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 neglect to realize the importance of such protection until a fire or burglary has left them financially devastated with no recourse for reimbursement.
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Before you search for renters insurance quotes, however, there are several factors to consider.
Arizona Rental Statistics
According to census data:
- Arizona residents pay an average of $888 per month in rent.
- The average renter owns $25,000 worth of personal belongings.
- More than 10 percent of Arizona residents rent their apartment or single family home, while more than 20 percent of Phoenix residents are renters.
- Tens of thousands of property crimes take place in Arizona each year and many victims are renters.
Why is Renters Insurance Important?
One great thing about renting is not having to worry about repair for electrical systems, plumbing, or any other structural issues of your building. Your landlord's insurance policy doesn't cover the things you keep inside your AZ apartment, townhome, or condo. And that insurance also doesn't protect you from a lawsuit should a guest or delivery person slip and fall in your rented unit and decide to sue you.
Only a comprehensive renters insurance policy can help you get back on your feet after a severe weather event, fire, burglary, or litigation. It's a good idea to examine your lease agreement, as some landlords require their tenants to carry renters insurance.
What Does Renters Insurance Cover?
Most insurance companies will offer you a variety of coverage options from which to choose as you build your policy, including:
- Personal property coverage: Sometimes called "contents coverage," this option will protect your personal belongings by offering you compensation should they be damaged or totally destroyed by severe weather events, fire, theft, or vandalism.
- Liability coverage: You should be able to choose the amount of protection you desire for compensation in the event that another person is injured on your property. This coverage helps pay your legal defense and court fees.
- Additional riders: If you have an expensive art collection, high-value jewerly, or outdoor toys such as ATVs or dirt bikes, you may want to examine rider options to fully cover those belongings as well.
What Will My Renters Insurance Quote Look Like?
The quotes you will receive on renters insurance depend on several factors. Most insurance providers take the following into account when they calculate a renters insurance quote:
- How much coverage you need
- They type of coverage you choose
- The amount of your deductible
- The location of your rented home or apartment
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 be higher than someone with few expensive belongings.
A higher deductible will yield lower quotes, but be sure the deductible you choose is one that you could comfortably afford to pay should you need to file a claim.
The location of your apartment or home also affects your quote. High-crime areas will have higher quotes than low-crime neighborhoods to reflect the added risks.
It's always a good idea to compare several quotes from a variety of insurance companies in order to find the best rates.
How Can I Find Renters Insurance?
The last thing you want to worry about as you lead your family to safety during an fire is whether you have proper insurance to mitigate your losses. Knowledgeable, independent insurance agents on the Trusted Choice® network are always available to answer any questions you may have, suggest coverage options best suited to your needs, and even assist you in filing a claim.
These agents have years of experience working with Arizona insurance providers, enabling them to find a number of quotes with the best coverage at the most affordable rates. Contact a Trusted Choice agent near you to find out how you can obtain the perfect renters insurance policy that meets your needs and budget.