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Phoenix renters insurance varies from the insurance rates of other states, but not by much. If you’re a new apartment or condo renter in Phoenix, it’s important that you look into Arizona renters insurance coverage. While you don’t own the actual building, you still need to have coverage for all of your personal effects and belongings in case of any accident or damage. Even if you’re renting a home or house, you may not need the same coverage as homeowners do, but you still need to make sure you’re protected in case of loss.

In technical terms, a Phoenix renters insurance policy for an apartment is called an HO-4, and a policy for those in Phoenix with a condominium is referred to as an HO-6. General policies for renters include coverage over 15-16 main types of loss, from natural disasters to building problems to theft. It’s important to make sure you have the right type of coverage for the area you live in. Renters in Phoenix may not need as much snow and ice coverage as those living on the Snow Belt.

The main types of loss covered by Phoenix renters insurance policies are as follows: fire and/or lightning, explosion, windstorm and/or hail, smoke, theft, vandalism, damage from aircrafts or vehicles, falling objects, riots, ice, snow, or sleet, any water damage caused by leaking or freezing of sprinkler systems, bursting pipes, and heating and air conditioning units, and any accidental and sudden electrical damage. Even if you’re not in an area where these types of things occur, this is just a comprehensive list of the general things included in the policies.

The types of things people in Phoenix might want to pay particular attention to are theft, fire, and tornadoes. The U.S. Department of Justice's Bureau of Justice Statistics reports the chances of a rented home or apartment being robbed were 79 percent higher than that of people who own their homes.  Security measures can also save you money on Phoenix renters insurance. If you leave your apartment for an extended period of time, you should take with you any belongings of great value, such as laptops, jewelry, cell phones, and mp3 players. This is why it is so important to find comprehensive and affordable renters insurance coverage.

What Are the Main Types of Policies for Phoenix Renters Insurance?

In addition to sharing similar types of coverage, most renters have policies that come in two main types. The first main type of coverage is replacement cost. In this form of coverage, you’ll find that you have a higher premium month to month, but if your stuff is damaged, you’ll receive pay out for the cost of replacing the damaged items. This is an ideal type of Phoenix renters insurance for someone that doesn’t have newer belongings.

Actual cash value coverage takes into account the current value of all your belongings. This type of coverage is good for someone who owns newer things and wouldn’t have to worry about a large decrease in pay out due to the defaced value of their belongings. It costs less per month to purchase this type of Phoenix renters insurance, but you’ll receive less money to cover your items if they are ruined or lost. If you have furniture that you paid a lot of money for ten years ago, it will be worth significantly less now, and you won’t be able to pay for nice new furniture unless you have other money saved up.

According to 2006 averages, Arizona’s average premium is $207 [1].  Of course, over the years this number will increase. If you’re shopping around in Phoenix, this is a good number to keep in mind. If you find a premium with satisfactory coverage for less than this amount, that is a very good thing. There are many different insurance providers throughout the Phoenix area; you can get free quotes online for some of the rates of these companies. You can also visit your local Phoenix renters insurance question if you have any further questions about a policy for renters in Phoenix.

How to Save Money on Phoenix Renters Insurance

If you’re looking for ways to save on Phoenix renters insurance, here are a few ideas for you. The first idea is to shop around, both online and in real life. This way, you’ll know all of the different options when it comes to policies. Also, look for discounts on Phoenix renters insurance. If you’re a family, student, or senior citizen, you might be eligible for a less expensive insurance plan than others. If you’re in college and you want to live off campus, you can still benefit by telling your insurance agent that you’re a student. If you are a students living in an apartment off campus, it is very important that you have off campus housing renters insurance.

By protecting the safety and integrity of the place you’re living in, you’ll be sure to save some money. Paying a few extra dollars a month to live in a nicer area of Phoenix, as opposed to an unsafe neighborhood, your Phoenix renters insurance payments will be lower. Renters who install added security devices, such as extra locks, safes, and tracking devices on expensive things might also find themselves paying less money on renters insurance. With extra locks your things are less likely to be stolen, and with tracking devices they’re more likely to be returned to you. This means you have less of a chance of departing with the things you hold dear.

If you quit smoking or decide not to get a pet you might find your renters insurance policies will be less. Many fires are caused by rogue cigarettes that aren’t put out all the way. Not only will you be able to save a lot of money on your Phoenix renters insurance, but you’ll also save all the money you’ve been paying for cigarettes and lighters.

Having a good credit score and maintaining responsibility in other financial areas will also help your costs. If you have a good credit score, this means you have paid your bills on time, and insurers will have more reason to trust you’ll pay your Phoenix renters insurance premiums on time. If you make all of your other payments on time, this will reflect well on you. If you have a good control of the debt you owe in various areas of your life, the rates will also be lower for you. If you buy multiple policies from one insurer, you can usuallyget a bundle discount. If you’ve recently bought a new car and a new apartment, think about purchasing Phoenix renters insurance and car insurance together.

A Phoenix renters insurance policy will cover you for any loss you experience in regard to your personal belongings. An apartment’s insurance policy will cover any damage done to the actual building, but coverage for renters includes any of the things in their specific apartment that are damaged or lost. It is an important thing for any renter to have.

Request a comparison from leading insurance providers today. Our service provides free renters insurance quotes throughout Phoenix, Arizona: Apache Junction, Buckeye, Chandler, El Mirage, Fountain Hills, Gilbert, Glendale, Goodyear, Guadalupe, Litchfield Park, Mesa, Paradise Valley, Peoria, Queen Creek, Scottsdale, Surprise, Tempe, Tolleson, Youngtown and more...