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
MONTHLY RENTERS INSURANCE
Monthly renters insurance offers policyholders the opportunity to manage their insurance expenses on a short term, monthly, or month-to-month basis. Sometimes a person needs rental home insurance for a short period of time, or is uncertain at the time of renting, how long the need for the rental will last. Under these circumstances, it can be costly or inconvenient to follow the more common cycles of making premium payments. Insurance companies generally require payment of homeowners or renters premium payments on an annual or semi-annual schedule. This might not be feasible for a person who might need the space for perhaps only three months, whereas monthly renters insurance payments would be.
Paying insurance on a monthly basis could be higher per individual month than the average payment would work out to be on an annual or bi-annual cycle, whereas the annual payment schedule could be advantageous in significant ways for both the policyholder and carrier. If nothing else, it could save both parties the trouble of having to be reminded frequently of the pending monthly payment deadlines, and the expense of performing the necessary activities on a more frequent basis, not to mention the potential cost of racking up late fees. Monthly renters insurance is an arrangement that would be best entered into only of absolute necessity. It could cost each side more time and money.
In all other respects, however, monthly renters insurance is identical to any other kind of coverage offered to persons renting a space, for the purpose of protecting their assets. The liability clause covers them in the event of an accident that causes injury to a person on the premises. A limit is set on the amount of financial protection that will be given in the most extreme case. It is the responsibility of the monthly renter to determine how much coverage is appropriate and the premium charged for monthly renters insurance will be based partly on what that amount is.
Similarly, the renters and agents will determine how great a risk exists for damage to or loss of property, and will set a limit for the coverage that would be needed. This aspect, too, has a significant effect on the cost. The higher the limits of liability accepted, the higher the premium payments will be, and vice versa. Together, these two sections of the policy cover most of the risks for renters purchasing policies, however, this type of policy does not cover every possible peril for the person paying monthly renters insurance.
If the property for which monthly renters insurance is being paid is an apartment or loft that is being used as a home, it will be the duty of the property owner to ensure that adequate protections are purchased for the physical structure and all common areas, while it is the responsibility of the renter to insure the space that is being privately used.
The length of the lease has no effect whatsoever on the need to provide insurance. An accident can happen at any time, and it could be that within moments of taking possession of the property, a person working with the moving company falls and is injured. The leaseholder could be immediately faced with a build up of medical bills and legal expenses that he or she could not possibly pay out of pocket. A monthly renters insurance policy of only a week's existence would ensure that this not become an unbearable financial burden on the policyholder.
Standard form, or basic homeowners insurance coverage of any kind, including that sold to tenants, does not cover possible events as natural disasters are not covered. These are events that are to some extent foreseeable, but in no way preventable by any actions that humans could take directly. The effect that a natural disaster could have on a person's property and possessions can, however, be managed.
The monthly renters could be students living in housing off campus and making rent payments month by month because of their school schedule. If an earthquake occurs and a fire ensues, and expensive and otherwise valuable text books are lost, the students will be forced to find ways to repurchase the materials and equipments they would need to continue school. If they had each purchased renters coverage with an attached natural disaster rider specific to earthquakes, there will be financial compensation, whether they paid they paid their premiums month to month or otherwise. The loss will be more easily remedied. Only, however, if natural disaster coverage is included in their monthly renters protection policies.
This is what any kind of property insurance does, whether it is paid annually by a property owner, or whether it is a monthly renters insurance being paid by a leaseholder.