Renter’s insurance is a kind of insurance designed mainly to cater to the tenants’ requirements. The renters cannot rely solely on the landlord’s issuance, as that covers the building alone and not the belongings. When there is no renter’s insurance in place, you will have to bear the cost of replacing all the possessions in the event of a disaster, tornado, or any fire, which rips through the building. To escape this, we have renters insurance. This insurance provides for personal belongings and will also have insurance for the additional living expense and the liability coverage. In addition, the guest medical payments can pay for the minor injuries to the guests, regardless of who is responsible for this injury.
1. How can you get renters insurance?
Getting renters insurance is quite simple. Here are the steps involved that you must know:
- Understand what’s covered in the renter’s insurance and what’s not included
- Determine the amount of coverage you need
- Compare quotes from the different renter’s insurance companies
- Make an application to the company of your choice
2. What are the best renter’s insurance companies?
Now, we will enlist a few of the best renter’s insurance companies that you can approach to get the policy coverage.
Amica provides renter’s insurance in every American state, except Hawaii and Alaska. Following the reports by the National Association of Insurance Commissioners, Amica receives very few consumer complaints relative to its size. Moreover, it has a very intuitive website, which enables people to pay bills, get quotes, and track and file claims online at any time.
You can seamlessly add extra coverage to your policy for electronics, jewelry, and other valuables. Alternatively, you can also sign up for the replacement cost coverage to ensure that if the belongings are stolen or damaged, you will receive an adequate claim amount to replace them with the new ones instead of getting the value of their present worth. Moreover, Amica also provides fraud coverage for unauthorized use of your identity.
You can get good discounts on premiums if you have set the bill payment settings to automatic, or bundle your renter’s policy with car insurance, or stay with the insurer for a minimum of two years, or sign up for paperless billing, or go without filing any claim for three years.
State Farm provides the renters with both reliable customer support and economic policy premiums. So, if budget is a primary concern, State Farm’s policy can be your go-to pick. The company offers cheap renters insurance policies consistently. Moreover, its high J.D. Power score and nationwide presence ensure that the customers will perennially have access to top-notch customer support.
Furthermore, State Farm provides the renters with several different ways to personalize their coverage. So, you can add optional add-ons, such as umbrella insurance, pet medical insurance, liability coverage, business property coverage, and earthquake insurance.
Another of the most popular and widely renowned names in the domain is MetLife. If you opt for the basic renter’s insurance policy of MetLife, you get coverage to replace or repair the property, up to the actual cash value. However, if you aspire to insure specialty items, such as luxury items, musical instruments, sports equipment, or electronics up to $15000, you can opt for the additional coverage.
Fortunately, MetLife’s renters insurance is available in all American states. Their standard policies provide liability coverage between $25,000 and $500,000. In addition, you can get your hands on discounts via membership organizations or certain employers, which can bring in mega savings on the premium amount. Another excellent way to save on the premium amount is via multi-policy discounts.
Their customer support is available around the clock, all seven days of the week. So, if you need a comprehensive quote, you can get in touch with a MetLife agent. They can help you with all details about the coverage options. Online quotes are also available, but these are limited only to the basic coverages.
It provides you with a few unusual endorsement options on the renter’s insurance policy. Further, in addition to the three traditional coverages — loss of use, personal property, and loss of use, you can also include different optional coverages, such as home-based business coverage, travel protection, and identity theft coverage. American Family might not be the number one for financial stability, but it is truly a great pick if you need a reliable provider for renter’s insurance. Also, if you need a company with robust financial backing, you can opt for other options on our list.
Lemonade is another one of the best renter insurance companies. The company is renowned for its unique business model. First, lemonade takes a fixed percentage of the renter’s insurance premiums, which is used toward the company’s operational cost. Then, the remnant amount is utilized toward paying for the covered claims. Following this, if some amount remains, it is donated at year-end to any charity selected by the policyholders.
For anyone seeking basic renters insurance coverage, this can be a go-to pick. Their standard policy comprises loss of use, personal liability, and personal property. You have an option to personalize the deductibles and limits to maximize your savings and include scheduled personal property coverage for costlier belongings. Renters are also eligible for a discount when installing protective devices at home and paying upfront the annual premium.
Beyond the basics, such as the personal property coverage and the liability coverage, the standard policy of Nationwide will also cover the building alteration or additional coverage and the credit card coverage at no extra cost. It implies that if your landlord allows you to make home improvements, you are covered for the same. In addition, you are protected against any unauthorized charge on your debit or credit card, up to the policy limit.
You can get discounts from the company if you install smoke detectors, are claim-free, and have protective devices installed in your home.