What is renters insurance? I will not be surprised if most of you are just hearing about this for the first time. Most people don’t think getting renters insurance is important, it is not important to them because they don’t know that renters insurance is something that protects you when renting a home or apartment. Best renters insurance companies are not difficult to find you just have to search the right places. If you are renting an apartment it is very important that you get insurance for that apartment.
It has been proven that 45% of renters do not have renter’s insurance despite the fact that is very affordable. However, an average renter’s insurance premium ranges from $15 per month to $30 per month. But this price depends largely on your location and other factors.
Best renters insurance covers you from a lot of things, for instance, it covers you against fire, theft, potential liabilities and so much more. However, it is very important that you do not overlook the valuable protection that this insurance provides. Whether you are renting a studio apartment or an attire family house just bear in mind that the best rental property insurance covers what your landlord’s policy cannot cover. If a fire happens to destroy your rented apartment, the insurance will cover it.
How Much is Renters Insurance?
The Best renter’s insurance companies do not charge a lot and they are quite affordable. The average renter’s insurance policy costs nothing less than $15 per month and $180 per year. The amount you will pay for renters insurance can vary based on several factors like:
- Your credit score
- Location
- Whether you have a dog
- The amount of coverage you are looking for
The best place to get renters insurance offers affordable prices and sometimes you can be bundled with other policies for better rates. If you have car insurance it might help you to get a quote from your current insurer including renters insurance to see if it offers a discount.
What does Renters Insurance Cover?
The best cheap renter’s insurance covers a lot of things, it is possible for your landlord to have an insurance policy on your rented home but it might not cover anything. Let’s take a look at what renters insurance covers.
- Renters insurance can help you replace or pay for your personal property that you bring into the home if something unexpected happens to it.
- If your items are stolen or damaged, the insurance can help you with the cost of replacing those items.
- Renters insurance will also cover property left in vehicles or other items that could be stolen
However, some renter’s insurance policies also cover identity theft protection. Personal liability protection from your renter’s insurance policy could help you if someone sues you for injuries that happened in your rental or if your pet bites someone.
How can I find the Best Affordable Renters Insurance?
To find the best renters insurance companies there are some steps you have to take. So, before you begin your search for the best renter’s insurance company, it is important to determine how much coverage you need.
- First, you have to calculate the amount of personal property coverage you need, the best way to determine your personal property limit is to create a home inventory listing each of your belongings and an estimated cost to replace them.
- After that determine your liability coverage needs, the amount of personal liability coverage you need depends on your likelihood of being used and the number of assets you need to protect.
- Consider your need for additional living expenses coverage
- Determine whether you need additional coverage
The final step is finding the best renter’s insurance s to compare companies, once you have decided on the amount of insurance you need you can start compiling quotes. In comparing companies you will need to consider rates, reviews and ratings, and financial strength.
Top 10 Renter’s Insurance Companies
Protecting your belongings and assets with insurance is a great way to relieve you of any financial burden. If you need renters insurance it is best to go to the best renters insurance for apartments and these companies include.
- USAA
- Allstate
- Farmers
- American Family
- Lemonade
- Liberty Mutual
- Progressive
- Nationwide
- Travelers
- State Farm
- American Family
The companies below offer some of the best renter’s insurance policies in the industry; they provide you with comprehensive coverage for $30 per month or less. Before deciding which company you would choose, you need to get a quote from at least three renters’ insurance companies so that you can compare coverage and costs.