Renters Insurance Quote Forms
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Renters Insurance Information
As a renter, you may not have invested the same amount of money and resources into your residence as a homeowner, but you still need to protect your property with adequate insurance. Fortunately, many insurance companies offer customizable renters coverage that can be adapted to suit your needs and provide financial protection.
Why Renters Insurance Is Essential
As its name suggests, renters insurance provides a safety net for you and your property to ensure that certain events do not lead to significant out-of-pocket losses. Although details of policies may vary, in general, most renters coverage includes damages arising from the following perils:
- Smoke damage
- Some water damage (e.g., from a burst pipe or another tenant leaving their water on and flooding your unit)
Most renters insurance policies consist of the following main components:
- Personal possessions coverage—This can help pay for losses involving property stored in your home, such as furniture, electronics and clothing.
- Liability coverage—If you are at fault for the losses of a third party, such as a neighbor or passerby, this coverage can help limit your out-of-pocket costs.
- Additional living expenses coverage—This coverage can provide financial assistance if you are forced to vacate your home temporarily due to a covered event and may help pay for costs such as lodging and meals.
How to File a Renters Insurance Claim
If you accrue losses from an incident and need to file a claim on your renters insurance, it’s essential to understand the process. Familiarize yourself with the following steps:
- Plan ahead. Create an inventory of your possessions and maintain records using photos and videos.
- Contact the authorities. Involve the necessary parties immediately after an incident occurs. This may include your landlord and, in some cases, law enforcement.
- Document damages. Keep records of your losses, including visual evidence such as photos and videos. Avoid throwing away damaged items and limit repairs if possible.
- Talk to your agent. Contact your insurance company to determine what documentation you must submit with your claim.
- Expect a visit. After a claim has been submitted, insurers often send someone to investigate the damages. This investigation and your policy details will determine the amount you are owed.
5 Ways to Lower Your Renters Insurance Premiums
Like most types of insurance, you must pay regular (e.g., monthly) premiums on your renters coverage to ensure the policy remains active. Although these costs may vary based on many factors, there are several ways you may be able to earn discounts, including the following:
- Bundle coverages. You may enjoy lower rates if you purchase multiple policies from a single insurer.
- Consider your neighborhood. Renters insurance premiums are influenced by where you live. Crime rates, building age and on-site security features may all affect your premiums.
- Maintain good credit. Insurers may view policyholders with good credit scores as having lower risk levels, allowing them to provide reduced prices.
- Adjust your policy. Lowering your coverage limits or increasing your deductible may decrease your premiums.
- Explore your options. Getting quotes from multiple insurance companies can help ensure the best deal on your coverage.
Get the Right Coverage
The dedicated staff at the Brent R. Lucas Agency has over 100 combined years of experience in the insurance industry. We will use that knowledge to help you understand your renters insurance needs and acquire optimal coverage. Contact us today to get started.