Renters Insurance Information Every Tenant Should Know

Where do you find renters insurance information? Are you on your own for the first time? Off to college and renting a dorm? Renters insurance should be included in your planning budget. What does it cover? Why do you need it? Just what is renters insurance? Who needs renters insurance? Anyone who rents a home needs to be insured.

Information on the Types of Renters Insurance

There are three basic types of renters insurance. All cover your guests, in case of injury, and your contents, if damaged or stolen. Choose the one that will fit your needs.

  • The first type of renters insurance is a basic policy. This is the least expensive option. This type of policy covers the basics. Exactly what this policy covers will vary depending on your agent offerings and location. Most natural disasters are covered. There is limited content coverage.
  • The next type is a broad form policy. This offers a little more protection than a basic policy. This is the most popular option as there are more options and greater coverage of your property and liability.
  • The third type of renters insurance is even more customizable. This policy is for those extremely high replacement cost items. Electronics, jewelry, valuable art work, and other expensive items in your home can covered with this policy.
Where Can I Find Renters Insurance Information?

Before choosing your renters insurance policy, take an inventory of your belongings. Write everything down. Take pictures of the most expensive items. Be able to put a price tag on replacing what you currently own. Talk to insurances agents. Discuss all of your options. Where you live and what you own will determine what a renter’s insurance policy offers the right coverage for your needs. Do some research and look at several types of policies and choose the one that fits your situation and budget. Depending on the location, you may want to include coverage that is optional like floods and earthquakes. These are not offered in typical renter’s insurance coverage.

There are several places to go to find renters insurance information. Asking your landlord is a perfect place to start. Using the same insurance carrier as your landlord could save some on your premium. It always good to shop around and do some research before you settle for anything. Check with your current auto insurance carrier. Do a search online. Grab a phone book and call a few insurance agents, find out what rental insurance is offered. Shop around and compare notes and pricing. Choose a policy that will cover the best for the best price.

Get several quotes in person and online. Compare coverage of all quotes. Choose the policy that will fit all your content and liability needs. Make sure you are covered for any other disasters that are not included in your standard policy. If your area is prone to flooding or earthquakes make sure you have flood insurance included. These are not usually included a basic rental insurance information quote.

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