The landlord who you rent from carries insurance on the apartment building or house itself, but all of your furniture, clothing, and other possessions are your responsibility. To be covered, you need a rental insurance policy. In addition, renters insurance coverage can provide peace of mind for you when you have visitors. If guests who are visiting are injured, having renters insurance that protects against liability is important.
Get several renters insurance quotes so you can compare rental insurance coverage and costs. Have a checklist ready when you get renters insurance quotes. Make a list of your personal property. Next, set a value of your personal property if you had to replace it. Include furniture, electronics, appliances, clothing, jewelry, kitchen items, art, etc. Be realistic about what your possessions are worth to get adequate rental coverage.
When getting renters insurance quotes, ask about the different deductibles that are available with specific renters insurance policies. The deductible is the amount you would have to pay if you file a claim before the insurance kicks in and pays the balance. A low deductible, such as $100, would equate to higher renters insurance quotes. A lower deductible, such as $250 or higher, would net lower quotes. Determine what dollar amount you would be able to pay to decide on the deductible.
Shop around and get several renters insurance quotes. The first place to look is your insurance company that insures your vehicle. Often it's a good idea to have your insurance all at the same company to get a multi-policy discount. But go ahead and shop around to get several quotes using the same criteria, that is, give the same information to all of the insurance agents so you can compare apples to apples.
The factors that usually determine the cost of renters insurance are:
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