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
PURCHASE RENTERS INSURANCE
Whether to purchase renters insurance is a major consideration for some persons living in rented homes, while many others never give it a moment's thought, under the mistaken impression that the landlord's homeowners policy will cover them also. This is not so. It is the responsibility of leaseholders to purchase renters insurance to cover their own assets.
Homeowners coverage indemnifies only the landlord for losses that might be sustained due to damage to the structure, loss of possessions, or legal or medical costs that might ensue as a result of injury to a person in the common areas of the rented building. It provides no indemnity for personal liability or loss of possessions in the apartment, loft, townhouse or other dwelling once it becomes the home of a renter.
Even if a tenant has the financial wherewithal to replace lost valuables, the decision to purchase renters insurance is a sound one, and a very wise investment for students and senior citizens who might have tight budgets, and valuable possessions. It is important for helping to replace computers and expensive books, or repair heirloom furniture.
Clauses in a Renters Policy
A tenant wishing to purchase renters insurance is required to make decisions about the desired limits of liability coverage and the acceptable level of the deductible, as well as the premium payment that will fit best within the household budget. Renters must also decide which items in the home they specifically intend to insure, and inventory them, documenting possession by attaching photographs or video. It would also be best to attach purchase receipts and other proofs of ownership.
When people purchase renters insurance policies they get more or less the same coverage as other homeowners do. They purchase personal liability coverage for accidents to any persons within the home. They are indemnified against losses due to theft, and if they accidentally lose a valuable item, that will be covered also, even if that loss occurs away from the home.
When answering a request for a quote from a person wishing to purchase renters insurance, an agent will explain the different clauses within a standard renters policy, and provide information about useful riders that could provide coverage against other perils not covered within the basic policy, but which might be good to have because of the area in which the rented home is located. Flood protection is one such example.
The lessee should determine the likelihood of occurrence of such perils as floods, earthquakes, landslides, or other phenomena called natural disasters and purchase protection in a separate clause or policy.
Cost Effective Insurance
The price of renters insurance is relatively low. Basic premiums vary from place to place, of course, but there are also a number of factors, such as those mentioned above, which make it easy to purchase renters insurance fairly cheaply.
Insurers will want to know what alarm systems, barriers, or other protective arrangements are in place in the home that reduce the likelihood that certain accidents will occur. Insurers offer discounts on premium payments if burglar and fire alarms, sprinkler systems, smoke and carbon monoxide detectors, or dead bolts are installed. A home might even earn a discount for being situated very close to a fire station.
A family renting a condominium or loft could earn a decrease on premium payments if sufficiently high railings surround upstairs balconies, or if barriers are in place on upper storey windows, for example, that will protect young children from falls.
A person's good credit rating could also bring a discounted premium, and owning credit cards from certain companies could also bring a deduction. When a decision has been made to purchase renters insurance, also, the renter should consider using the same company with which other possessions such as cars, or boats, are insured. Insurance companies value their customers and often reward them for a multiline policy purchase.
When Renters Move
More and more nowadays, home and apartment rental agencies as well as private landlords are demanding that prospective tenants purchase rental insurance prior to moving into a rental property. Indeed, some large agencies facilitate this by either offering the insurance on site, or through collaborations with agencies in their neighborhood.
One really good thing about renters insurance is that it is portable. If a tenant relocates to another rental home, the insurance agreement still holds. The renter will generally not need to purchase renters insurance all over again. However, the insurer might want to renegotiate the premium payments based on the same parameters, e.g. the neighborhood in which the home is located, which protective measures are installed, or not, in the new home.
When leaseholders purchase this kind of coverage, they protect themselves against loss or damage while their belongings are in storage or being moved from the old home to a new one.