Renters insurance policies are available all over the country and several companies provide this type of coverage. Some of the most popular companies that provide renters coverage are Geico, Assurant, State Farm, Allstate, MetLife, Amica, American Family, Homesite, Liberty Mutual.
Consider the following tips to select the best renters insurance for your specific needs and select the right coverage for you.
To find renters insurance suited for your needs, consider these steps:
- What your specific insurance needs are. Consider the items you own. If you have several expensive pieces of jewelry or several electronic items, you should think about getting additional coverage to get more value out of your policy in case you need to replace those items.
Make an inventory of everything you own and if you can, take photographs. Also, you may want to write any serial numbers of the most expensive items to own to make the claims process easier for you. You can also write down an estimated value of each item.
Keep a copy of the inventory somewhere other than in your unit. That way, if anything were to happen in your unit, you don’t need to start writing the inventory down again from memory.
- Which companies provide the type of insurance you want. Whether you are looking for cheap renters insurance or have specific requirements you want the policy to have, you should always research the different companies and compare:
- the types of coverage
- the events the cover against
- the money you can get in case you need to replace your belongings
- the cost of the policy per month/year
- the cost of the deductible
- any additional benefits the policies provide (for example, a discount in the price if you choose to bundle your renters and auto insurance with the same company)
To check which renters insurance companies operate in your state, simply type renters insurance plus your state in Google. Remember to consider how long it takes to file and track a claim in each company since this can seriously affect your finances and living situation if you ever needed to file a claim.
Check reviews online of the different policies and remember to ask your family and friends for recommendations. Check ratings with AM Best or similar websites to make sure those companies can pay for the claims in case you need to file one.
- Start the application process. Some companies allow you to complete the entire application online, others require an in person or phone conversation. Applications are typically easy to fill in and require basic information. However, you will probably need to know about the construction year of the building your unit is, the type of roof material, etc. You can find this information in sites like Zillow.com.
In terms of renters insurance costs, the average rate ranges from $12 to $25 per month. However, while in some states like North Dakota the premiums cost just over $120, in states like Mississippi (the most expensive state), premiums can cost around $250. Deductibles can cost anywhere from $500 to $2,000, and you can generally get discounts if you increase the amount.