While some people own their home, others opt to rent for a variety of reasons.
As a renter, you don’t have to purchase a home insurance policy. However, that doesn’t mean you should live without any insurance coverage.
It’s essential to learn more about renters insurance, including what it covers, the cost, when and how to file a claim, and much more.
With all that in mind, let’s review three important tips for finding and buying the right renters insurance policy
Since you’re not protecting the dwelling itself, it’s easy to assume you don’t need much coverage. But remember this: renters insurance is designed to cover the replacement of personal items in the event of a theft, natural disaster, or accident.
Choosing the right policy comes down to one thing: tallying the value of your assets and purchasing the appropriate amount of coverage.
It’s challenging to pay a lot of money for renters insurance, as you never know if you’ll ever use it. Furthermore, it’s not required by law.
One of the best ways to save money, without compromising coverage, is to opt for a higher deductible.
For example, a $1,000 deductible will result in a much lower premium than a $250 deductible.
Note: the deductible is the amount of money you pay out of pocket in the event of a claim, so don’t choose something you can’t comfortably afford to pay.
Generally speaking, any valuables you keep inside your rental property are covered by your policy. To be sure, you’ll want to check this with your insurance company.
Also, make sure you’re clear on what is and is not a covered claim.
If someone breaks into your home or a fire destroys your belongings, your policy will likely cover the loss.
Conversely, if you lose your valuables as the result of a flood, this may not be the case.
In addition to a higher deductible, there’s another way to save money: bundle your renters insurance with other policies.
The best thing you can do is contact your car insurance provider to see if they offer renters insurance as well. If they do, get a quote as to determine if it’s more affordable than other options.
When it comes to rental insurance, we help two groups of people:
Renters who are interested in a policy to protect personal property
Landlords who are interested in buying homeowners insurance for a property they’re renting to a tenant
Either way, you’re in the right place. We can share more information on both types of policies, including coverage levels, pricing data, and more details on how to best move forward.
Once you know the type of policy you need and how much you can afford to spend, everything will come together. From there, you can make a purchase that will put your mind at ease.