Renters insurance is a type of policy that covers your personal property in your apartment or other property you rent (condo or home).
Unfortunately this insurance is sometimes overlooked by tenants, though many lease agreements require you to have this coverage.
So why is it so important to get?
For starters, renters insurance typically only costs a couple of hundred dollars per year. And if you add up the contents of your apartment (computer, xbox or other gaming system, clothes, TV, etc.) you’ll see that the cost to replace your items can easily cost you about $10,000 or more.
So what does renters insurance cover?
Renters insurance (also known as tenants insurance) protects you from the financial loss of your property in case of loss or damage caused by:
- water or storm damage
- and theft
And just like home insurance, it covers all your personal belongings in your rented home, including your furniture.
Which renters policy should I get?
The biggest single factor to consider when buying tenants insurance coverage is the total overall value of your contents.
And as you can imagine, if you have a lot of expensive items in your home that you need coverage for (say a smart TV, computer system, etc.) then your premium payment would be more. In other words, the more coverage you need the more your policy will cost. Additionally, there are additional features you can add to your policy (called “riders”) that can provide you with additional protection, such as accidental damage.
It’s a good idea to speak with a knowledgeable insurance agent about your situation so he or she can design a policy that’s right for you.
However, there are ways to save on your insurance…
How can I save money on my policy
Like any insurance policy you may qualify for discounts.
Some discounts that you might quality for are:
- good credit score discounts
- no recent insurance claims
- membership in an alumni association or other membership
- “bundling” other policies, like your auto and renters
- paying your premium annually rather than monthly or quarterly
- paying by direct deposit and not by check
It’s also important to note that the cheapest policy is not always the best policy for you. It’s best to speak with an agent who can the right coverage for you at the best possible price. After all, there are many insurance companies out there, many top rated companies that you probably never heard of, who can insure your property for a fair price.
Get a renters insurance quote today
Save time and aggravation with a free, customized quote today. It only takes a couple of minutes so why not enjoy peace of mind by getting the coverage you need.
Get your FREE, no-obligation Philadelphia renters insurance quote today.