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Renters Insurance Coverage

When disaster strikes, renters face the same risks and consequences as homeowners. You landlord, whether if you rent a section of a house or a condo/apartment unit, may have home insurance. However, the insurance policy from your landlord will most likely not extend to provide coverage for you as the renter. If you have expensive items that you cannot carry with you all the time, (e.g. excessive jewelries, expensive electronic devices) it is a good idea to purchase renters insurance to protect your personal belongings. partners with many home insurance companies and independent providers across the United States. We provide a nation-wide service coverage on home, renters, condo, and many other types of property insurance.

Typical Coverage of a Renters Insurance Policy

When you consult with a home insurance company, they will tell you to look for the \"HO-4\" coverage in a property insurance policy, which is specifically designed for renters to provide protection from 16 types of perils. A renters insurance policy will protect your assets from natural disasters and theft. Please note that floods and earthquakes are not part of the 16 types of perils. You will need to buy a separate policy for coverage on those.

What to look for in a Renters Insurance Coverage

When you go over the details of your policy coverage, you need to make sure that the types of coverage and the amounts offered make sense. For example, there is a huge difference between "cash value" coverage and "replacement cost" coverage. If you have valuable items that depreciate in value over time, you need replacement cost coverage. For example, if you have a $1,000 television at the time of getting an insurance policy, a year later the value of the television drops down to $300. With cash value coverage, the insurance company will only pay for $300 (which is the cash value of the television at the time of the claim request) minus the deductible you need to pay. With replacement cost coverage, your insurance company will pay for the full amount you need to replace your lost television. Replacement cost coverage will often cost more in the premiums you need to pay, but it will most likely pay out more if you ever need to submit a claim.

Ways to Save Money on Renters Insurance Coverage

There are several ways to save money on renters insurance. The premium you pay depends on several factors: the place you live, the coverage you need, the amounts covered, your deductible, and your payment terms.

  • Living in a safe neighborhood will often reduce the cost on premium
  • Increasing your deductible will reduce the cost on premium
  • Paying on an annual basis rather than monthly will also reduce the cost on premium
  • Make sure you only pay for what you need. Getting coverage for earthquakes in a location without past occurrence of earthquakes is not ideal offers a free, simple, and quick way to find, compare, and save money on renters insurance quotes. By submitting your zip code, our system will be able to accurately connect with eligible insurance providers in your area and provide you with multiple quotes in a matter of seconds. It doesn't hurt to compare. Let us help you find the best renters insurance policy at the lowest cost.