Renters Insurance Coverage and Agents
Many people who rent apartments, condos or homes like the flexibility of not being locked into a long-term purchase of a residence.
If you find yourself among the many renters out there, keep in mind that renters insurance coverage is very important to help you protect your possessions, and give you protection against liability should someone suffer an injury on the property.
The best place to start if you are seeking renters’ insurance coverage is by obtaining multiple quotes and working through an independent agent.
Agents offering through their agencies the policies of more than one insurer (but limited to companies who sell through independents) are called "independent agents."
An agent will be able to assist you with your questions and can provide a thorough assessment of your insurance needs, while offering you a choice of insurance options to meet those needs. Also, any insurance agent should provide you with prompt, quality service in the event of a claim.
Just as important is the level of professional confidence and personal comfort you feel with your agent when you are seeking renters insurance.
When you look for savings with your renters’ insurance policy, keep the following facts in mind:
- Find multiple renters insurance quotes – The first step in finding affordable renters insurance is by compiling multiple quotes. Seeking renters’ insurance quotes from multiple independent insurance agents permits you to compare coverage and costs and find an appropriate renters insurance policy for you.
- Search for a larger deductible – Set a higher deductible on your renters’ insurance policy to decrease your premium. If you have a deductible of even $500 it is likely to drop your premium by approximately 12 percent. And a $1,000 deductible can decrease your premium by up to 24 percent. Just be sure that the deductible you place on your renters’ insurance policy is a figure that you can reasonably afford to meet out of pocket in the event of an emergency in your rental.
- Protect your assets – Agents like clients who install safety devices to protect their homes. It makes the policyholder less of a risk and can lower renters’ insurance premiums significantly. Safety devices would be items such as smoke alarms, a fire extinguisher (approximately every 50-75 feet is recommended, or one in each room), and even a sprinkler system.
- Keep a positive credit score - A good credit score has a number of benefits, including a reduced renters’ insurance premium. Your insurer will be more confident in you if they know how well you meet your bills. Also, your insurer could very well view your credit report and use it as a tool to predict the odds of you reporting a claim.