Pros / You can apply a portion of your coverage toward replacing improvements you made to your rental home or apartment.
Cons / Its premiums are expensive.
Verdict / Travelers is more expensive than most of the rental insurances we priced, but it offers good coverage. It does not cover every state, but in those areas, it works with an affiliate to insure your rental property.
Travelers' renters insurance is pricier than most of the policies we reviewed from other companies, but its customer service is good and the coverage is at or better than average. The quote process online is thorough, ensuring you get the right policy for your property.
We priced out renters insurance for an apartment in six areas. Travelers did not directly supply insurance in the areas of Texas and Michigan that we tested. (These were high-risk areas.) However, it would supply renters insurance through an affiliate so that you can get coverage while still working with Travelers.
Travelers' premiums were overall more expensive than those of other companies we reviewed. Also, the limits on high-value items like electronics, jewelry and firearms were at or below average.
However, Travelers excels in some areas. The loss-of-use coverage is 20 percent of the policy's personal property amount. This is higher than most of those policies that have monetary limits in place. Some companies place time limits on this coverage. Loss of use reimburses you for added expenses that come from having to live elsewhere while your rental home or apartment is being repaired or until you find a new place to live.
Also, Travelers' rental insurance policies cover upgrades you made to your rental home. Your landlord is responsible for the overall building, but if you replaced a countertop or put in new carpet, for example, you can claim up to 10 percent of your personal property amount toward replacing these improvements when your home is repaired.
We found Travelers customer service to be top-notch. Their representatives were knowledgeable and willing to answer our questions, and the quote process was one of the most thorough.
Travelers Insurance has knowledgeable and helpful agents and higher-than-average coverage for loss of use. Its premiums are more expensive than those of the other renters insurance companies we reviewed, at least for the six cities we checked, so if you are interested in this insurance, be sure to comparison shop with a couple of others as well so you can get the best deal.