Cheap Renters Insurance
Renters insurance is similar to home insurance, with the distinction that the insured in this case is not a property owner but a tenant. Another difference lies in the fact that renters insurance does not cover the structure of the apartment, although it is not uncommon to see a renters insurance company providing coverage for minor modifications made by the tenant.
Only about a third of renters have insurance. However, in the event that an accident or natural disaster causes damage to your home as a renter, renter's insurance can help cover some costs. Not costs associated with the building itself, but anything that belongs to the renter may be covered.
Best Renters Insurance: What to Consider
While browsing the various providers, make sure they have the following features:
- Affordable Premiums. This will vary depending on your monthly income and expenses.
- Simple Claims Processing. This can be a grueling process if the company doesn't work with you to expedite results and get your claim taken care of.
- Competitive Insurance Quotes. Insurance companies will match competitor rates if you mention it during a quote.
- Discount Bundles-Does the provider offer a discount if you bundle a policy with your car insurance?
- Customer Service-Telephone or email support for questions and inquiries.
To figure out the best renters insurance companies, contact an independent insurance broker, shop around, and inquire with the companies directly.
Compare Renters Insurance
In the market of renter's insurance, some names are more trusted than others; and for good reason, too! Here is a brief look at the top 5 providers, and why they are known throughout the industry for their standout services. These brands are particularly popular for rental insurance, and it is always advisable to have a look at all the offerings presented to you to compare their services. The more aware you are of your options, the better decisions you'll be able to make in choosing a provider. One of the best ways to compare between companies is to get a variety of quotes and start from there.
Who Needs Renter's Insurance?
In basic terms, anyone who is renting a home or an apartment should have renter's insurance; no getting around it. College students, young professionals, and seniors are some of the largest demographics of renters, so if you fall into one of these categories, or know someone who does, having a policy for protection losses is of utmost importance. If your possessions are of value to you, protecting them is a necessity. It is a common misconception among renters to assume that their landlords protect them individually with rental insurance, however, this is not reality in the majority of cases; renter's insurance would not exist otherwise! In any case, if you rent, make sure you protect your assets!
What Kinds of Coverage Do You Need?
Most importantly, you need to assess how much and what kinds of coverage you need, realistically. Overestimating your coverage needs can cause you to have to pay for services you don't need. Underestimating can be way worse, however, because if you find yourself in a situation where losses occur, you may end up dealing with setbacks you never expected; the complete antithesis to having renter's insurance in the first place.
Cheap Renters Insurance: Things to Keep In Mind
When examining possible renter's insurance providers, here are some of the most important features to consider. Considering this is most likely going to be a long-term commitment, and an investment in your personal property, it's highly recommended that you choose wisely.
Choosing the Right Rental Property Insurance for Your Budget
Go for premiums that are affordable. Obviously, this varies from person to person, and individual attributes must be taken into account. Your personal monthly income and your expenses are the main focus here; you've got to be able to afford the coverage. Luckily, in today's day and age of being able to compare the levels of coverage and premiums across a variety of brands, and finding the right coverage at the right price should not prove to be too difficult.
The Best Renters Insurance Companies
Liberty Mutual Renters Insurance
- Company has a strong financial rating
- Easy & fast application process
- Customer service available 24/7
- Manage your account online
- Competitive renters insurance quotes
- Premiums can be pricey, depending on your residence area, property type and coverage options added
Liberty Mutual. A leading name in the industry, one of the benefits of Liberty Mutual's renters insurance is their availability throughout all 50 states, and they allow you to pay monthly without an additional fee. The low $100 deductible covers items such as Smartphones and personal home computers. Coverage is also available for off-premise items. One of the benefits of their excellent customer service is that email support is offered for total convenience.
Allstate Renters Insurance
- Insures various types of incidents
- Account opening is fast and easy
- Comprehensive standard coverage.
