Whether required by a landlord or not, a renters insurance policy is an important consideration for renters in big cities and small towns alike. But with so many companies competing for your business, the process can be unnecessarily laborious.
So, the MarketWatch Guides Home Team researched multiple insurers and compared coverage, pricing and other benefits to help you find a renters insurance policy—and came up with four useful tips when it comes to doing your own policy research.
1. Estimate the value of your personal property
Take inventory of your belongings and estimate their total value. Go room to room in your home and take pictures of each item you would want cash value for if anything happened to your home. In addition to taking photos of these items, record any serial numbers that might be helpful to identify the item after a covered peril.
Additionally, keep a list of the cost of each item. If you don’t know the cost of an item, look it up online or look up the cost of similar items. You’ll also want to include any receipts or appraisals you have for these items. Consider using an online home inventory tool or an inventory smartphone application to store this information.
2. Check with your landlord
There are three main reasons you’ll want to check with your landlord before gathering and comparing renters insurance quotes:
- Most landlords will require you to purchase a policy with certain coverage limits. If they don’t, decide how much coverage to buy by comparing an insurance company’s offerings to your personal inventory. You may want to check with an insurance agent about any discounts they’re offering and have a discussion about their coverage options.
- Your landlord’s insurance policy might cover certain items that you were considering adding to your policy for extra protection, so checking with them before adding any additional coverage can prevent you from spending money on unnecessary coverage.
- Landlords and leasing offices often have partnerships with renters insurance companies in the area and can offer you a discount on your policy.
3. Understand what’s included in a policy
Review the terms and conditions of the policy you’re considering so you understand your coverage and plan pricing and aren’t surprised by any coverage limits or additional fees. This is also a good moment to determine how to file a claim with the company.
4. Gather quotes and compare policies
After meeting with your landlord, gather quotes from three to five renters insurance providers to compare pricing and coverage. Most quotes will include information about the coverage included in the policy you’ve selected.
If you’re ready to purchase a renters insurance policy, enter your zip code into this online tool and compare quotes from multiple renters insurance companies near you.
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