Getting Reliable Renters Insurance Quotes

Updated on October 2, 2020

Renters insurance can play a huge part in protecting you and your possessions while you are renting a space, whether it is an entire home or a single room that you are using as office space. While the landlord or homeowner can often have insurance on the property itself, that doesn’t cover you in the same way: your possessions are treated as your own and need their own coverage if you want to get them replaced.

Why Does It Matter?

If you are renting a property and something bad happens – such as a fire or break-in – there is quite a high chance that your belongings can be damaged or lost. The landlord might be obligated to pay for renovating the space or replacing whatever appliances caused the fire in the first place, but they don’t usually have a responsibility to replace your personal items. 

To get around this problem, you can set up renters insurance, which is specifically designed to cover your items in the event that they are damaged or stolen. Some of these insurance plans can also cover the loss of your space: for example, if a fire makes it impossible to keep living in your rented apartment for a short while, you can have your expenses covered while the damage is fixed.

Most importantly, it can be an excellent way to get some added security while living in a rented property. Not only can it cover intentional property damage and theft, but it can also help protect you against accidents that don’t have a single person at fault, like an overflowing bathtub.

Are There Downsides?

Like all types of insurance, the only real downside to renters insurance is the fact that you would need to pay for it. However, the price is often well worth paying, especially if you own a lot of expensive items that would take a lot of time and money to replace. If you are finding it easy to pay your rent and aren’t worried about a small extra cost, there is almost no reason to avoid getting renters insurance.

Remember that the insurance isn’t just limited to expensive-seeming items like laptops or televisions. It can also cover more mundane things like clothing and beds – items that aren’t particularly special but can be extremely important. Having a way to easily afford replacements ensures that you won’t be stuck in an uncomfortable situation for very long.

However, not all renters insurance packages will cover everything. In many cases, floods are considered a different kind of damage that have their own flood insurance policy, and they might also ignore natural disasters like earthquakes. You also need to be sure that you are documenting your possessions: if you can’t prove that you owned an item and/or what the value of the item would be, then it might not be something you can claim as part of your insurance.

How Do I Get It?

Renters insurance is generally treated like any other kind of insurance. However, this also means that you can get it from a wide range of different agencies or sources. For many people, trying to compare renters insurance quotes online can make it much easier to narrow down the best option for your budget. This can also give you a better idea of what the average cost might be for a decent level of coverage.

You can get renters insurance from either large carriers or independent agencies, and it is up to you which one you prefer. Online searches are more likely to reveal ‘hidden gems’ or help you compare your options, which can be important if you only have so much spare money to put aside for insurance purposes.

Remember that an insurance agency might have multiple insurance packages. You could potentially find renters insurance that is cheaper overall but has fewer limits or one that is more expensive but can cover much more. You might even be able to change the package or plan you are using if you decide that it is too high or low for you.

Should I Get Renters Insurance?

If you are renting a home, it is a good idea to get renters insurance, no matter what. Being able to easily replace your personal possessions is extremely useful, and you never know when a small mistake can cause unavoidable property damage.

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