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
PRICE OF RENTERS INSURANCE
The price of renters insurance is variable, and to some extent, negotiable. It is normally not very high, especially taking into consideration the size of the financial burden that could arise if a renting homeowner neglected to protect against certain risks, or perils. Accidents happen all the time, everywhere, and to everyone, eventually. Sometimes, they could be very serious and bring a financial liability from which recovery could take a lifetime. The price of renters insurance, in cases such as these, will turn out to be an investment, not an expense.
Average Rates for Renters
The price of renters insurance varies depending on a number of factors, such as the area of the country in which the home is located, the type of policy (such as military renters insurance), in which part of a city or on which floor of a building an apartment or loft might be situated, for example. It could matter whether the renters already own a car for which a policy already exists. The price of renters insurance could be affected by the person's stage of life, whether the lessee is a student, senior citizen, or family with teenagers, small children, or pets.
In a number of ways, most household budgets can probably find it possible to absorb the price of renters insurance. The Insurance Information Institute has estimated that the average price for renters in some parts of the country falls below two hundred dollars a year.
Discounts are available for a number of considerations that could further reduce the price of renters insurance. Most companies will offer a discounted price if the leaseholder already has a policy with them, maybe for a motor vehicle.
Protective measures such as burglar alarms and other systems that thwart theft, sprinkler systems and smoke detectors to protect against damage from fire, and railings on upper storey windows to prevent falls, are some of the factors that insurers consider when quotes are being calculated for renters.
Buying Renters Insurance Online
A good, long relationship with a company or agent puts a customer in good standing to receive special considerations when premiums are being determined. If a customer already has a policy with an agency, a discount will almost certainly be negotiable on the price of a second policy, even for an entirely different possession. This is an important way to reduce the price of renters insurance.
Many companies reserve special price offers for those persons who buy online. They can do this partly because the internet saves the company the cost of a face to face meeting with an agent. However, renters shopping for insurance online should do so with caution.
All major insurance companies have expansive websites that provide information on all aspects of purchasing indemnity contracts. They provide descriptions of their services in more or less detail depending on the company. Customers should be careful to read the pages thoroughly and not hesitate to opt for speaking with an agent if confusion arises.
It is often possible to get price quotes online, but these are mostly very general. Still, they give prospective customers a ballpark figure for the price of rental insurance that they might have to pay, and can then begin to build into their budgets and plans.
Getting the Best Quote
Being well-prepared for negotiating with an insurance agent is one strategy that could bear fruit for a rental customer, in the form of reductions in the price of renters insurance. Being prepared will save the agent time, and especially if the prospective customer is searching online, it will help greatly in finding a more accurate quote.
The prospective customer should have, at hand, information about the size of premium that would best fit the household budget, the deductible most easily manageable should there ever be a need, which items will be covered and the value of those. Renting homeowners should also have a notion of the amount of liability coverage they would like.
The customer should be prepared with a list of questions about the coverage limits available, the possibilities for deductions from premium payments, rewards offered for longevity of customer-agency relationships, and very importantly, about the process of filing claims. Many persons neglect to discuss the insurers policy for filing claims at the time that they are purchasing the policy, and then sometimes run into difficulties when it becomes necessary to file a claim.
This section should never be neglected. It is important for a renter to know the details of the specific agency's claims process well before the need to file a claim does arise. Claims often go unpaid because customers overlooked some clause that gave quite precise instructions or detailed very specific omissions. In cases such as these, the price of renters insurance could turn out to be unmanageably costly, and could have consequences that persist for a very long time.