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A Renters Insurance Comparison Guide

Whether you are renting a large house or a loft in a high-rise building, you will need to have the contents of your home under the protection of a renters insurance policy.

Besides finding coverage for vandalism and theft, you should also make sure you find an insurance policy that will adequately protect you from acts of nature and accidental damage. When you live adjacent to other renters, sometimes their actions can cause your belongings to become damaged or ruined as well.

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One of the main concerns of renters is burglary and vandalism. If you live in a condo, apartment or house, you may find yourself making a second trip around the home to double-check that all locks are secure. Unfortunately, burglars have become so sophisticated that locked doors alone are simply not a deterrent.

On top of getting a good renters insurance policy, you can take some additional steps to ward off vandals and burglars. Investing in a good home alarm system and putting protection notices on your windows and front lawn may make less skilled burglars think twice before trying to gain entry to your home. Secondly, you can purchase a heavy duty safe with a high-tech mechanical locking system for securing family heirlooms, jewelry and smaller electronics.

Renters Insurance Comparison – Types Of Coverage

After comparing a few quotes, you will find that most renters insurance companies base their premiums on the type and amount of protection you opt for. In other words, a basic renters insurance policy with a low cash-out value will cost you the least, but it will also offer you little in terms of compensation.

Even if you find a renters insurance policy with coverage that includes acts of nature, be aware that there are several other types of coverage that would not be included if a disaster were to occur:

  • If you live in close proximity to an airport or military base, damage to your property by way of a wayward aircraft or falling objects would not be covered by this type of policy.
  • Mechanical failure of your heating and plumbing systems, or any structural failures would also not be deemed as an act of nature.
  • Typically, even flooding by itself would not be covered.

To figure out what type of renters insurance policy you need, you will have to evaluate your particular lifestyle, living situation and extraneous factors. If you live in a townhouse or row house, the actions of your neighbors can have damaging results. Fire and smoke damage to your belongings can occur by way of another person’s action. If you live on the first floor on a high-traffic road, opting for renters insurance with a provision for out of control vehicles may also be something you want to consider.

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Renters Insurance Comparison – Replacement of Valuables

In the event that your belongings become stolen or damaged, you will need to rely on your renters insurance to provide fair and fast compensation. A big portion of what you pay in premiums will depend on whether you have selected a policy that has a provision for replacement value versus actual cash value. With actual cash value, your insurance company will have you submit a list of valuables that you want to have covered.

Next to each item you will jot down how much you paid for the item (value) and then you will write how old the item is. If you ever need to use your renters insurance, in this situation you will get an amount of money that is based on how much it will cost to replace the depreciated value of your insurance items.

Replacement value, though considerably more expensive, will allow you to easily replace your valuables at fair market value prices. For renters with lots of new electronics, a large amount of jewelry or rare items, a replacement value policy is a must.

Renters Insurance Comparison – Extras Benefits

When something catastrophic occurs in your home, sometimes you cannot reside there for a period of time. Some policies provide coverage in the event of a life threatening emergency that will also cover the costs of a hotel stay. Other insurance providers offer extended benefits in the form of liability protection to policy holders that need to adhere to homeowners and condo association rules. Many rental units within communities have stipulations that require renters to provide proof of a liability insurance policy to protect against claims of injury and to add a layer of security if legal representation is necessary.

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