Insurance for Renters: Strategies and Tactics for Success
Shopping for insurance for renters can be confusing and complicated, particularly if you own valuable possessions, such as treasured antiques, expensive jewelry, or state-of-the-art electronics. This article will explain the basics about how to get started, suggest some strategies and tactics for optimizing coverage (getting best risk protection at the lowest cost), and introduce you to a free and fast way to solicit multiple quotes for apartment renters insurance.
Insurance for Renters 101
As a renter, you need not worry about insuring the structure of your building itself. Your landlord will take care of that. Renters insurance specifically protects your possessions. You may own more than you think you do. An analysis suggests that, in a typical two bedroom apartment, the total value of clothing, electronics, jewelry, appliances, another possessions comes to around $30,000 or $40,000. So if flood a washed away your apartment tomorrow, you would have to come up with that amount of money to replace everything in your place.
Insurance for renters protects you against damage caused by a variety of what the insurance industry call “perils” — such as fire, lightning, theft, falling objects, civil commotion, and water heating system problems. HO-4 apartment insurance for renters does not cover damage caused by floods or earthquakes. So if you live in an area that’s prone to those natural disasters, you might tack-on what’s known as a “rider” to protect yourself — this coverage may have its own premium and restrictions.
Your coverage will also protect you against premises liability claims. For instance, if someone slips and falls on the wet floor of your bathroom and breaks his wrist, he could theoretically sue you for medical costs, wages lost, rehabilitation, and other expenses. Your renters insurance will cover you for such claims, usually up to $100,000. (Most experts advise bumping this up to $300,000 for extra peace of mind, since the hike on the premium is usually not much).
Zeroing-In on Proactive Insurance for Renters
Policy buyers must navigate carefully. You don’t want to get too little coverage and leave yourself exposed. But you don’t want to pay excessively, nor do you want to “protect” yourself against problems that might never occur (for instance, if you live in the desert, do not get flood insurance). The good news is that insurance for renters is usually lot cheaper than homeowners insurance. You can further etch away costs by opting for a higher deductible (money you pay out of pocket before your coverage begins), scoring a multiline discount by getting your auto and apartment covered by the same company, and boosting your credit score. Also, if you are considering buying a pet, check with your insurance agent first, since owners of certain breeds of dogs (e.g. Rottweilers, Pit Bulls) may have a harder time getting insurance.
Soliciting Good Quotes to Make Great Choices
Through NetQuote, a free and a reputable online service, you can collect five (or more) renters insurance quotes right now. NetQuote works with over a hundred of the nation’s most reputable carriers, and this free service can save you lots of time and effort as you shop.
See how easy it is to shop for and save on renters insurance — get your free quote now.