How to choose the best renters insurance?
The first thing to keep in mind with renters insurance? There is no such thing as a universal answer to the question of “Where can I find the best renters insurance?” The truth of the matter is that renters insurance can vary from one individual to the next. If you are shopping for this type of insurance for the first time, it’s easy to be a little overwhelmed by the sheer volume of carriers available. One of the first things you will want to do then is to identify your needs. Why do you want renters insurance? What are your short-term needs? What do you want from it over the long term?
In other words, what are you currently concerned about?
When you can answer these questions, finding the best renters insurance company for your needs will become a good deal easier. We’re going to delve more deeply into what you should look for with a company that offers renters insurance. At the same time, we are going to identify some of the best carriers out there. If you really don’t know where to start in your own search, this list will give you some reputable, worthwhile companies to check out.
What Is Renters Insurance?
More people seem to be renting than ever before. Without getting into the potential reasons, it’s safe that a lot of people are curious about renters insurance these days. In a nutshell, renters insurance allows tenants to maintain financial protections against such possibilities as damage or theft. This coverage can extend to their personal property, but it can also protect them from possible legal damages in the event of an accident.
To be clear, there are certain consistencies from one policy to the next. All of them come standard with such elements as legal liabilities, personal property, and additional expenses related to day-to-day life. At the same time, you could also say that no policies will be exactly the same. This is something we would urge you to keep in mind, as you shop around for the best renters insurance. What works for one person may not necessarily work for you. It is important to find something that will measure up nicely to your personal needs.
Before we get into some of the best companies offering renters insurance, let’s talk about some general tips to keep in mind. These are things you can keep in mind, as we discuss such insurance companies as State Farm and USAA.
How To Shop For Renters Insurance
Shopping for renters insurance doesn’t have to be a disheartening experience. We’ve assembled some general suggestions to help steer you in the right direction:
- Choosing the right amount
In the event of theft, natural disasters, or some other type of accident, your renters insurance will protect your belongings. This is going to be a little time-consuming, but the best way to figure out how much insurance you need is to take an inventory of your items. Figure out when you bought it, where you bought it, and how much you paid for it. Consider holding on to major purchase receipts whenever possible, if you aren’t doing that already.
- Liability coverage
The best renters insurance won’t just protect your belongings. It will also protect you in the event that someone is hurt on your property, or if their property is damaged in some way. This is known as liability insurance.
What won’t be covered? This is important. Some policies won’t protect you from such natural disasters as earthquakes or floods. Some companies will let you purchase such coverage separately, but that is obviously something you’ll want to know early on.
- Types of renters insurance coverage:
there are two basic types of policies. The first is known as an Actual Cash Value policy. The other is known as Replacement Value policies. With Actual Cash policies, depreciation is taken into account. The premiums are generally lower, as well. With Replacement Value policies, things like depreciation are not taken into account.
- What kind of deductible?
The experts suggest you should look for a higher deductible when shopping for the best renters insurance. Depending on the insurance company, the deductible (how much you have to pay before the insurance kicks in), the deductible can be anywhere between $200 and $1000. A higher deductible can mean lower premiums, meaning the lower premiums have a good chance of offsetting the deductible over the long run.
You should also see if you can bundle some renters insurance with your other coverage. Check with your current insurance provider, if you have one.
Looking At The Best Renters Insurance Companies
At this point, you are in the best possible position to understand your options for renters insurance. We have taken into account some of the most popular reasons for wanting this insurance. Do your own research on these companies, as well as others. At the same time, these are good companies to get your search started:
State Farm: One of the highest-ranking insurance companies in the United States, State Farm is popular for being among the most affordable insurance companies. They are also a national company, and their track record with stuff like customer service is excellent. In terms of renters insurance specifically, State Farm is notable for having some of the most customizable packages to be found anywhere.
Erie: The biggest drawback with Erie is their availability. At this moment in time, they are only available in thirteen different states. The list includes New York, Ohio, Virginia, and Washington DC. Make sure they are available in your neck of the woods. If they are, you can take advantage of their affordable renters insurance. In terms of your options for the best renters insurance, Erie is one of the most well-reviewed companies out there.
Lemonade: Available in seventeen states, Lemonade is a good fit for anyone who wants to get right to the point in their coverage. These guys are notable for being extremely straightforward. You can actually purchase your renters insurance almost instantly through their app. They also boast a generous Giveback program.
Allstate: Another national company, Allstate has built a formidable reputation through the years. If you want a lot of tech-friendly features through an app and other tools, Allstate might be your best fit. After all, it is getting easier and easier these days to just run such things through the apps on our device of choice. Beyond that, Allstate overs strong renters insurance coverage. Their range of products and coverage also allows you to keep in mind the bundling coverage suggestion we mentioned earlier. They are an easy fit on our list of the best renters insurance companies.
USAA: First comes the good news. USAA is one of the top renters insurance companies in the nation. Now, here comes the bad news. USAA is only available to active military members and their families. If you meet that basic qualification, then you can take advantage of their great rates and comprehensive coverage options. USAA also has a phenomenal customer service rating. You can get coverage for just about anything that might be on your mind. Beyond offering competitive rates, USAA is also well-regarded for paying claims quickly and without too much hassle. In many situations, those who choose USAA for their insurance do not have to pay deductibles. That alone should tell you this is a company at least worth a look.
Getting The Best Renters Insurance Is Easy
At the end of the day, it shouldn’t be hard to see that getting renters insurance is not as overwhelming as it might initially seem. The above 5 companies can definitely lead you down the right path, in terms of getting coverage that makes sense for your needs, your lifestyle, your loved ones, and so on. Among these choices, there is an excellent chance that you will find the best renters insurance company for your specific demands.
Remember to be as accurate as possible with your inventory. You will need to present something to your insurance provider anyway. Having a good, detailed list before you ever sign a policy can save everyone involved a good deal of time.
You should also ask your insurance company about renters insurance endorsements. Combined with scheduled items (which are also known as floater policies), these endorsements are basically extensions. With these extensions, you can fill in some of the gaps that may be present in your standard coverage. Not all companies are going to offer this, but it is worth asking about, nonetheless.
Each renter should make sure they have their own coverage. This means that your renters insurance will almost certainly not extend to those you live with who aren’t members of your actual family. Even in a single household, the definition of the best renters insurance can vary from one individual to the next. Even so, with the tips and companies listed above, you shouldn’t have any trouble. Start thinking about what you know you need from an insurance company as a renter and go from there. You should be able to find what you are looking for.