How to Find the Best Renter’s Insurance

If you rent your home, renters insurance is one of those things that you should have; in fact, many landlords will require you to have it. It’s inexpensive, easy to apply for online and in the event of a burglary or your home being damaged by weather, it will pay for you to replace your possessions. Like other types of insurance, you hope you’ll never need it but it’s worth having for the peace of mind.

Renters insurance is useful as it provides protection for everything you own in your rented home, not only your furniture but electronics, clothing, sporting equipment, jewelry and everything else. If you were to come home from work and find that your home had been burgled, you would be able to claim the estimated monetary value of the missing items. And the policy also covers you in the case of damage to your belongings, especially any caused by fire, extremes of weather or other natural disasters. Flood damage may or may not be included, depending on the policy details.

Most people own more than they actually think, and one of the requirements when applying for a rental insurance policy is to add up the value of your belongings; in the case of everything being lost or damaged, this is the amount the insurance company would pay you. The easiest way to do this is to literally make a note of everything you own and its value if it were replaced. Keep in mind that the higher the value you place on your items, the more your policy will cost and you’ll have higher monthly premium amounts. Most renters find that between $25,000 and $50,000 of coverage is adequate; you may need more if you have valuable jewelry, antiques or collectibles.

Renters insurance is also useful as it covers more than just your possessions. If your policy includes liability coverage, it provides protection if anyone is injured while in your home, regardless of whose fault it was. And if your rental home is damaged by fire or extreme weather, and is too badly damaged for you to continue living there, the policy typically reimburses you for the cost of having to move into another rented place. Some renters insurance policies will cover the cost of any belongings you lose while traveling, and your policy may also provide coverage against unauthorized transactions on your bank account or credit cards.

It’s quick and easy to find the best renters insurance to fit your needs and your budget. Most of the well-known names in car insurance also offer renters insurance, and apart from being insured with a reputable company, you can also save money by ‘bundling’ your renters and car insurance with the same company. Apart from the amount of coverage, consider how much you need some of the extra coverage or extras, and also what amount of deductible you can afford. A $500 deductible means you would have to come up with that amount in the event of a claim before the insurance company paid out.