Renters insurance may not be required, but having a policy is certainly a smart idea. Your belongings are worth more than you realize. Not only will renter’s insurance cover the cost of replacing your possessions, but it will give you liability coverage and a host of other forms of protection such as damaged, vandalized, or stolen possessions. So, let’s find out how to get renter’s insurance.
Create an Inventory
Take time to group your possessions into categories…
- electronics
- appliances
- furniture
- clothes
- shoes
- jewelry
- soft furnishing
- sporting equipment
Take pictures and write down brands, models, and serial numbers. Save receipts for big-ticket items and keep this info in a safe place or on an external or cloud drive.
Consider Your Liabilities
Do you smoke and do you have a pet will be questions you will be asked. Both of these can affect your liability and your premium. How often do you entertain people at your home? This could also affect your liability needs.
Small Details You Must Provide
Providing as much detail as possible is vital to getting a good quote. Have these details ready, Your full address does your home; have a smoke alarm, sprinkler system security alarm, or a carbon monoxide detector. Is your home powered by electricity or gas? What floor you live on and who lives with you. Does your front door have a deadbolt?
Find an Independent Insurance Agent
It is worth speaking to an independent insurance agent before you buy a policy. They will look at your specific detail and find a policy that gives you the best deal. Or if you have auto insurance you may get a better price if you bundle the renter’s insurance with your auto insurance. Independent agents can scan many more insurance companies big and small that could save you time and money.
Cost of Renter’s Insurance
The average cost of renters insurance in the US is about $15-$25 per month, according to data from the insurance information institute. If you estimate your personal property at $100,000 you will pay more in premiums than if you estimate it at $25,000. And opting for replacement cost coverage instead of actual cash value will also increase your premium. Renter insurance premium adds up to less over the course of a year when you compare it to replacing an unexpectedly damaged or stolen laptop or TV. You do not have to lose everything at once to be able to file a claim.
In a nutshell renter’s insurance is absolutely worth it. As the number of renters increases across the country, so does the popularity of renter’s insurance. The renter share of all occupied housing units in the United States increased steadily from 33.4 percent in 2010 to 36.4 percent in 2016, according to the Census Bureau, .In 2018 people under the age of 30 accounted for 50 percent of people in rental housing, according to the National multifamily housing council (NMHC). In addition, renting is now more common among age groups and family types such as households headed by 35-64-year-olds and those with children which in the past were more likely to own their homes.
Rollins Insurance represents multiple A-rated insurance companies to make sure we deliver the most competitive rate packages to our clients in Kentucky and Ohio.
Contact us (859-781-7283) for more information or get a free quote!
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About Rollins Insurance
Rollins Insurance is an independent insurance agency providing our clients the best prices with the most coverage possible since 2008. We represent multiple A-rated insurance companies to make sure we deliver the most competitive rate packages to our clients in Kentucky and Ohio. We find that most people are under-insured and over-paying when we meet them. We love what we do and our primary business is Personal Auto, Homeowners, and Life and Health insurance. We are a family-owned and managed business that specializes in providing needs-based insurance services.
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