Renters insurance is a type of insurance mainly designed to cater to the demands of the renters. The tenants cannot rely solely on the landlord’s issuance as it relates only to the building and not to the assets. In the absence of renters insurance, you must bear the cost of replacing all belongings in the event of a disaster, tornado, or fire that rips through the building. To avoid this, we have contents insurance. This insurance covers personal belongings and also has additional cost of living insurance and liability coverage. In addition, the guest medical payments can pay for the guests’ minor injuries, regardless of who is responsible for these injuries.
1. How can you take out tenant insurance?
Taking out home contents insurance is quite simple. Here are the involved steps you should know:
- Understand what is covered in the renter’s insurance and what is not included
- Determine the amount of coverage you need
- Compare quotes from the tenant’s different insurance companies
- Apply to the company of your choice
2. What are the best insurance companies for renters?
Now we will enlist some of the best renters insurance companies that you can approach to get the policy coverage.
Amica
Amica offers renters insurance in every U.S. state with the exception of Hawaii and Alaska. According to reports from the National Association of Insurance Commissioners, Amica receives very few consumer complaints relative to its size. Moreover, it has a very intuitive website, which allows people to pay bills, get quotes and track and submit claims online at any time.
You can seamlessly add additional cover for electronics, jewelery and other valuables to your policy. Alternatively, you can also sign up for replacement cost coverage to ensure that if the assets are stolen or damaged, you will receive a sufficient claim amount to replace them with the new one instead of getting the value of their current value. In addition, Amica also provides fraud coverage for unauthorized use of your identity.
You can get great discounts on premiums if you have bill payment settings set to automatic, or if you bundle your renter’s policy with auto insurance, or if you stay with the insurer for at least two years, or if you sign up for paperless billing, or if you do not report any claim for three years.
State farm
State Farm provides tenants with both reliable customer support and economic policy incentives. So if budget is a primary concern, State Farm policies may be your choice. The company consistently offers cheap renters insurance. In addition, the high JD Power score and nationwide presence ensure that customers always have access to top-notch customer support.
In addition, State Farm offers renters several ways to personalize their coverage. So you can add optional add-ons like umbrella insurance, pet health insurance, liability coverage, business property coverage, and earthquake insurance.
MetLife
Another of the most popular and well-known names in the domain is MetLife. When you choose MetLife’s Basic Rental Insurance, you get coverage for replacement or repair of the home, up to its actual cash value. However, if you want to insure special items such as luxury items, musical instruments, sporting goods or electronics up to $15,000, you can opt for the supplemental coverage.
Fortunately, MetLife renters insurance is available in all US states. Their standard policy provides liability coverage between $25,000 and $500,000. In addition, you can get discounts through member organizations or certain employers, which can yield mega savings on the premium amount. Another excellent way to save on the premium amount is through multi-policy discounts.
Their customer support is available around the clock, all seven days of the week. So if you need a comprehensive quote, you can contact a MetLife agent. They can help you with all the details about the coverage options. Online quotes are also available, but are limited to basic coverage only.
American family
It offers you a few unusual endorsement options on the renter’s insurance policy. Further, in addition to the three traditional coverages – loss of use, personal property, and loss of use, you can also include several optional coverages such as home business coverage, travel protection, and identity theft coverage. American Family may not be number one for financial stability, but it’s a really good choice if you need a reliable provider for renters insurance. If you need a company with solid financial backing, you can also opt for other options on our list.
Lemonade
Lemonade is another of the best renters insurance companies. The company is known for its unique business model. First, lemonade costs a fixed percentage of the renter’s insurance premiums, which is used for the company’s operating costs. Then the remaining amount is used to pay the covered claims. If there is any amount left over after that, it will be donated to a charity selected by the policyholders at the end of the year.
For anyone looking for basic renter’s insurance, this could be a good choice. Their standard policy includes loss of use, personal liability and personal property. You have the option to personalize the deductibles and limits to maximize your savings and include planned personal property for more expensive assets. Tenants are also eligible for a discount when installing home security equipment and paying the annual premium in advance.
Rural
In addition to the basics, such as personal property coverage and liability coverage, Nationwide’s standard policy also covers remodeling or additional coverage and credit card coverage at no additional cost. It means that if your landlord allows you to make improvements to your home, you are covered for it. In addition, you are protected against unauthorized debit or credit card charges, up to the policy limit.
You can get discounts from the company if you install smoke alarms, are damage-free, and have security devices installed in your home.