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, Woodbridge NJ
AVERAGE RENTAL INSURANCE
Average rental insurance rates are not very high because rental insurance is actually not a very costly proposition in the vast majority of cases. Still, although it is quite affordable for most renters, it is possible for those persons who are determined to, to find even more attractive rates that fit more easily into their budgets. Purchasing renters insurance is a choice, except in those cases where landlords and leasing agents demand it as a safety measure for both leaseholder and property owner.
The average rental insurance cost varies depending upon the clauses and protections, such as rental property liability insurance, included within the policy and the characteristics that the renter might possess that could be conducive to discounts, or the opposite. In any case, considering the potential for a sizable financial burden that could arise if a renter chose not to purchase this safeguard, the cost of renters insurance is quite low. Renters, as much as any other group of homeowners, need to protect their property against certain perils. Accidents can sometimes have very serious financial and other consequences from which recovery could take a lifetime. The average rental insurance, in cases such as these, will always show itself to be an investment, not an expense.
Average Rates for Renters
The average rental insurance that a person would pay depends on factors such as the area of the country in which the home is located, the section of the city in which the loft is, or whether the condominium is on the ground floor or the twelfth storey of a building, for example. A senior citizen renting a townhouse, or a family renting a house in an area not very heavily populated and therefore with probably less crime, would pay a quite low premium. If the loft were being rented to a divorced woman in the industrial section of downtown some city, where the rates of burglary were known to be high, or if a student were renting a ground floor apartment as off campus housing, the rates would very likely be higher.
Senior citizens and families are considered less risky as demographic groups, while suburban and rural areas are thought to be safer. Barring some extraordinary set of circumstances the combination would produce a quite low renters insurance premium. On the other hand, a recently divorced woman and a student belong to groups that are often considered more risky financially, while a ground floor condo in an industrial area could be an easy target for burglars. When insurance carriers encounter this combination, they expect that claims will be filed, and perhaps even frequently, so they will charge a higher renters insurance premium.
The average rental insurance cost could be affected, even reduced, by whether the renter already owns a motor vehicle insurance policy with the company with which he or she is wishing to initiate the renters policy, or if he or she were willing to shift the policy to this company and combine the two.
Making sure that the landlord has installed protective measures such as burglar alarms and sprinkler systems will also help reduce the final quotes.
Buying Rental Insurance Online
A positive relationship with a company or agent is another factor that puts a customer in line to receive special considerations when premiums are being calculated. The carrier will almost certainly grant a discount on the price of a second policy if a customer already has one with the agency. This method is employed frequently to reduce the cost of average rental insurance.
Many companies reserve special prices for buying online because the internet saves the company money. However, renters shopping for insurance online should do so with caution.
Getting the Best Quote
It is important to prepare well for negotiating a policy with an insurance agent. Being confident in the way that is possible only when one has done one's research and has information at one's fingertips can go a very long way to earning reductions in the average rental insurance that one will pay. The customer's being prepared will also save the agent time. Even if the prospective customer is gathering information online, being somewhat prepared before beginning the search will help greatly in finding the best average rental insurance rates.
The prospective customer should have a good idea what size premium would be preferable, what deductible would be most easily manageable should there ever be a need, and very importantly, should ask about the process of filing claims.
This section should never be neglected. A renter should know the details of the agency's claims process well before the need to file a claim arises. Claims often go unpaid because customers overlooked a clause. When this happens, the average rental insurance premium could turn out to be unmanageably costly, and could have very long-term consequences.