How to Compare Renters Insurance Quotes
Renter’s insurance is one of the most overlooked types of insurance. People who live in apartments tend to forego safety precautions such as these because they believe the landlords have assumed liability for the building as a whole. While this may be essentially true, the fact remains that your possessions aren’t being rented from anyone – they are yours alone. If you want to protect them from theft, damage and fire, it is critical to find an insurance policy that limits your liability. Good renters insurance doesn’t stop there either. You can add in personal liability provisions as well.
Depending on your needs and the value of the items you are insuring, you may see vastly different quotes from the major insurance carriers. Some of this may simply be due to a variation in the way they calculate premiums. Some may be due to a lack of knowledge about your neighborhood. One common mistake renters make is selecting the lowest premiums without reading the fine print. This is a dangerous way to assume tremendous liability without realizing it. Careful reading and a good education about what these numbers mean can go a long way towards protecting you more completely in the future.
The most important things to look for in your quote are the premium and deductibles. Depending on your credit and the algorithm used by that insurance company, these numbers can fluctuate from quote to quote. Low premiums generally mean a higher deductible, while higher premiums generally offer the reverse. If you have saved up some money for a major catastrophe, it is always wiser to opt for the higher deductible and save every year on your insurance premiums. That said, you also want to be on the lookout for hidden fees and other taxes that may effectively wipe out the advantage – again, close reading is recommended.
Next you want to look for personal liability. Too many renter’s insurance contracts offer no protection in the event someone is injured in your home, and accidents such as these can mean crippling medical bills over many years. Stick with quotes that offer fairly high liability coverages to ensure you aren’t buried by an unforeseen event. You may also want to look for flood or earthquake damage, particularly in high-risk parts of the country. Many renters assume such damages will be covered as a matter of course, but usually they require an additional policy.
Finally, bear in mind that most insurance quotes are just that – quotes. For harder numbers, you may have to speak with an agent and negotiate your rates. Sound comparison shopping will often yield deals you might not find otherwise, and savvy shoppers can use such rates to squeeze even more money out of their principal carriers. If you want to save additional costs without negotiation, experts also recommend consolidating your various insurance policies – auto, home and life – under a single company to earn steep discounts on all three.
