Yes! You finally got the new apartment. You just moved in and are excited to finally be off the waiting list!
In all the excitement, you don’t want to forget one of the important parts of renting: renters insurance.
You want to find cheap renters insurance that still covers everything.
Here are some options to help you make the best decision for renters insurance.
Understand What Renters Insurance Covers
There are different types of renters insurance for you, but almost every policy covers the three main things: personal property, liability, and living expenses if you have to move out.
How much is renters insurance? It is very affordable because the insurance company doesn’t have to cover the cost of the building.
Since companies focus on personal property instead of the building, their costs are cheaper, so your costs are cheaper.
In most areas of the country, renters insurance is less than $200 a year, depending on the extra coverage you get.
Some people add extras like identity theft protection and increased limits for more expensive items in the home. These extra coverages increase the cost, but not by much.
Cheap Renters Insurance Tips
Doing an inventory before you shop for renters insurance will help you decide what type of renters insurance you need. Your assets may not total over $30,000, so you can limit your coverage to that amount.
If you know you are about to make some major purchases, make sure your insurance amount will reflect those purchases so you don’t have to change your coverage right after you get it.
Depending on the company, you could bundle renters insurance with other coverages to get a discount.
Some companies give a discount for non-smoking buildings, security systems, fire alarms, auto-pay, electronic billing, etc. Make sure you understand all the discount options you get with each company.
Your credit score does matter because many companies base their coverage on your credit score.
Decide how much deductible you can afford before you look at the coverage so you make a wise decision.
Shop Around
When looking at all the different types of renters insurance, take your time to shop around.
Get quotes from different companies, and check the full details of their coverage. You can check the big companies, but don’t skip looking at the small regional carriers because they often have very competitive rates.
You can also find an independent broker to do all the work for you.
You can talk with them and they can find the best coverage at the best rate. A company like APOLLO will often do the shopping for you.
Balancing Coverage and Price
You can have great coverage and cheap renters insurance if you take some time up front to make the right decisions.
Let us help you make more savvy financial decisions. Check out our other articles that empower you on your journey to millions.
