Cheap Renters Insurance

Protecting The Important Things With Renters Insurance

Your belongings can be what indeed makes a rental a real home. They are the critical pieces to making your home feel inviting and bright. Naturally, when something is that precious, you want to protect it. This is where a cheap renters insurance policy can come into play.

Affordable Renters insurance coverage protects you and your belongings following an unexpected tragedy. Such valuable protection is easy, affordable, and fits your budget.

Affordable renters insurance is possible and offers peace of mind in knowing that what you hold near and dear to your heart is protected. Contact Insurance Navy™ Today to get a cheap renters insurance quote.

What is Renters Insurance?

Renters insurance is a policy that offers financial coverage if your personal belongings within your rented home get damaged or stolen. Some perils your insurance company protects your belongings from include theft and fires.

Renters insurance will also assist you with expenses that may accumulate after someone gets hurt in your rental home. Expenses covered under this insurance include medical bills and court fees. It should also be noted that renters insurance differs from landlord or rental property insurance.

Some renters may assume that their landlord’s insurance policy protects their rental entirely, but that is not the case in a lease. A landlord’s policy, usually a home insurance policy, will only cover the structure of the building or home. What is inside is the tenant’s responsibility and why renters insurance exists.

Who Needs Renters Insurance?

Technically, no one is required to purchase renters insurance. Unlike auto insurance, no state laws mandating insurance policies for all renters.

However, just because it is not required does not mean you should risk it. All renters should consider purchasing a policy.

Renters insurance protects your belongings in the event of unexpected tragedies. Insurance, in general, can be of precious service in times of crisis, and low-cost renters' insurance is no exception.

What you have stored in your home, whether an apartment or a condo, needs to be as protected as your other belongings, like your car is, with vehicle insurance.

All renters benefit from such a policy and should obtain one when considering renting.

What Happens When You Don’t Have a Renters Insurance Policy?

Suppose you fail to purchase a renters insurance policy and have your possessions damaged or stolen. In that case, you are just paying out of pocket to replace them.

If anything is stolen, you can wait until your belongings are found, but there’s no guarantee you will ever see them again.

More likely than not, you will have to repurchase everything damaged. While taking this route and being self-insured is possible, it can get very pricey and fast.

Obtaining an renters insurance policy covers your valuables without paying high premiums.

It will allow you to rest easier at night, knowing your personal property is protected against various perils. That alone should give you enough reason to look into policies on the market.

How Much Renters Insurance Coverage Should You Have?

When you purchase renters insurance, you must decide on the amounts of coverage your policy has.

Standard renters insurance policies cover personal liability, property damage, and loss-of-use coverage. You can adjust your coverage limits on your renters policy as you see fit for your living circumstances.

Personal property protection should be one of your top priorities when you begin looking into purchasing a renters insurance policy. This is probably the most straightforward part of your plan, as your coverage limit is proportional to the value of your personal items.

It would help if you took an inventory of everything your personal items to know how much you would need to replace them. Your checklist should include things like furniture, clothing, and decorations. You should expect everything in your rental to need replacing in the event of a disaster.

When it comes time to shop for the most affordable policy, you want one with coverage limits exceeding the value of your belongings. This will ensure that everything has a chance to be replaced following a disaster.

Taking time to calculate your inventory is pretty crucial. You do not want to estimate the worth of your possessions. That can leave you and your personal property underinsured.

The other aspect of renters insurance you must consider is Liability protection. Liability coverage will cover medical and court expenses if someone gets injured in your rented home and decides to sue you. You must look at your financial situation to estimate how much liability coverage you will need in case an unexpected event happens in your rental unit.

Consider things like if someone is injured, can you pay their medical bills? Can you handle court and legal costs if they decide to sue? If you are unsure, consider extra coverage limits. Doing so will offer you better protection.

You must also consider how high or low you wish to set your policy deductible. A deductible is a set amount you agree to pay out of pocket following an insurance claim. You must pay this amount before your insurance provider steps in to cover the rest.

Deductibles can range anywhere from $250 to $1,000. Whatever you set it at is how much you are promising to pay in the event of a peril. Your deductible will also influence your monthly premiums, but more on that will be explored in a later section.

Renters Insurance Perils Coverage

Renters coverage includes several different perils it will protect your belongings from.

Below are the types of damages your renters policy will cover.

• Theft
• Water damage (if applicable)
• Fire/Smoke damage
• Hail or windstorm
• Lightning
• Explosion damage
• Vandalism
• Civil commotion

Remember that renters insurance also includes liability coverage, meaning you will be protected if someone is injured during your rental. It will cover medical expenses and any court or legal fees accumulated following an accident.

Loss of use coverage is also under your renters insurance policy. Also known as Additional Living Expenses coverage (ALE), it will help with your additional living expenses should your rental be inhabitable for some time.

What Does Renters Insurance Not Cover?

As with many other types of insurance, there are limits to the coverage it provides. There are both personal belongings and perils that your renters insurance policy will not protect.

In regards to perils, flood damage is generally excluded from policies. This refers to water damage that specifically comes from a source outside of your rented home.

For example, suppose a nearby river overflows and damages your personal property. In that case, your insurance provider will not pay out to cover the damage. You must seek damages from your rental property management company’s flood insurance.

