Introduction to eRenterPlan
eRenterplan is one of the simplest renters insurance in the market. This company provides to over 7500 properties and more than 1.8 million units in the United States. The company partners with property managers to provide all the tenants with this insurance plan. Therefore, their policies are only available in properties or apartments where the property managers have signed an agreement with the insurer. If you search for your location and your building doesn’t show up, it’ll mean that you are not eligible for an eRenterPlan cover. Instead, the company will provide you with an alternative quote from their partner CoverMyStuff. This policy will be completely different from eRenterPlan underwritten by a different company known as Homesite (a subsidiary of American Family Insurance).
eRenterPlan provides the policies, but they do not underwrite them. This means that if you get a renters insurance from eRenterPlan, you are actually covered by another insurer. This can be one of Markel Corp, American Modern Insurance Group or the American National Insurance Co. These underwriters have decent reviews online which is an excellent thing. That’s because when you are filing for a claim, you will actually be dealing with one of them and not eRenterPlan. This saves you from having to deal with the highly deplorable customer services of eRenterPlan.
eRenterPlan may be one of the simplest renters insurance to get, but it is far from ideal. A brief look into the user reviews introduces you to the vast issues that you will have to deal with if you decided to take up an eRenterPlan policy. First, when compared to other similar policies, eRenterPlan was among the most overpriced policies in the market. The insurer will charge you high premium rates for a cover that is rather basic.
Then we have quite a lot of complaints regarding the company’s customer service. There are numerous reports about the company failing to respond when one is trying to cancel a policy. A few of the “lucky” insureds who managed to reach their offices through the phone had to wait for over 1 hour to speak to an eRenterPlan officers. You might also get through to them, but then you could be put on hold for another 1 hour! In other cases, the not-so-lucky insureds found that the phone number never worked completely.
There is also another big problem stemming from their auto-renewal system. This allows the insurer to deduct the premium directly which is a bit convenient for both parties but then canceling the policy is quite tricky. If you don’t talk to the eRenterPlan Insurance in advance and initiate your canceling plan before you start moving out, you can end up paying for the policy for an extra year or more for a house that you don’t even live in anymore. Canceling the eRenterPlan is very difficult, and the challenges in getting them on the phone make it even worse. If you don’t want to end up paying for a policy that you aren’t using anymore, you might want to start canceling the plan months in advance, or you could even consider skipping the company altogether.
Most property managers might recommend eRenterPlan, but it’s not always a mandatory that you get the policy from them. In such cases, we’d urge you to look for an independent insurance company with more competitive rates and a better customer service team. One that comes with add-on coverage options and other perks to give you full value for your money.
eRenterPlan Renters Coverage
One of the positive features about the eRenterPlan is that property damage or theft is valued at the replacement cost. Therefore, if your personal property is stolen or damaged, the company will reimburse you for an item of the same quality without taking into account wear and tear.
eRenterPlan Renters coverage also has a very generous policy for the additional living expenses or ALE that you will incur when your home is uninhabitable. These are the expenses above your normal living costs. Renters insurance covers usually calculate ALE as a percentage of your personal property. Most policies provide just about 30%, but eRenterPlan ALE covers up to 100%! The ALE cover from eRenterPlan is generous, but it is also quite high.
In most cases, it would take you quite a long time to reach even the lowest ALE limit covered by eRenterPlan.
eRenterPlan offers standard renters insurance policies yet though it has high premium rates. The coverage also has very few options if you are looking for additional features or if you want to adjust your base coverage. What does this mean? Well, say your property is worth more than $50,000. If you apply for a policy from eRenterPlan, they will only cover you up to $50,000, and the rest will be left out.
That’s not all. The personal liability coverage of eRenterPlan has also been capped at $100,000. The limit here is not that bad, but the lack of the alternative to increase this coverage for a reasonable additional cost may be very limiting to some people. The problem is pretty much the same even when you are dealing with the emergency medical payment coverage.
Another limitation with eRenterPlan renters coverage is the inability to adjust the limits for high-value items. The company covers jewelry against damage and theft, but this cover is very standard. If you have expensive goldware and silverware, you won’t be able to adjust the limit of your policy to include the items.
Additional Coverage Features
eRenterPlan has very few additional coverage features. All of them are pretty standard, and they’re found in almost all renters insurance policies. These are:
- Pet damage – the plan will cover damages of up to $500 caused by your pets. These may include any walls, baseboards or carpet damages. You have to pay an extra $18 every year for this add-on
- Water sewer backup – the policy covers damages done by the backup city water system through the toilet, tub, sink and water drain. The cover costs $12 per year
- Increased limits for jewelry – the standard eRenterPlan policy covers theft or damage of jewelry up to $1,000. The limit can be expanded to $2,500 for an extra $24 every year or $5,000 for $60 per year.
eRenterPlan Renters Policy Quotes
We already said that eRenterPlan charges quite high premium rates for covers that are very standard. This insurer charges higher rates than other reasonably better companies such as Allstate and State Farm. The worst part is that eRenterPlan has minimal customization features. Take State Farm, for instance, with this insurer; you can get lots of discounts by bundling your renters insurance with auto insurance and other policies. They will also provide additional discounts if you install security or home monitoring systems such as burglar alarms and smoke detectors.
Having such discount options helps in bringing the premium rates even lower, yet eRenterPlan renters policy has none of them.
The reasons why one may want to avoid eRenterPlan are actually more than the benefits of having the cover. Their rates are high, customization and add-on options are limited, the customer services are poor and canceling the plan can only be done through the phone and trying to reach an eRenterPlan officer on the phone is the last thing you’d want to do. With all of these issues, avoiding eRenterPlan might actually be a good idea.
Here are a few of the user reviews on eRenterPlan:
“Erenterplan kept taking money from my bank account subsequent to me moving out of my apartment. I tried over and over again to call them to cancel, but no one ever answered the phone. They don’t give any other options for canceling your policy. You can’t do it online, so you are forced to call their phone number. I found this ironic since you can start your insurance plan with them online quick an easy. (It makes sense. They want you to be able to give them your money easily, but they want it to be very difficult for you to STOP giving them your money)” by Jennifer R from Chicago, United States
“Of course they make enrollment easy…but cancellation is HARD! You may pay hundreds of extra dollars for years in the future. I was charged two years after signing up and moving out. When you sign up, you must auto-renew. They don’t even require you to authorize a renewal, so if life happens or moving distracts you, you’ll be paying for at least another year.” By Christian C from Los Gatos, United States
“Awful. On hold, for over an hour multiple times and nobody picks up: I always hear that “my expected wait time is over 30 minutes” no matter when I call and no matter how long I wait. They’re unreachable by email, and their website has been broken for months (can’t create an account, reset the password, or log in). They’re now going to charge me for renewal even though I’m moving, and I have no way to cancel! How do you think you’ll ever file a claim through them if you need to?” by Jon S from Seattle, United States
“I got this insurance because I was recommended to them by a good friend, I quickly and easily signed up on their website. Then when I moved I looked up their phone number and gave them my new address. I never have had a problem.” By Barry Q from Fort Worth, United States