What People Are Saying
Thanks for making it easy to find the cheapest renters insurance. Knowing our stuff is always protected gives me peace of mind.
Matt and Bethany, Charleston SC
1 OR 2 BEDROOM YEARLY RENTERS INSURANCE
1 or 2 bedroom yearly renters insurance is more affordable than many of us renters might think, and it is a great investment because of the wonderful protection it provides for policy holders. No matter what kind of rental home you live in, the truth is that the premium you pay has a lot more to do with your personal possessions than it does the home you live in. That is because as a renter, you are insuring only your things and not the building you live in. With that said, there is an element of importance to the place where you live as it pertains to your 1 or 2 bedroom yearly renters insurance premium. The location of your apartment or condo makes a difference in the cost of your insurance because the theft rate and those sorts of statistics play into the computation of premiums. Yearly renters insurance is an excellent investment in a home of any size, be it a studio loft or a large condominium. The best way to find a great deal on a plan for you and your family is to search online.
Personal Property and Liability Insurance
Understanding what goes into a renters insurance plan helps us to understand where the pricing of such a plan comes from. Each policy has a few main components and some additional features available to plan holders as well. The first standard feature on a renters policy is personal property protection. This is the area of a plan protecting your personal possessions against uncompensated loss. This is the part of a policy you would make a claim against in the event of a catastrophic fire.
It is also the part of the plan you'd want to access if a thief stole some of your belongings such as electronics, jewelry or other valuables. Having a solid base of personal property protection is invaluable to renters. There are many threats that can befall us in our lives. Not all of them are threats from other people like vandalism or theft. Some are just damage to our goods from acts of nature, like wind storm or hail damage. It might sound crazy to think that a storm outside could do in your personal goods inside, but nature has a funny way of outsmarting (or outmuscling) us sometimes.
Regardless of the specific threat, it is good to know you are covered. Renters insurance plans have an explicit listing of the things they protect against stated right in the terms of the policy, usually under its own heading for your convenience. As you contemplate your own search for renters insurance, be sure you look into this aspect of coverage before you make any kind of purchase decision. You can take a look both at the listing of covered events and also the list (which will also be explicitly included) of exclusions to insurance coverage. A few prominent examples of exclusions worth mentioning are earthquakes and floods. These types of events need their own separate insurance plans.
The other major component of renters insurance is liability protection. This takes on the risk of having to pay out damages for civil liability claims arising from events at your residence, or for things done by covered insured individuals leading to certain liability property claims elsewhere. The most common use for this area of coverage is to deal with the cost of taking care of medical treatment for a guest at your house who gets injured while on the premises. Many examples are possible, too numerous to list exhaustively.
One example could be a guest at your home slipping and falling in your guest bathroom of your condominium. If the fall results in a major injury, such as the unfortunate friends hitting his head on the sink or the tile floor, there could be a liability issue. With proper renters insurance coverage, you need not worry about something like this befalling you or potentially creating a rift in a friendship. You can just get the medical care taken care of and move forward. The only cost to you in a covered situation is the initial deductible which must be met before any insurance monies are released, and any excess costs once the policy is exhausted of its monetary limits.
Location Matters in Rental Policies
The cost of your policy will be greatly influenced by the level of property and liability coverage you choose to include. It will also be substantially affected by the area where you live. Just like with any other form of insurance, renters insurance is based on risk. As a renter, there are certain risks of things coming up in your day to day life that you have to deal with. Renters can assign some of that risk to providers by buying a policy. Your insurance provider is essentially taking on your risk or a portion of it by selling you coverage. Location matters in rental policies because of its connection to risk.
For example, a student loft in a certain part of town might have a long and storied history of renters insurance claims. Many of these renters claims, and maybe even all of them, could have happened before you ever lived there. But now that you are living off campus in this student apartment, you are part of that renters insurance risk equation. The address has historically tended toward risk of insurance claims, so the insurer has no choice but to regard your policy as risky even if you have never filed a renters insurance claim. Your cost might be much higher than it would in some other part of town because of the renters claim history at this wild student loft.
Meanwhile just a few blocks down the road there may be an historic townhouse that has been converted into a senior citizen independent living retirement home. The renters insurance claim history of previous tenants at this address will also influence the prices senior renters will pay for their policies here. If this home trends toward uneventful living with few claims, then your prices as a renters insurance policy holder will be lower. If, on the other hand, this place is as wild as that student loft down the street, things could get expensive.
This hypothetical example is only given as a lighthearted illustration of a real principle governing prices we pay for renting a 1 or 2 bedroom house or any kind of rental dwelling. The claim history of the address where you are living, as well as the general crime rate and related data for the surrounding area, are all included in the insurer's assessment of insurance risk. Because of all that, you cannot precisely predict the rates you will pay for renters plans ahead of time. Therefore it is important to get some renters insurance prices to see where you stand and to find out what you might pay ahead of time, before you commit to anything. Renters insurance as a general rule is a tremendous bargain for any rented dwelling, but there are factors that can substantially impact the cost of a policy. Keep this in mind as you search.