13 Sep Renters’ Insurance: A necessary expense when renting your space

Renters’ insurance isn’t only a great idea, but it’s also becoming required. So, what exactly is renters’ insurance and, since you have to have it, what are your buying options?

What exactly is Renters’ Insurance?

Renters’ Insurance is similar to a homeowners’ policy in that it covers possessions when there’s a break-in or if your personal property is damaged due to a fire, flood, or other natural disaster. Where it differs from homeowners’ is covering the structure itself. But, since you, as a renter, are not responsible for the structure or property, you don’t need to worry about that. The person who owns the property itself is responsible for the structure.

Now that we know what it is, let’s discuss options.

Get Renters’ Insurance from a local insurance agent.

Big name companies such as Allstate, Farmers, State Farm, Geico, and Progressive all offer renters’ insurance. Getting a quote from their sites is fairly straight forward. However, there is something to be said about meeting with a local agent from one of these firms and getting a quote in person. An agent may be able to help you get the best policy for the least amount of money by offering a bundle option; insuring your vehicle, motorcycle, or other items of value in one policy.

A quick Google search should bring up a plethora of options when it comes to finding an agent.

Having a local agent isn’t for everyone. Or, maybe you use public transportation, so bundling isn’t necessary. There are other options out there.

Non-Traditional Insurance Options

Do a quick Google search for renters’ insurance and the first thing that pops up is an ad for a company that is relatively unknown in the insurance world.

Let’s explore a couple of alternative companies:

• Lemonade: unusual name, but it worked for Beyonce’, why not an insurance company, too? Lemonade offers insurance in 90 seconds for as little as $5 a month.
• Jetty: as with Lemonade, Jetty offers insurance beginning at just $5 a month.

Local Agent vs. Non-Traditional

Options are great and it’s nice to have options. So, when deciding what renters’ insurance to go with, consider how you would deal with it if the worst happened. Let’s say your home/apartment was struck by lightning, causing all of your electronics to fry and also, randomly, your water pipes exploded. In that situation, would you feel better and less stressed if you could talk to an actual person? For me, the answer is yes. I can say that with 100% certainty because that actually happened to me. If, unlike me, you would rather handle business over the phone or via computer, then you may not need an agent.

You Have Renter’s Insurance. What now?

Having a policy is not enough. You need to catalog what you own. Take pictures on your phone. Make a short video. Upload it to the cloud in case something happens to your phone. When in a high stress situation, it’s easy to forget what exactly you own. Yes, you know you own a smart TV. But, what brand? What model?

As with anything, shop around before you buy and get the policy that suits you best. Need more info on renters’ insurance? Check out our blog.