Whether you rent a studio apartment in Phoenix or lease a four-bedroom townhome in Sedona, it's a wise idea to protect yourself and your belongings with a comprehensive renters insurance policy.
Too many tenants fail to realize the importance of having insurance until a fire, burglary, or other disaster leaves them facing large financial losses with no means of reimbursement.
Independent agents in Arizona make finding a great renters insurance policy easy. Because they do not work for a specific insurance company, these agents are free to shop around to find the coverage you are looking for at a price you can afford. Contact an insurance agent near you to get started.
Arizona Rental Statistics
According to the US Census Bureau:
- Arizona residents pay an average of $1,052 per month in rent.
- Around 35.6% of all homes in Arizona are occupied by renters.
- An estimated 43.4% of renters in this state spend more than 30% of their income on rent and utilities.
How Much Does Renters Insurance Cost in Arizona?
Renters insurance is very affordable. The average policy in Arizona costs $178 a year. That is just $15 month, or 50 cents a day. Most people spend more than that on their morning cup of coffee. Here are factors that can make your actual cost higher or lower than this average amount.
- The value of your personal property
- The crime rate and weather risks where your rental home is located
- The size of your deductible
- Your claims history and credit score
- Whether you are bundling your renters insurance with another policy like car insurance
You can determine how much coverage you need by conducting an inventory of all your possessions. Their total value should give you an idea of how much insurance you need to purchase. If you own a lot of valuable items, your quote will likely be higher than it will for someone with few expensive belongings.
It's always a good idea to compare quotes from a few different insurance companies before choosing a policy. That way you can be sure you are not overpaying for your coverage.
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What Does Renters Insurance Cover?
Renters insurance is designed to cover your personal property and your finances in a few different ways. You can expect your policy to provide you with the following.
- Personal property coverage: Sometimes called "contents coverage," this is designed to cover repair or replacement costs if your your personal belongings are lost or damaged due to covered hazards like:
- Property crimes: This includes burglary and vandalism
- Fires: This includes accidental fires, wildfires, and fires started in neighboring units
- Severe weather: This includes thunderstorms, windstorms, tornadoes, and monsoons (but not the flooding they often cause)
- Personal liability coverage: This can cover expenses like court costs, legal fees, mediation costs, settlements, and judgments if you are unintentionally responsible for someone else experiencing injuries, property damage, or financial harm. Covered events include:
- Dog bites
- Injuries to guests in your home that can be attributed to negligence on your part
- Accidental injuries to others while you are away from home, such as while you are golfing
- Accusations of libel or slander
- Loss of use coverage: This can cover your temporary living expenses if a covered event like a wildfire leaves your rental home uninhabitable and you must seek alternate living arrangements while repairs are made. It can cover the following.
- Hotel or temporary rental home costs
- Meals if your accommodations do not include a kitchen
- Moving expenses
- Added mileage if you must drive further to get to and from work
- Storage fees
- Pet boarding, if necessary
- Additional riders: If you have particularly high-value property like fine art, collectables, high-value jewelry, or outdoor toys like ATVs and dirt bikes, you may want to examine rider options to ensure that those belongings are fully covered as well.
What Is Not Covered by Renters Insurance?
As with any insurance policy, renters insurance has some limitations. Specifically, renters insurance will not cover against floods or earthquakes. Depending on where you live in Arizona, you may want to consider the following.
- Flood insurance: If you have a ground floor apartment or rent a house in a flood prone area, you may want to consider buying a flood policy through the National Flood Insurance Program (NFIP). You can purchase a contents-only policy at a very reasonable price.
- Earthquake insurance: Some parts of Arizona have a fair-to-moderate risk of sustaining earthquake damage. If you have expensive property that is susceptible to damage in a seismic event, you may want to consider supplementing your renters insurance with an earthquake insurance policy.
Whatever types of policies you are purchasing, you will want to be sure that your coverage limits are high enough to fully cover all of your personal property.
Why Work with an Independent Insurance Agent?
Local independent agents can be a great source of information when you are shopping for a suitable renters insurance policy. These experienced agents are available to explain your options, help you determine your coverage limits, and shop around for a good policy at a great price.
There are more than 400 independent agents in Arizona who are ready to help. Contact an insurance agent near you to discover how easy finding the best renters insurance policy can be.
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