Getting Renters Insurance Quotes

We’ve already learned that it’s important to obtain renter’s insurance if you don’t own your own home since your landlord’s insurance doesn’t cover your personal property. Getting a good deal on renter’s insurance starts with shopping around and knowing what you need. Be clear on what you want insured and how much it’s worth, and consider the type of coverage you want before shopping around. Don’t be talked into buying a policy that provides coverage you don’t need.

Many insurance companies will provide you with free rate quotes for a certain policy or group of policies. There are also a number of websites and books with excellent advice on getting a good insurance deal. Read on for more information about these resources.

The book Renter’s Insurance: How to Get the Best Coverage at the Best Price When Someone Else Owns the Place Where You Live offers case studies of renter’s insurance, helping potential buyers gain a better understanding of the benefits, drawbacks, and specifics of renter’s insurance. Michigan residents can take advantage of the snazzy Interactive Buyers’ Guide to Home and Renters Insurance in Michigan; those in other states can check their local government websites for similar offerings. You can get free online insurance quotes from AIG, Answer Financial, GEICO, NetQuote.com, StateFarm and elsewhere. A quick web search will turn up more insurance companies than you ever knew existed, all eager to get your business. Consumer feedback about insurance companies is easily available online and elsewhere, whether from 100insurers.com, state insurance regulatory agencies, or Consumer Reports. Know your company before you commit to purchasing a policy.

When looking for a renter’s insurance policy, it’s important to find out not only how much you’ll pay, but also what will be covered under that policy. There is no standard or minimum coverage for renter’s insurance, so you’ll need to seek out a company that can offer a policy that provides the coverage you need. The term for this type of coverage is “named peril” coverage, which is fitting as the destruction you want covered has to be specifically named in the policy. Theft, fire and smoke damage, floods, earthquakes, and hurricanes are just a few of the events for which you may want to seek coverage.

Unlike with other types of insurance, it can be hard to get a “good deal” on renter’s insurance. This is because the premiums are based more directly on the estimated value of your property than on the risk of losing it. Those in higher crime areas or geographic locations susceptible to natural disasters (if those natural disasters are covered by the insurance) may be subject to higher rates, but in general, the more valuable your belongings, the more you’ll pay to have them insured. There are two types of renter’s insurance: one offers actual cash value for an item, the other offers replacement cost. The latter coverage is more expensive, as replacing your ten-year-old television with a comparable model in today’s world will be more expensive than receiving the actual cash value your stolen or damaged television would have received on the market. Keep in mind, too, that you’ll pay a deductible before getting any insurance monies towards replacing an item.

You can also consider getting liability insurance, an important component of renter’s insurance since individuals injured in your apartment may be able to sue you, not your landlord. A base rate for $30,000 in property and $100,000 in liability coverage may be as little as $15 a month. Shop around and see how the rates you get compare to this estimate.

Research and preparation are the watchwords for getting the right insurance coverage at a reasonable price. Be clear on what you need insured and how much it’s worth, as well as what kind of insurance you need. Then, talk with the provider of any of your current insurance policies to see if you can get a deal on multiple policies, get all the free quotes you can, and make an informed choice.