Renters insurance is important for anyone renting a property to keep themselves and their belongings safe. Insurance tends to scare a lot of people off, however, because of its reputation for being a drawn-out or complicated process. So how long does it take to get renters insurance?
Getting renters insurance is actually a simple process. And it can take less than 30 minutes. You will need your:
- Date of birth
- Email address
- Apartment/rented property address
- Date of coverage start
- Number of people living in the rented property
- Value of the items you will insure
Be sure to carefully consider the value of the items you will insure. If the cost of your deductible would be higher than the value of your items, it may be best to simply pay out of pocket. Then again, you will still want liability insurance in the event someone is injured or their property is damaged on the property. Calculating the replacement value of your items may take the longest. It's best to begin with the more expensive items (electronics, jewelry, etc.) and work down to the smaller items. You do not have to include everything you own on a renters policy. But unnamed items won't be covered.
What Renters Insurance Covers
- Personal Belongings. Your personal property is not covered under the landlord's insurance policy. If a water pipe bursts or a tornado sweeps in, you will be responsible for replacing any lost or damaged items. Your landlord's policy only covers the rented property itself. Personal belongings coverage provides compensation for your items that are damaged or lost due to fire, smoke, theft or vandalism.
- Liability Coverage. Liability protects you against lawsuits concerning bodily injury and property damage that occur on the rented property. It also provides medical compensation for the injured. This typically extends to pets, as well.
- Additional Living Expenses. Also known as temporary living expenses, this coverage provides compensation if you must live somewhere else while the rented property is being repaired.
You can purchase renters insurance through an independent insurance agency such as BluCanopy, which provides free quotes with the information given. It's always best to get more than one insurance quote to make sure you're getting the best policy at the best price. Things that may affect your renters insurance rates include:
- Credit history
- Claims history
- Coverage limits
- Type of compensation
The type of compensation you may receive is split into two options: actual cash value and replacement cost value. Actual cash value accounts for depreciation — meaning that the amount you will receive goes down as the value of the insured item goes down. This costs less than replacement cost value, which compensates you with an item of equal market value. Replacement cost value is more expensive, but you're more likely to be able to replace your items than with actual cash value. For example, if your TV was worth $1,000 when you bought it two years ago, it may now be worth $250. With actual cash value, you will receive around $250 — which isn't enough for a new TV. Replacement cost value will replace the TV with an identical or similar make, model and value of the original TV.
Discounts For Renters Insurance
Renters insurance is relatively cheap, averaging around $13 a month for a policy with a $500 deductible, $25,000 in personal property coverage and $100,000 in liability coverage. There are ways to save on renters insurance, though. You may receive a discount if your rented property has safety measures such as smoke detectors, burglar alarms, fire extinguishers and sprinkler systems.
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