September 16, 2008
Getting Married and Renters Insurance
September 16, 2008 | By: Matt | Comments (0) | Posted in: Renters
I was definitely anxious for my fiancé Jackie to move into my apartment. In all honesty, I am amazed we have room to walk around our apartment with all the stuff we have. In my past posts, I have talked about getting married and how it changes your auto and life insurance needs. And once Jackie moved in, I knew we needed renters insurance.
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December 13, 2007
Holiday Protection With Renters Insurance
December 13, 2007 | By: Matt | Comments (0) | Posted in: Renters
The Holiday season usually means decorating your home or apartment and spending time with your family and friends. If you live in a rented home and see someone coming down your chimney, chances are he/she isn't there to bring you gifts. Rented homes are 79% more likely to be victimized by burglary then a home that is owned. Although renters insurance is affordable, only 43% of renters have a renters insurance policy. It is important to take measures to protect your home or apartment from break-ins with proper security and a renters insurance policy.
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Why You Need Renters Insurance
Take a mental inventory of all your personal belongings. When you consider the value of your furniture, clothing, electronic equipment, CDs, DVDs, etc. the numbers really begin to add up quickly. What if your home were burglarized? Could you afford to replace all the property that was stolen? Most people simply can't afford to replace all their belongings at once. So you can dip into your savings and begin the slow and expensive process of replacing your stolen items one-by-one. Or, you can protect your personal property with a renters insurance policy.
What About Your Landlord's Policy?
While your landlord might not be Ebenezer Scrooge, you as a renter will not be covered under your landlords insurance policy. Many renters mistakenly presume that their landlord's policy will cover their property losses. Unfortunately, this is not the case. Most landlords' policies only cover the building and the building infrastructure. They do not extend to their tenants personal belongings. What's more, once a guest enters your home, you're liable for any injuries they may sustain while in your home.
What Renters Insurance Covers
Renters insurance is the most viable solution to protecting your belongings. Renters insurance covers personal property losses against a variety of perils including theft, vandalism, fire or lightning, windstorm or hail, smoke, water-related damage from home utilities, electrical surge damage and more. Renters insurance also provides liability coverage against a claim or lawsuit resulting from a bodily injury or property damage to others caused by an accident on your property. In addition, most policies will provide living expense assistance if your home becomes uninhabitable due to a covered peril.
Renters Insurance Is Affordable
Renters insurance is relatively inexpensive and you may well qualify for a variety of premium discounts. The average premium for $30,000 of property coverage and $100,000 of liability coverage is only $16 per month. When you do the quick math you can see that you can buy a policy that will protect tens of thousands of dollars in possessions for only a few hundred dollars a year.
You can take measures to lessen the risk of having your home broken into. Installing a deadbolt lock on your front door (if you don't have one already), adding window locks and installing a burglar alarm are great ways to ward off potential intruders. But even if you are victimized by a thief, at least you can take some comfort knowing that your personal belongings will be protected with a renters insurance policy.
November 19, 2007
10 Ways Easiest Ways to Save on Renters Insurance
November 19, 2007 | By: Matt | Comments (0) | Posted in: Renters
Renters insurance is considerably less expensive than homeowners insurance. Yet a 2006 Insurance Research Council survey revealed that while 96% of people who own their own homes have a homeowners insurance policy, only 43% of those who live in rented homes have a renters insurance policy. Like home owners, renters have personal property worth protecting, and with the average renters insurance policy only costing $16.26 a month*, renters insurance is one of the greatest values on the insurance market today. And yet there are still ways to make a renters insurance policy more affordable.
Compare Renters Insurance Quotes
Comparing quotes and coverage is the best way to find a renters insurance policy that you can afford. You can spend a few minutes online and get free, no-obligation quotes to help you determine the policy that provides the best value for your needs.
A Higher Deductible Can Lower Your Renters Insurance Premium
A deductible is the amount you must pay before the insurance provider will make payments on a claim. As a rule, the higher the deductible is (or the more you must pay first), the lower the premium. In determining the deductible that's right for you, you should weigh the costs of paying a higher premium year after year with the cost of paying a higher deductible should you end-up filing a claim. Renters insurance deductibles usually start at $250 and go up from there.
A Good Credit Rating = Lower Renters Insurance Costs
Good credit has always been one of the easiest and most effective ways to lower insurance costs. A good credit rating shows the insurance company that you pay your bills on time, which means you're less risky to insure - less risk leads to lower premiums.
Buy Your Renters and Auto Policies from the Same Company
A large number of companies offer multi-line discounts if you combine renters insurance with auto coverage. Having both policies with one company is not only convenient, it can save you money.
Save on Renters Insurance by Installing Safety and Security Devices
Taking initiative to prevent potential losses and damage is another way to save money on renters insurance. The installation of smoke detectors, a fire extinguisher and dead bolt door locks and window locks can lead to savings since your home is less of a security risk.
Stop Smoking and Start Saving on Renters Insurance
Smoking is one of the leading causes of residential fires, damaging more than 23,000 homes every year. Some insurance providers offer reduced premiums to non-smokers.
Look for Senior Discounts on Renters Insurance
Research has shown that retired individuals are less risky to insure. Renters aged 55 and older can look to save up to 10% on their renters insurance.
Save on Renters Insurance with Group Coverage
Find out if your employer or other association (alumni or business) offers affordable group coverage. Group discounts are a great opportunity to save on insurance.
Staying with an Insurer Can Lead to Lower Renters Insurance Premiums
Many insurance companies reward loyalty with lower premiums, as an incentive to keep you happy. Take advantage of these offers by staying with an insurance provider for several years. You may be able to save up to 5% if you stay with the same company for three to five years, with the discount growing to 10% after the six-year mark.
Check Your Renters Insurance Policy Annually
Over the course of a year you may sell items in your possession or acquire new belongings. An annual review of your insurance policy will allow you to adjust your coverage amounts, potentially saving you money.
Even though renters insurance doesn't cost a bundle, you can still find ways to save. By following the steps outlined in this article, your affordable renters insurance policy may become even less expensive.
* Insurance Information Institute
July 11, 2006
The Fire in My Condo: How Renters Insurance Saved Me
July 11, 2006 | By: | Comments (0) | Posted in: Renters
It was the early morning of November 15, 1998 and I woke to the sound of my intercom buzzer going off. I thought to myself, "who the heck is coming to see me at 5:00 AM?" I couldn't imagine who it could be. After, I heard the sirens and was awake enough to see all the flashing lights outside, I realized this must be serious. I opened the door to the condo that I was renting and smoke filled the hallway and a police officer yelled "get out, there's a fire!"
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