One myth believed by many is that only homeowners need insurance to protect their personal property from loss. Your personal property can be just as easily damaged or destroyed when you rent as if you own your own home, and you’re going to need insurance to cover that loss.
Renter’s insurance generally covers the following things:
- The valuables that belong to you both inside and outside your home
- Additional living expenses if your home is damaged and you have to live elsewhere during the repairs
- Medical payments for guests that were injured in your home
One way to get the best deal and the best benefits is to shop for renter's insurance online. Here are more tips on how to shop.
How to Find Good Renters Insurance Companies Online
If you believe it, finding renter’s insurance online is even easier than looking through your phone book for local rental insurance companies. Almost every insurance company has its own website and can provide you with online service. If you already have auto insurance, that’s a good place to start. Most insurance companies will give you a discount if you use them for more than one insurance policy.
There are also several sites that you can go to online to find reputable rental insurance companies. One of these sites is the Better Business Review, which indicates how they rate the company and if the company has had customer complaints lodged against them. TopTenREVIEWS also provides you with a very comprehensive rating and review of all the major insurance companies. This site, among others, makes it very easy to shop for renter’s insurance online and find the best insurance for you.
What to Look for in Renter’s Insurance
When searching for renter’s insurance, it’s important to find an insurance company and a policy that offers you the best coverage for the least amount of money. When it comes to insurance, more is not always better; it’s just more. There really is such a thing as being over-insured if you have coverage that you just don’t need.
Make a list of everything you own that would be covered under your renter’s insurance. Renter’s and homeowner policies often give you the option of replacement cost or actually cash value.
- Replacement cost, which has a higher premium, will give you the money you need to replace the item if it’s destroyed.
- Cash value will give you the amount that the item is determined to be worth.
For example, if you purchased a TV 3 years ago for $600, replacement cost would give you another $600 to buy a new one, but cash value will only give you maybe half of that because the TV depreciated in value.
Most renter's insurance policies cover pretty much the same things. Therefore, when you’re looking for renter’s insurance, it’s important to look for all these things.
- Coverage for all your personal property
- Easy accessibility
- Low cost
- Adjustable deductibles
- Additional living expenses
- Liability insurance
- Good reputation