Many renters aren't aware they can insure their personal possessions in exactly the same way as homeowners. Renters insurance is available to any renter regardless of the type of property rented, including apartments and townhomes, mobile homes, duplexes and larger, and single family homes.
Here's a concise look at the benefits of renters insurance and how you can go about acquiring the proper amount of insurance for your situation.
Cost of Replacement
If you've never taken inventory of your belongings, even just mentally, and assigned a price tag to what you own, you might be surprised at the tally. Even if you feel like you don't own anything of value, even meager possessions can add up to a dollar figure that might cause panic to set in if you were forced to replace it all in one shot.
This alone should give you cause to look deeper into the issue of renters insurance. Fortunately, renters insurance isn't particularly expensive, and compared to writing a check to replace all your possessions it becomes a fairly insignificant monthly cost.
Getting the Insurance You Need
When considering purchasing renters insurance, there are a few steps you should take and some things you should keep in mind along the way.
Get Online Quotes
Shopping at home through your home internet service is a great way to get the insurance you need. Many websites give you the ability to customize your insurance policy, giving you the power to determine for yourself how much insurance you want from the privacy of your own computer.
Bundling for Savings
Bundling insurance products is a great way to save money, and keeps you insured through a single provider. If you already have automobile or motorcycle insurance, contact your insurance broker for a concise quote on renters insurance. The savings can be dramatic in many instances and you'll have the peace of mind knowing you're completely insured.
Consider the Deductible
The deductible is the amount of money you will have to pay before any insurance money will be kicked in to cover a claim. A high deductible will reduce your monthly payment, but will mean you will have to pay a larger amount up front should you ever have to file an insurance claim. Discuss this with your insurance agent to find a comfortable level between the monthly premium and the up-front deductible.
Home Security Discounts
Insurers are always willing to give discounts to renters who show they're serious about safety and protecting their property. Items like monitored home security systems, smoke detectors and fire alarms, kitchen fire extinguishers, and dead bolt locks will not only make your insurer happy, they'll help to reduce your monthly premium.
Don't ever feel like you have to settle for less in life just because you aren't a homeowner. Renters insurance is available from every major insurance provider and remains one of the best values for your money. Protect your belongings against the risks of theft, fire, flood, and other damage and enjoy the peace of mind you'll gain from knowing you'll be able to replace your belongings without the retail price tag.