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Renters insurance

How Much Can You Save?

Even if you don’t own a home, you can still use renters insurance to help protect you against inclement events. It’s important to find the best renters insurance quote, though. How much do Americans spend on renters insurance per annum? The average cost of renter’s insurance in the U.S. is $168 a year, according to our in-depth study of insurers and policyholders, though costs do vary from state to state and city to city. You might be surprised, however, by just how much money you can save by shopping around for better policies. Renters who didn’t have brand loyalty and who received home insurance quotes from other companies were able to save over $50, according to an analysis conducted by NerdWallet. Depending on how often you plan on changing leases, the smartest plan of action is to constantly be shopping for the best renters insurance quote. It is surprisingly easy to cancel existing policies if you find one that is better suited to your rent insurance needs. The key is to explore all options available to you by comparing the various policies renter’s insurance companies offer. This can be tricky, though, as insurance companies will often try to confuse you by including all sorts of unnecessary information in their renter’s insurance quotes that makes it hard to see what you’ll really pay. Luckily, you can use to easily compare renter insurance quotes to find out just how much you can save!

Why Do You Need Renter’s Insurance?

Renters insurance is the prudent choice when renting an apartment, condo, or house. Just because you don’t own the physical building in which you live, doesn’t mean that you shouldn’t use renters insurance to protect your valuable belongings. Many landlords also require renters insurance to help protect them from liability or damages in the event your goods are damaged or stolen.

  • To Protect Your Assets
    Renters insurance protects the value of your goods if they are damaged or stolen due to circumstances outside of your control. Most general renters insurance quotes will include personal property coverage at minimum. This means that once you’ve covered the deductible, your insurer will help pay to replace or repair any items affected by natural disasters or accidents. Landlords are not always eager to admit fault in these types of cases, so renters insurance can help get you immediate relief.
  • Covers You Against Liability Claims
    If a guest is injured in your rented dwelling, they might take legal action against you. Purchasing liability renters insurance covers you against having to pay out of pocket for legal expenses and damages if the court rules against you. If you own a dog that doesn’t do well around newcomers, for example, liability renters insurance can come in handy if they bite someone.

Factors That Affect Renters Insurance Rates

A common question about renters insurance is what key factors contribute to your renters' insurance rates? For those that do not own their own home and are renting, having renters insurance is essential to ensure that damage or loss of your personal property and liability exposure is covered. If you are in the market for renters insurance, it is crucial to understand the factors that will affect your insurance premiums. Some of the factors include the following:

  • Location
    The location of the property you are renting will have an impact on the premiums you pay for renters insurance. If your property is located in an area where natural disasters like tornados, earthquakes, or floods occur, your premiums will be higher than if you are in a place where they are not common. Additionally, if you are in an urban or higher-crime area, your premiums will be higher as a result.
  • Type of building or size or building
    The type of building you are renting is another factor contributing to the premium you pay for renters insurance. Are you renting an apartment in a building with many units or a small building with a few units? In general, the larger the building (with more units), the lower your premium cost will be.
  • The value of your property
    The value of your personal property in the unit will impact your premiums. If you have either a significant amount of property or high-value items, you will have to pay a higher premium to ensure that it is all covered if a loss occurs.
  • Building security
    Suppose your building has good security, like a front desk with an attendant at the entrance to your building or locks that only allow tenants to enter, or a security system and cameras. In that case, you may qualify for lower renters insurance premiums.
  • Fire Prevention
    When you think of fire prevention, it does not just mean smoke detectors. Check to see if your building has sprinkler systems or any other fire prevention safeguards in place. These are all things that can help keep your renters' insurance premiums low by reducing the chance of loss of property due to fire.
  • Credit history
    Like with other types of insurance, your credit score can impact your renters' insurance premiums. The higher your credit score, the lower your premiums. This is taken into account by insurance companies because they will assume you are more likely not to miss any premium payments if you have a higher credit score.
  • Deductible
    Your deductible is what you will pay out-of-pocket before your insurance company starts to pay if you file a claim. The deductible you select will impact your premiums. Higher deductibles mean more out-of-pocket costs for you in the case of a claim but also mean lower premiums. The opposite is also true with a lower deductible meaning less out-of-pocket costs but higher premiums. Our free quote tool takes many of these factors into consideration when getting you the best rate on your renters' insurance.

Common Renters Insurance Questions

Is Renters Insurance Required?

Whether you're moving into a brand-new unit or you've been living in an older apartment for years, you might be wondering "is renters insurance required?" Although a landlord can require you to have this coverage based on the legal document you signed, it's not actually required by any state. However, just because renter’s insurance isn't a requirement, that doesn't mean it's a good idea. Often, people simply view it as an added expense on top of their monthly rental payment, making it very unappealing. In reality, renter’s insurance is an investment in protection against potential damages or accidents that might occur. Feel free to browse our free quote tool to find comprehensive and affordable renters insurance plans.

