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
RENTAL INSURANCE QUOTES
Rental insurance quotes will always be based on the estimated value of the possessions being insured, the maximum pay out limits agreed to, and considerations of the deductible that the rental insurance customer will pay each time a claim is filed. These are the major factors that influence the estimating of any quotes from insurance agents.
The agent discussing the rental insurance quotes will explain the different clauses in the policy and their relative value to the customer. The customer will learn that coverage taken out on a property as part of a rental agreement provides the same level of coverage that as a homeowner would, because in fact, the rental contract acknowledges the leaseholder's right to take personal responsibility for protecting the valuables that the family owns, and to provide for the family should an accident happen that causes physical injury to any person in the home.
Getting the Best Quotes
Insurance agents represent the companies for which they work by providing direct service to the agencies customers, and by responding promptly and effectively to a prospective customer's requests for information and support. Their first job upon making contact with a prospective buyer is to ascertain that person's exact need, and on the basis of that, supply quotes that the buyer can use to make the best decisions about the kind and extent of coverage that best suits the particular requirements. It is the agent's business to find the best, most affordable rental insurance quotes for the situation.
Basic rental insurance quotes are often not very high, partly because they do not take into account any special circumstances that might need to be insured against. The baseline quotes will address only the perils or risks listed in the standard or basic rental insurance coverage. These are limited to the eleven or so standard perils as determined by the Insurance Service Office, with the addition of the liability protection that the policy will allow. It does not take into account the probability of a natural disaster occurring, although every carrier makes provisions for natural disaster coverage. This is separate and very distinct from the standard form policy, is estimated separately, and is not included in the basic policy, but attached as a rider. In some cases it is sold as a separate policy altogether.
When a leaseholder is ready to purchase coverage for a rental property, the insurance agent will ask for certain information regarding the value and ownership of the items being insured. The client will be asked to decide whether the valuables will be insured for the actual cash value (ACV), which is the estimated decline in value from the time of purchase, or the replacement value. Replacement value is the actual amount of money that it would require to buy a new version of the item, and is usually a larger figure than the actual cash value.
The rental insurance quotes will also reflect the use to which the rented property will be put. If the space will be used as a private home, the quotes could possibly be lower than if the property were to be used as the locus of a commercial enterprise. These rental insurance quotes would depend on what exactly the commercial business was, how large the space, how many people would be going through and for what purposes. Features such as the value of equipment and raw materials would also factor into the rental insurance quotes.
Eventually, the prospective policyholder and the agent will discuss another set of price options, those that pertain to natural disaster coverage. A policy that provides financial relief after a natural disaster has devastated a property will be very specific. Each disaster will require a separate policy or rider to the basic form, and any damage assessed subsequent to an occurrence will also be looked at thorough a quite precise formula that has been generated for that particular disaster. That means that the damage being assessed after an earthquake will be assessed with different parameters than that following a tornado, even though the damage itself might be quite similar.
Having made all these considerations, the agent will present the rental insurance quotes and the prospective policyholder will either agree and accept the offer of coverage, or will continue to meet with agents and compare quotes. In making these deliberations, the rental customer will also consider other characteristics that could have a bearing for the future. These are not limited to price considerations. Personal and professional factors carry weight here.
Sometimes, for example, the monetary value of the rental insurance quotes are a perfect fit for the customer, but there is difficulty in initiating a relationship of trust with the agent. In that case, it would be in the customer's best interest to continue the search.