Epremium Insurance Review 2019

Epremium Insurance Review

If you are a landlord or property manager, Epremium Insurance, sold by Millennial Specialty Insurance,  is designed to allow you to offer standardized renters insurance policy to your renters. Renters required to have rental insurance aren’t required to use Epremium, but it can make it easier for your renters. Epremium is also known as MSI renters insurance. Underwriters include Century National Insurance Co., Spinnaker Insurance Co., and Cypress Property and Casualty Insurance Co.

eRenters Insurance and Esurance Renters Insurance are not the same as Epremium. They are separate companies.

About Epremium Insurance

Epremium is a simple way for landlords/property managers who require renters insurance to help tenants acquire insurance.  Epremium requires apartment buildings follow their policies and allows landlords to negotiate standard coverage for all renters.

Renters needing different limits can purchase their own policies from any rental insurance company.

Epremium Insurance States

Epremium is available in all states, but not all apartment buildings are covered.

Epremium Insurance Financial Rating

Not available. Look for individual underwriters for score.

Epremium Renters Insurance Products

Landlords negotiate a standard policy for all tenants. Their coverage includes:

  • Personal property (damage to or theft of personal belongings) – replacement cost limits of $10,000 to $70,000
  • Personal liability (Covers renters from lawsuits cost for bodily injury or property damage to others) – $100,000
  • Emergency medical payments (for a guest injured on your residence) – limits set by underwriter         
  • Loss of use (pays cost of hotel, etc if residence is uninhabitable due to covered peril) – 20% of chosen personal property limit
  • Bed Bug Remediation -up to coverage limits and not included in all policies
  • Pet damage liability – up to coverage limits and not included in all policies
  • Earthquake – available only in California, adds additional fees
  • Identity theft – optional coverage, adds additional fee

Epremium Security Deposit Insurance

One benefit of Epremium is the ePremium eDeposit. Renters can purchase ePremium eDeposit which allows you to decrease your security deposit to a non-refundable $400. Edeposit will pay damages to your leased property up to a specified coverage limit. Damages exceeding this limit are paid by the renter. Edeposit covers up to five years of tenancy and you must have an ePremium renters policy.

Epremium Insurance Pros

  • Decent customer service reputation, based on specific underwriter
  • Unique features such as bed bug remediation coverage.
  • Quick response times on customer service calls

Epremium Insurance Cons

  • Expensive

Epremium Insurance Reviews

Renters enrolled in Epremium who make claims are sent to the underwriters directly. Epremium reviews are hard to find. Experiences appear to be based on which underwriter is carrying the policy. Kemper Corporation has the best complaint ratio (0.56) while Cypress Property and Casualty Insurance Co has the worst at 3.73. Scores below 1 are considered good.

Our Take

If your landlord offers Epremium and you don’t want to look for your own insurance, you will pay a premium for the ease. It is not cheap or customizable. Your satisfaction will depend on which underwriter is used.

For landlords or property managers, Epremium Renters Insurance is an easy way to fulfill insurance obligations.