Is Renters Insurance Worth It

If you're like most people, you're probably already paying more than you want on rent. You've considered renters insurance in the past but decided against it due to the additional costs. Besides, you're not planning on staying where you're at for long. Is renter’s insurance worth it for you? Well, the answer might surprise you! Even if you're not legally obligated to have renter’s insurance, it's still one of the most effective ways to protect yourself financially against possible legal liability, unforeseen accidents, and costly property damage. Unfortunately, many people give up looking for good coverage after seeing one overpriced estimate. Using our free quote tool, you can easily compare renter’s insurance from some of the top providers to see what works for you best.

Does Renters Insurance Cover Bed Bugs?

Whether you've recently discovered an infestation or you've been brainstorming possibilities, you might be wondering "does renters insurance cover bed bugs?" Well, it really depends on the type of insurance you're purchasing. The general rule of thumb is that renter’s insurance doesn't offer coverage for bed bugs. Instead, these coverages are typically designed for unforeseen and large disasters such as hurricanes, tornadoes, fires, and more. Since infestations of bugs, vermin, or other creatures are categorized as home maintenance, standard renter’s insurance providers won't cover it. However, there are some that do. That's why it's important to read the fine print! You can use our free quote tool to compare prices between renter’s insurance providers that do offer this coverage.

Does Renters Insurance Cover Water Damage?

Water is an ever-present threat to your apartment or home. Naturally, as a renter, you might be wondering " does renters insurance cover water damage?" Unfortunately, it's not as simple as a yes/no answer. Typically, renter’s insurance providers will offer coverage for some types of water damage and not others. To help give you a better idea, a common type of water damage included in policies is discharged from plumbing and a common kind that's typically excluded is damage from flooding. Of course, it all boils down to the fingerprint in your policy and what kind of provider you're getting coverage from. Fortunately, you can easily find a provider that provides a sufficient amount of water damage to meet your needs by using our free quote comparison tool.

Flood Insurance for Renters

Not all renter’s insurance policies cover flooding. In fact, many policies even from leading insurance providers don't include this protection. Luckily, there's flood insurance for renters specifically dedicated to this purpose. It's not something you think about often, but even a small flood can wreak havoc on your apartment or home along with all of your belongings. With flood insurance, you could get compensation to help you cover the cost of clothing, electronics, furniture, and other items that became damaged as a direct result of the flooding. You can use our free quote tool to compare the prices of flood insurance for renters to find the one that best meets your needs.

Short Term Renters Insurance

If you’re not planning on staying in your rented apartment or home for a long period of time, you’re probably on the lookout for short term renter’s insurance. While there are viable options available, you’ll notice that the premiums are higher than for standard term policies. Instead of paying these higher fees, you could simply use our convenient free quote tool to find the best prices available for standard policies. You’ll be paying lower premiums, and you can simply cancel when you’re done and get refunded the difference.

Facts & Questions

If you are a landlord and provide rental services, renters insurance can help you minimize property risk. Also, it becomes easy for you and the tenant to keep the rental property in good condition.

Stat Farm is one of the best renters insurance in the US, with a monthly avg cost of around $13-$22 and an excellent rating.

You can either pay monthly or yearly; that is up to you. If you cannot afford to give a lump sum year-wise, it is a good practice to pay monthly.

If both individuals are married, then the insurance policy already includes the insurance as per your marital status. But if you are living together without marriage, you should ensure the other person is living at your house.

Renters insurance rate depends on the area you want to move to; if that area has a history of higher crime rates or suffered from natural or vandalism disasters, it will undoubtedly increase the rates. Living in a secured zone will reduce the insurance rates.

Most insurance companies allow you to buy online, and it is just a matter of 30 minutes after you wire the money. However, it is best practice to avoid hurriedness, read policies thoroughly, and talk to the insurance agent before making the final decision.

Most of the deductibles range from 500 to 2000 dollars, or it can be as low as 100 to zero dollars for renters. It all depends on the renters' insurance company and their policies.

Yes, if your property is included in the personal property coverage, then the insurance company will certainly cover the items stolen. Please note here; coverage is subject to deductibles means you will pay a certain amount from your pocket, and the rest insurance will cover according to the policy you signed.

Buying renters insurance depends on what insurance company will cover for you. Here you have two options:

  • Actual cash value of the items in inventory (list of items in property) that policy will cover. Actual cash value will be the market value of the items at the time you purchase the insurance.
  • Replacement costs paid by the insurance company will be the current retail prices of the items.

No, it can not help you to build credit as building credit. If you don't have any credit, it is the best way to become an authorized credit card user. You also create credits by applying for a secured credit card, or you can use credit-building institutions.