- Provides reduced premiums
- Online account management
- Availability and qualifications may vary state to state
Allstate. A great, reliable brand that has been around a really, really long time, Allstate is known for excellent coverage and top-notch customer service with an excellent track history of superb communication with their customers, offering countless help and support options. They have a surefire reputation for quality and reliability; however they do not offer as many discounts as other companies in the same market. Deductibles as low as $250 are certainly appealing, and coverage is generally pretty easy to obtain. Some of the best features offered are Allstate's Digital Locker app, which helps you to manage your policy from all angles, from the convenience of your Smartphone, and their coverage calculator, which is a great tool to use to determine the values of your possessions.
USAA Renters Insurance
- Affordable rates
- Excellent customer service
- Some great discounts available
- Only available to service members and their family
USAA. A top-rated company that gets rave reviews from their customers, USAA is all about conveniently getting the job done, taking care of customers' needs, and handling issues in an efficient manner. They offer replacement cost coverage, covering a vast majority of items, and quotes are personalized to fit the varying needs of individuals. USAA also offers coverage for active service members, including those living on base. Renter's insurance coverage from USAA is among the best out there.
Esurance Renters Insurance
- Excellent 24 hour customer service
- Policies cover off premises belongings
- User-friendly online platforms
- Affordable coverage
- Coverages are not as deep as some providers
Esurance is one of the most popular brands of insurance around, particularly in the area of car insurance; however, they've made a name for themselves extending into a range of other types of coverage. They are known for their reliable reputation and having policies that are easily purchased online, very quickly, and with rates as low as possible.
Farmers Renters Insurance
- Competitive insurance rates
- Online quote tool
- Flexible premium payment terms
- Adjustable coverage
- Bundling discounts
- Quote tool limited to 19 states
- High premiums in certain states
- No live chat
Farmers is a big name in insurance and their renters insurance options are a solid choice when shopping for coverage. They offer affordable premiums and flexible payment terms, which make them an attractive option for many renters. They also offer other types of insurance (like fire and flood) and the ability to bundle them all together for a full coverage package.
Best Renters Insurance Companies That Prioritize Your Needs
Efficient processing of claims is so very important. Your time, money, and situation need to be handled with proper attention, and when you are in a situation that demands immediate attention, you need to be put first. It certainly amounts to a better experience if the insurance company makes it a priority to handle your needs in an expedited fashion. Your claims should be given the proper attention they deserve, and if a provider cannot handle your needs effectively, it will be a much more difficult experience on you.
You are probably well aware, whether from reading up on company reviews or from your own experience, that some insurance companies are more relaxed than others in their sense of urgency when handling emergencies and customer claims. It is, therefore, imperative to work with a company that will process your claim in the fastest amount of time possible, with the absolute minimal inconvenience to you.
Renters Insurance Comparison - Get Cheap Competitive Quotes
Companies are willing to compete for your business; that's how important it is. It is quite common for some renter's insurance companies to match the rates of their competitors if you (wisely) mention it during a quote. In which case, it is smart to do your research thoroughly, and get acquainted with as many companies as you can, to see how your needs can be met in the best manner. Getting the best price for your needs is essential.
Top Renters Insurance - Take Advantage of Discount Bundles
Is the insurance provider you are looking at known to offer discounts for service bundles? Some companies offer discounts if you opt to bundle your rental insurance policy with another service, such as car insurance. Bundling allows you the convenience of having all of your policies in one place, and the option to save a decent amount of money in the process.
Customer Service: Does This Provider Offer Telephone & Email Support for Questions, Concerns, and Inquiries?
How does a company take care of your needs when they arise? If an insurance provider cannot handle the basic task of communication at an effective level with you, that's a warning sign right there. This is an absolute no-brainer in today's day and age. If they do not provide telephone and email support for questions, concerns, and inquiries, you see automatically how much of a priority your satisfaction and needs are.
Best Renters Insurance Review Recap
When shopping around for ideal renters insurance, pay attention to things like deductible, discount options, and the insurance company's financial rating. You should also keep an eye on how long you will have to wait before receiving funds after filing a claim. The most trusted companies typically have the perfect combo-affordable premium, policy discounts, bundle options. They'll save you money, give you peace of mind, and protect your belongings.