If you have made the wise decision to purchase renters insurance, finding the right policy is the next step. Comparing quotes from several insurance companies is a good place to start.
Renters insurance quote comparison can be confusing, however. How do you know what coverage amounts and liability limits you need? Is the standard policy right for you, or do you need something more to cover your risks?
An independent agent in our network can simplify your comparison shopping. Independent agents can gather a variety of policies and quotes, help you understand your options and offer guidance to help you choose the policy that is best for you.
Find an agent in your neighborhood who can help you compare renters insurance policies that fit your coverage needs.
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Renters Insurance Statistics
- There are more than 2,500 companies that offer renters insurance in the United States
- Obtaining a single insurance quote for renters insurance generally takes 15 – 20 minutes
- Insurance professionals recommend that you get at least 3 – 5 quotes before choosing a policy
How Renters Insurance Costs Differ
Many factors can affect your rental insurance rates. Rates and coverage can differ significantly from one policy to another, making it difficult to compare two policies side by side. While one policy may have an appealing rate, that coverage may not meet your needs.
It is a good idea to understand the ways that policies differ and what those differences can mean for you. Then you can be informed enough to choose the best renters insurance plan for you.
Comparing Deductible Options
When you file a claim, the deductible is the amount that you pay out-of-pocket before the insurance coverage kicks in. Deductibles help you to manage your insurance costs; they also help to prevent frivolous claims and abuse of the system.
The higher the deductible, the lower your rate will be. Deductibles for renters insurance can range from $50 to $1,500.
Before getting renters insurance quotes and comparing rates, it is a good idea to consider what you are willing to pay in deductible costs in the event you need to file a claim.
If you feel that it would be worthwhile to pay a higher premium to have a deductible of $100, you can instantly eliminate any insurance company whose lowest offered deductible is greater than that amount.
Comparing Actual-Value vs. Replacement Cost Coverage
When looking at renters insurance costs, keep in mind that your rates will vary according to whether the policy covers the actual cash value of your personal items or the replacement cost.
Many companies will give you the option to choose, but others will not. So be sure to ask which of these options you are evaluating in the quote.
Actual-value coverage will cover the depreciated value of the property you lost to theft or damage. Replacement cost coverage will cover the cost of purchasing a new item to replace the old one.
The right choice for you depends upon your needs and the value of your items. An independent agent can help you explore the options and make an informed decision.
Comparing Coverage Caps for Special Items
Many renters insurance policies have built-in coverage caps for specialty items, collectables, jewelry and other highly valuable personal property. If you have any particularly valuable items, you may need additional protection to be certain that they are covered in full.
Check the maximum coverage allowance for these items in each renters insurance plan you compare. If the coverage allowance is too low for you, determine whether you can purchase an additional endorsements to get the coverage you need.
If you are comparing two companies and one can offer enough coverage without an additional endorsement and the other cannot, be sure to add the cost of the extra rider to the second one to accurately compare them side by side.
Finding the Best Renters Insurance Company for You
Comparing quotes and looking for the best renters insurance company for your needs can be time consuming. Scouting for the best rates and coverage online can be daunting, especially considering the amount of personal information you have to enter into an online system to receive a policy quote.
It gets even more difficult if you have specific questions about the policy’s coverage details.
Let a member agent in our network make renters insurance comparison shopping easy for you. A local agent can assess your coverage needs, make note of your preferences and get several renters policy quotes for you quickly.
Contact an independent agent today who can secure the best renters insurance plan for you.