Most people’s monthly budget only allows them to rent their homes or apartments. As opposed to having a mortgage that requires home owner’s insurance many renters do not have this coverage. Most insurance policies the landlords have do not cover personal belongings. If you work from home and have expensive tech or equipment then having your own insurance policy to cover this will help in case of an unforeseen accident.
More Affordable Than Coffee
Most renter’s insurance plans cost about $15 a month. Your basic policy includes covering damaged or stolen personal property. There is also liability coverage in case of a lawsuit of damage to another’s property or even a guest getting injured in your house. Best of all, additional expenses like staying in a hotel or eating out while your home is being repaired from a disaster are also covered. Always be sure to know specifically which disasters and types of damages are covered according to your plan, they are rarely a catch-all type of thing. It is worth comparing your options as no two policies are completely the same. Here are a few of the top renter’s insurance companies to consider looking into.
Available nationwide except in Hawaii and Alaska, Amica is exceptional among the rest. They are known for having very few complaints and offering a user-friendly online platform. They have lots of options to specialize your policy according to the specific items you want to be covered. Their discounts are also impressive. You can lower the cost of your policy by signing up for paperless billing or combining it with your auto insurance. Amica lets you easily manage your policy online at any time.
Next, we have MetLife, a reliable home and car insurance business. You will have to meet with a representative to get a quote, however. The Metlife policies each include help with identity theft, false tax returns, fraudulent bank activity, and online hacking. Coverage for musical instruments, sports or electronic equipment, or expensive items will vary depending on your state.
As one of the largest companies in the business, State Farm provides all kinds of insurance policies. You can discuss your case with an agent over the phone or online. Their website is also easy to navigate and complete tasks quickly. Not as many discounts are provided as other companies but they do apply to have safety devices installed like smoke detectors or alarm systems.
Another high-ranking company with few customer complaints is Nationwide. Unlike other options, they cover credit and debit card theft and any home additions or renovations allows by your landlord. Basic discounts are available including having smoke detectors.
Allstate is an attractive choice for renters who are 55 and up by offering up to 25% off their premium. Their discounts separate them from others. You can save up to 5% off your policy by having your payments withdrawn from your bank account automatically. Their services are available on an app you can download giving you quick access in the case of filing a time-sensitive claim.
Better Safe Than Sorry
If you’re a renter, bottom line is that having your own rental insurance policy could secure you financially in case of an accident. Consider common scenarios like your dog biting someone or running your business from home. There are even policies especially for households with shared occupancy. If getting a quote is free it wouldn’t hurt to do some insurance policy window shopping.