However, if a pipe bursts in your apartment, that type of water damage may be covered. But if you want to guarantee protection for your personal property against water, looking into flood insurance policies would be in your best interest.

Regarding your property, any cars you have will be exempt from your renters insurance policy, even if they reside in an attached garage.

Business-Related Losses may also not be covered by low-cost renters' insurance. Depending on your circumstances, extra coverage for commercial ventures could require something more like a business owner’s policy.

It would help to remember that expensive stuff (art, jewelry, or electronics) may not be fully covered under renters insurance policies. You may need to purchase additional coverage or purchase an umbrella policy for your insurer to pay to replace high-priced items kept in apartments.

Renters Insurance Cost

Regarding pricing methodology, the cost of renters insurance is relatively affordable compared to other types of insurance. On average, the most reasonable renters insurance premium is around $15 monthly.

That price is about $180 a year. However, your annual rates could easily be below or above the average, especially with inflation. Both personal factors and policy details determine monthly insurance premiums.

For example, understanding that setting a lower deductible will result in higher annual rates as your insurer will be responsible for paying more for a claim. Your apartment will also be considered when determining your monthly insurance premiums.

Where you live and the state of your apartment or rental are essential factors for insurers to consider when pricing tenants' insurance. Keep all of this knowledge in mind when you go shopping for a renters policy.

How to Get Low Cost Renters Insurance

Even though cheap renters insurance is considered low-cost, you can still do things to get a discount on your monthly premium. Everyone wants to save money whenever they can, especially when it comes to buying cheaper insurance.

Adjusting your optional coverages or upgrading the safety features within your rented home can be very beneficial in the long run. Outlined below are some options you have for getting some discounts and savings on your low-cost renters insurance premiums.

Shop Around for Cheaper Renters Insurance rates

One of the best ways to lower insurance premiums is simply by shopping around. Before signing with one, you should get free quotes and analyze the cheapest renters insurance policies from various providers.

It would help if you looked locally and nationally, as every insurer prices its policies differently. You need to be able to compare each quote and coverage limit to make the best educated choice.

Talking to an insurance agent or broker can give even more insight into the various policies. You never know who has the best and most affordable rates until you start putting plans and prices side-by-side.

Adjust Your Renters Insurance Deductible

Your insurance deductible will directly impact your rates. If you have a higher deductible, you promise to pay more out of pocket for damage in a claim, which means your insurance company will need to pay less. This, in turn, gives you the cheapest renters insurance rates.

However, suppose you decide on a lower deductible. In that case, your rates will be slightly higher since you rely more on your insurance provider.

Your insurance premiums should not be the only factor you consider when setting your deductible. You need to look at if you can pay the deductible amount in the event of an apartment insurance claim.

The cheapest renters insurance rates are appealing, but you could be in serious trouble if you fall short following a claim. While this is an excellent way to catch a break on your insurance premiums, it comes with its consequences.

Bundling Renters Insurance with other coverage

An easy way to get a discount on your premiums is to bundle your renter’s insurance with another type of insurance policy.

A Bundling discount means that you have multiple insurance policies under the same insurer. This is most commonly done with auto insurance.

Since you most likely already pay for auto insurance coverage for your car, you can purchase renters insurance with them, too. As a result of doing so, the insurer will most likely give you a discount on rates.

Contacting an insurance agent can provide even more guidance for bundling your insurance, as the coverage options can require an expert guide.

Improve Your Credit Score

Improving your credit score can significantly help you save money on your insurance premiums. This goes for any insurance you obtain. Many states allow insurance companies to get your credit score and consider it when determining your rental insurance rates.

When you have a better credit score, renters insurance companies will see you as financially responsible. Those with high credit scores typically pay their bills on time and can manage their expenses well. Insurance companies are happy to insure such a customer.

Suppose you have a less-than-favorable credit score. In that case, your rates may be higher, and renters insurance companies will not offer you favorable rates. Paying your bills when they are due and being responsible with your credit can help lower insurance premiums.

Install Safety Features for a Renters Insurance Discount

One of the best ways to save on your renters insurance rates is to improve the safety of your rented home. This would include installing safety devices like smoke alarms and a security system. When your place is considered safe by an insurance company, they will generally lower your premiums. Rental properties with sprinkler systems usually receive a discount because of the decreased risk of fire destroying the contents of your home.

A safe home is deemed less of an insurance risk since renters insurance covers theft. By installing something like a security system or extra deadbolts, your provider will expect you to file fewer claims since the chance of theft significantly decreases with each precaution.

Get Affordable Renters Insurance Quotes online or over the phone

Insurance Navy offers the most competitive rates for renters insurance. All you have to do is request a renters insurance quote online or call us at 855-949-6289, and our insurance agents will provide you with personalized service and offer the best possible renters insurance quotes based on your needs!

Our knowledgeable customer care agents have all the answers to your frequently asked questions or FAQs.

Get Affordable Renters Insurance with Insurance Navy™ today and save with Affordable Renters Coverage

Popular Locations we provide Renters Insurance

• Renters Insurance in Illinois

*This product may not be available in every state; please call an insurance agent for more information on renter insurance.