm. General customer service is only available Monday through Friday, from 8 am–9 pm.

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Our Conclusion

The base renters insurance policy from Nationwide offers coverage in more areas than just personal property, loss of use, liability, and medical payments to others. You’ll receive ordinance or law, building addition and alteration, and credit card protection and the option of nine more additional coverages. However, this higher amount of coverage comes at a cost—Nationwide monthly premiums are more expensive than the national average.

Before deciding if Nationwide is right for you, get quotes from at least three companies so that you can compare their renters insurance coverage options and premiums:

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Compare Renters Insurance Companies

Companies	Nationwide	Assurant	Lemonade
Get a free quote	Not available through Quartz Advisor	Not available through Quartz Advisor	Visit site
Known for	Credit card coverage in the basic policy	Rent protection add-on	Giveback program
Monthly price	About $20	About $12	As low as $5
Customer service	24/7 for claims; limited for sales and service	24/7 for claims; 8 am–8 pm for everything else	Online
BBB rating	A+	A+	B+

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Company Overview

• CEO: Kirt Walker
• Years in business: 94
• State availability: 48
• Address: 1 Nationwide Plaza
• City/State: Columbus, OH
• Zipcode: 43215
• AM Best Financial Strength Rating: A+

Ratings listed in this article are accurate as of August 2023.

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Frequently Asked Questions About Nationwide

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Our Rating Methodology