Renters insurance is a type of insurance designed primarily to meet the needs of renters. Tenants cannot rely solely on the landlord’s program, as it covers only the building and not the property. Without renter’s insurance, you will have to bear the cost of replacing all the property in the event of a disaster, tornado or fire that ravages the building. To avoid this, there is renters insurance. This insurance provides coverage for personal property, as well as additional living expenses and liability coverage. In addition, guest medical insurance can pay for minor injuries to guests, regardless of who is responsible for the injuries.
1. How do I get renter’s insurance?
Getting renter’s insurance is fairly simple. Here are the steps you need to know:
- Understand what is covered by renters insurance and what is not.
- Determine how much coverage you need
- Compare quotes from different renters insurance companies.
- Apply to the company of your choice
2. What are the best renters insurance companies?
Now we’ll take a look at some of the best renters insurance companies you can contact to get coverage on your policy.
Amica offers renter’s insurance in every state in the U.S., with the exception of Hawaii and Alaska. According to reports from the National Association of Insurance Commissioners, Amica receives very few consumer complaints relative to its size. Plus, it has a very intuitive website, which allows people to pay bills, get quotes, track and file claims online at any time.
You can seamlessly add additional coverage to your policy for electronics, jewelry and other valuables. You can also purchase replacement cost coverage to ensure that if property is stolen or damaged, you will receive an adequate amount to replace it with new property instead of receiving the value of its current worth. In addition, Amica also offers fraud coverage for unauthorized use of your identity.
You can get good discounts on premiums if you have set the bill payment settings on automatic, or if you bundle your renter’s policy with auto insurance, or if you stay with the insurer for at least two years, or if you sign up for electronic billing, or if you file no claims for three years.
State Farm offers renters both reliable customer service and economical insurance premiums. So if budget is a major concern, State Farm’s policy may be your best choice. The company regularly offers cheap renters insurance policies. Plus, its high J.D. Power rating and nationwide presence ensure that customers will always have access to top-notch customer support.
In addition, State Farm provides renters with several ways to customize their coverage. For example, 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 well-known names in the business is MetLife. If you opt for MetLife’s basic renter’s insurance policy, you get coverage to replace or repair the property, up to the actual cash value. However, if you aspire to insure special items, such as luxury items, musical instruments, sports equipment or electronics up to $15,000, you can opt for additional coverage.
Fortunately, MetLife renters insurance is available in every state in the United States. Their standard policies offer liability coverage between $25,000 and $500,000. In addition, you can get discounts through member organizations or certain employers, which can save you a considerable amount of money on the premium. Another great way to save on the premium amount is to get discounts for multiple policies.
Their customer service is available 24 hours a day, 7 days a week. So, if you need a complete quote, you can contact a MetLife agent. He or she will be able to help you get all the details on coverage options. Online quotes are also available, but they are limited to basic coverage.
It offers you some unusual rider options on the renter’s insurance policy. In addition to the three traditional coverages – loss of use, personal property and loss of use, you can also include various optional coverages, such as home business coverage, travel protection and identity theft coverage. American Family may not be number one for financial stability, but it’s definitely a great choice if you need a reliable provider for renters insurance. On the other hand, if you need a company with a strong financial foundation, there are other options on our list to choose from.
Lemonade is another of the best renters insurance companies. The company is known for its unique business model. First, Lemonade takes a fixed percentage of the renter’s insurance premiums, which is used for the company’s operational costs. Then, the remaining amount is used to pay covered claims. Finally, if there is any amount left over, it is donated at the end of the year to a charity chosen by the policyholders.
For those looking for basic renters insurance, this policy may be a good choice. Its standard policy includes loss of use, liability and personal property. You have the ability to customize deductibles and limits to maximize savings and include scheduled personal property coverage for the most expensive items. Renters can also receive a discount if they install protective devices in their homes and pay the annual premium up front.
In addition to the basics, such as personal property coverage and liability coverage, Nationwide’s standard policy also covers building alteration or supplemental coverage and credit card coverage at no additional cost. This means that if your landlord allows you to make improvements to your home, you are covered for those same improvements. In addition, you are protected against any unauthorized charges on your debit or credit card, up to the policy limit.
You can get discounts from the company if you install smoke detectors, have no claims and have protective devices installed in your home.