Cheap renters insurance is available, with policies costing from under $10 per month.
Renters Insurance
Sometimes marketed as apartment insurance, renters insurance protects your personal property inside of your home. Such policies cover your clothing, jewelry, furniture, computers and televisions with additional coverage possible.
Insurance Companies
Renters insurance is easy to find with most insurance companies writing policies. Look for companies that write homeowners insurance and you will likely find that they also write apartment insurance.
Insurance Coverage
When applying for renters insurance, you may be able to make application online, over the phone or in person. The insurance company will need to know some things about you including your name, your complete address, your date of birth and the amount of personal property coverage required. Insurers typically set a bottom coverage amount such as $20,000, but may recommend greater coverage to reflect the worth of the items you own.
Discounts Available
Where you live and what you own will have a big impact on your insurance rate. Know that renters insurance comes in much lower than homeowners insurance, therefore at $10 to $15 per month you will pay out a cost equivalent to what homeowners typically pay each week.
You can get cheap renters insurance by claiming several available discounts. For instance, if you are at least 55 years old, you may receive a break. Also, if your apartment or house has a security system, you may be eligible for a lower insurance quote. Insurers often given consumers a break if they already have their car insurance with them. In any case, shop around and ask the agent about the available discounts.
Get Multiple Quotes
Consumers should shop around for renters insurance just as they do for auto insurance, life insurance and other forms of personal protection. You can contact insurance companies individually or use a rate quote service that will give you three to five quotes based on one application. Read each quote carefully and understand what is covered. Contact the insurance company to discuss your needs and once you are satisfied that the coverage is sufficient and the cost is within your budget, then choose your company.
Every tenant should have renters insurance to provide the protection you need. Those that don’t may be forced to live in a shelter if they lose their home. Those that are protected will receive a check from the insurance company and get on with their lives as quickly as possible.
See Also — 5 Must Know Apartment Renting Tips for College Students
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