How to shop for renters’ insurance

By September 1, 2022 No Comments

Finding the right renters insurance makes a difference. You might think it’s just something you need because your landlord requires it. However, there’s more to it than just adhering to the policies of your lease.

Renters insurance offers the protection you need in the event of a catastrophe. It will cover your personal property, which can be hard to replace if something were to happen. Let’s look at a few things to consider when shopping for renters’ insurance.

Who Needs Renters Insurance?

Anybody renting a home or apartment should get renters insurance. This is the way you protect your personal property if a fire occurs or something else causes damage to your property. It’s not very expensive and it won’t take long to buy.

If you’re a tenant, you need renters’ insurance, even if your landlord doesn’t require it. Even if you simply live with a family member, it’s smart to have renters’ insurance.

Why Every Tenant Should Have Renters Insurance?

While there is no legal requirement for renters’ insurance, some landlords will require it. Even if it’s not required, you should get renters insurance. For a small monthly cost, you can cover things, such as your jewelry, computer, clothing, furniture, and anything else you own.

Buying Renters Insurance

The average cost of renters insurance is about $19 per month. It’s usually paid for on a monthly or annual basis. Some companies give you a discount for paying annually.

Usually, renters’ insurance companies suggest getting $15,000 to $40,000 worth of property coverage. However, you can opt for smaller or larger limits, if necessary. You want enough coverage to be able to replace everything you own in your apartment or rental home.

Some policies will also come with liability protection. This protects you if someone were to sue you due to an injury or property damage they suffered on your property.

You can easily buy renters insurance online. If you already have auto insurance, you can likely get renters insurance through the same provider. Make sure to check your lease so you buy enough insurance to fulfill the requirements of your landlord.

While you can buy renters insurance through a company you already work with, it doesn’t hurt to compare the cost. A quick online quote to compare a few companies can show you which is the best price for you. Just make sure you look at the coverage amounts, too.

Common Mistakes to Avoid When Shopping for Renters Insurance

You can certainly make a few mistakes when you buy renters insurance. You want to make sure you buy the right amount of insurance including liability coverage. It may also be necessary to buy flood insurance coverage if you’re in a high-risk area.

If you don’t get enough insurance, you might not be able to replace everything if something happens.

Another common mistake is assuming you already have the best price for the coverage you want. If you don’t compare prices, you might not be getting the best deal for you. It’s best to compare a few companies before you buy.