Renters insurance can have an incredibly significant impact on our peace of mind. It can help us feel secure at a relatively inexpensive price. In addition, it can cover your belongings, reduce other insurance costs and may even provide liability insurance to boot.
If you’ve been thinking about renters insurance, or are required my your landlord to have it, there is no time like the present to jump in. After all, with the cost of covering $20,000 in belongings averaging only $165, you’ll feel relieved to cross this off your To-Do list.
Here are some of the things to consider in finding the best renters insurance policy for your specific situation.
Finding the right plan for your specific needs is the key to finding and having the plan that is best for you.
Understand What Renters Insurance Covers
While each policy is unique, standard policies may cover personal property, liability, medical payments coverage and additional living expenses.
This is just as it sounds. You can select coverage for your furniture, rugs, clothing, jewelry, dishes, and electronic equipment. You can select if you want replacement cost coverage or actual cash value (ACV). The replacement cost offers better coverage, as your items may have depreciated since the time you purchased them.
Some policies also provide coverage for high-value items such as jewelry that may be included in a special schedule.
In addition to the property, renters insurance can cover you if you’re sued for injuries, property damage to someone else or paying for legal costs. This can come in handy if someone falls in your apartment, your dog bites someone—and you get sued.
Coverage is often included to pay for small medical bills such as a guest slipping in your apartment or home.
If you can’t live in your home and need to cover living arrangements because of a problem covered by the policy, this can come in handy. It can pay for costs such as hotel fees, restaurant meals and even pet boarding expenses. This may also come under the title of “loss of use.”
As you investigate renters insurance, you may also be able to add extra coverage for peace of mind. These include flood insurance, earthquake damage and personal cyber insurance. Talk with your insurance provider to explore what could help you cover costs in the event of these potential damages.
Top Renters Insurance Providers In Virginia
Be sure to check out discounts that may be available if you bundle renter’s insurance with your auto insurance. This can lower your bills, and make it easy should you need to file a claim.
The average American Family renter’s insurance is $149 a year and is available mostly in the Midwest and the Pacific Northwest. Renters appreciate the diminishing deductible option, where your deductible reduces each year you don’t have a claim. They also offer bundled options and you can use a renter’s calculator to review costs.
At an average of $154 a year, Lemonade is a popular choice in 29 states. Consider price breaks for living in a gated community, having protective devices, and being a loyal customer. Watch out for dangerous dog surcharges for specific breeds.
At an average of $140 a year, USAA is a popular choice among veterans and people with a military affiliation.
The average Chubb renter’s insurance is $166 and is available nationwide. Check out Chubb for potential discounts for living in a gated community, being a long-standing customer, having building security, having a burglar alarm, and more. Offering comprehensive protection, be sure to investigate coverage for your rental home and auto.
Erie offers discounts for bundling auto and renters insurance. You can get customizable policy bundles, however, services and product offerings vary per state. Be sure to check out age-based discounts, and explore several ways to save such as having safety equipment.
Check out bundled discounts as well as Amica’s loyalty policy discount. If you’ve been claim-free for three years, you may qualify for a premium reduction. Discounts vary per state, and service is not available in Alaska or Hawaii.
Allstate offers a policy discount of 10 - 25% for eligible policyholders over 55 years old who are not actively seeking full-time employment. Discounts are available for bundled policies and also for renters who choose to have insurance payments automatically withdrawn from a bank account. It is a top choice for retirees.
State Farm has one of the best ratings, most affordable prices, and great claims service. The average payment is about $217 per year for a standard policy. Be sure to check about reducing your premium by bundling with another policy. Rates vary based on where you live.
The Hartford offers renters’ insurance with additional discounts to AARP members. Explore special discounts if your building has security services such as a gated complex or uniformed guards. You can get a renters insurance policy the next day after you get your quote.
As you’re exploring renter’s insurance, start by talking with your family, friends, and neighbors. Gather their input and compile a list of recommendations. You’ll get real-life insights about discounts for coverage, customer service and customization tips.
The best way to make sure you’re getting the best price is to compare quotes from multiple insurance companies.
Check with your insurance provider to get the best coverage at the best rate. When you’re shopping for renter’s insurance as a senior citizen, take a close look at AARP Hartford, Allstate, and Amica. You may find that the combination of affordability and customer service puts these at the top of your list.
You can often save money on renter’s insurance by asking for discounts. In addition to senior discounts, be sure to look for discounts such as:
Are you ready to get “Renter’s Insurance” off of your To-Do list? Use these easy tips to shop for quotes, compare options and get your policy.
Find the coverage that is best for you and get the peace of mind you deserve.