Renters Insurance Guide

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What is Renters Insurance?

Renters insurance is an insurance policy designed to protect renters from losses and damages that may occur while living in a rental property. It provides coverage for personal belongings, liability protection, and medical payments for injuries that occur on your rental property. Renters insurance typically covers personal property up to the value of the policy limits

This policy is also known as an HO-4 which is the standard renters insurance policy in the United States. It provides protection for your personal belongings, including furniture and electronics, against damage caused by fire, water, theft, vandalism and more.

What Does Renters Insurance Cover?

Renters insurance covers a variety of perils, including damage and loss caused by fire, smoke, lightning, windstorm, hail, and other natural disasters. It can also cover personal belongings that are stolen or damaged due to vandalism or burglary. Furthermore, renters insurance provides liability coverage in case someone is injured on the premises or if someone’s property is damaged.

  1. Your Personal Property – like clothing, furniture, and other personal property.
  2. Liability – coverage for being sued for accidents on your property.
  3. Loss of Use – If your home becomes uninhabitable due to a covered loss, they will help pay for an apartment, food, clothing, all while your home is being repaired.
  4. Medical Payments – for people who are injured on your property, up to a certain limit.

What does Renters Insurance NOT Cover?

  1. Flood coverage – is generally excluded from a standard homeowners insurance policy but can be purchased as a separate policy.
  2. Earthquake coverage – is generally excluded from a standard homeowners insurance policy but usually can be added (endorsed) to your policy for an additional fee.
  3. General wear and tear – are excluded from a homeowners insurance policy.
  4. War – is not included as a covered peril in most homeowners insurance policies.
  5. Neglect – is not usually a covered peril on a home insurance policy.
  6. Intentional loss – is not covered if you premeditate damage.

How do you get Renters Insurance?

The first and best way is to get a Renters Insurance quote through an agent. This is almost always the least expensive and safest option since you are having a professional find all available discounts as well as making sure you are protected adequately.

Your insurance agent will ask you questions to help determine which insurance company and coverages are best for you. Also, an agent in most cases is paid by the insurance company and not by you the consumer giving advice free to you and your family. You can request a quote from an agent at the top of this page!

How much does Renters Insurance Cost?

The easiest way to find out the cost is to get a renters insurance quote yourself on your apartment! This figure can vary greatly depending on your insurance credit score, zip code, size of the apartment, and the coverage you need.

You would be surprised how location and zip code can play a large part in how much your insurance can cost.

A renters insurance quote will show you all of the coverages the agent can offer as well.

What Discounts are available for Renters Insurance?

Below is a list of discounts you can receive depending on what the insurance companies offer so always make sure to ask your agent about available discounts.

  1. Multi-Policy – the multi-policy discount is usually one of the largest discounts you can receive. By bundling your renters, auto insurance, umbrella, RV, motorcycle, and other policies can save you money.
  2. Advance Quote – getting a quote ahead of time the actual date you would like it to start can save you money.
  3. Claims Free – Not filing claims can save you money on home insurance policies.
  4. Alarm System Discount – adding an alarm system may protect your home from theft but almost always will get a discount on your home insurance policy.
  5. Paid in Full Discount– If you pay your policy premium in full you can receive a discount.
  6. Reoccurring Payments – if you pay your premium by automatic drafts it can save you money on your home insurance.
  7. Insurance Credit Score– Having a good insurance credit score can discount your insurance premium.
  8. Package Discount– ask your agent about package discounts by bundling coverages.

How to Cancel Renters Insurance?

  1. Cancel with your insurance agent. Having an agent makes it very easy to cancel your insurance policies. They usually have a streamlined process for this and make it extremely simple. By having that direct contact info for the person that handles your policy gives you less chance of mistakes being made.
  2. Cancel Online. You sometimes can cancel through an online account of your insurance company.
  3. Cancel by calling your insurance company. Usually by a 1-800 #.

How to Switch your Renters Insurance Company?

Below are the steps to switching your renters insurance from one insurance company to another.

  1. Pull out your current insurance coverage documents to be prepared to compare the coverages you get from the quotes you receive.
  2. Get a Renters Insurance Quote from a licensed agent for FREE.
  3. Compare the renters insurance quote with your current coverages and premium.
  4. Choose the quote that fits you best. Don’t always just base it off premium.
  5. Pay the premium to the new insurance company you choose.
  6. Sign the new insurance company policy application.
  7. Cancel your current insurance policy on the effective date of the new one.

How long does it take to get Renters Insurance?

This will mostly depend on you. If you wanted to time it out to see how fast you can get insurance, you could probably get a policy in around 20 minutes. But, we recommend taking your time with this decision to compare homeowners insurance policies.

We recommend getting multiple quotes then taking the time to compare renters insurance companies as this could save you money on your renters insurance. I would also make sure to review your concerns with your agent to discuss all of the coverages and discounts available to you.

How can you pay for Renters Insurance?

It is best to check with the insurance companies on the ways they accept payment as they can differ, but generally the below is a list that are commonly accepted.

  1. Annually – you can pay your home insurance premium for the entire year.
  2. Semi-Annually – you can pay your home insurance premium twice a year.
  3. Quarterly – you can pay your home insurance premium 4 times a year.
  4. Monthly – you can pay your home insurance premium 12 times a year.

What happens if you do not have Renters Insurance?

If you do not have renters insurance and a natural disaster, theft, or fire happens, your uninsured losses could be in the thousands of dollars.

In some cases, if you are sued because someone was injured on your property and you did not have renters insurance, the damages awarded to that person could come out of your pocket.

In other words, if you do not have renters insurance, you are putting your personal property and finances at serious risk.

Is Renters Insurance Mandatory?

Generally it is not mandatory unless the property owner mandates that you acquire the policy. This is for your best interest for you and the property owners to have insurance on the property.

How to file a claim on Renters Insurance?

The first step is to contact your renters insurance agent or company to let them know that you will be filing a claim.

Your renters insurance company will assign an adjuster who will contact you to schedule an appointment to inspect the damages.

It is important to take pictures of any damages before the adjuster comes out so that you have documentation.

The adjuster will inspect the damages and determine how much it will cost to repair or replace what was damaged.

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