Tenant Insurance aka Renter Insurance 101 – How to Buy Renters Insurance
Real Estate Residential Rental Property Management Tenant Insurance Renter Insurance
How to Buy Renters Insurance
Renters insurance is easy to get, and there are many insurance companies to choose from. Insurers who offer homeowners insurance generally also sell renters insurance. In fact, a renters insurance policy and a homeowners insurance policy are almost identical. The main difference is that a renters policy doesn’t include coverage for the building, since the landlord owns that.
Comparison Shop
Prices vary from company to company, so it pays to shop around. Get at least three price quotes. You can call companies directly or get quotes from the Internet. Your state insurance department may also provide information about prices.
Get quotes from different types of insurance companies. Some insurers sell through their own agents. These agencies have the same name as the insurance company. Some sell through independent agents, who offer policies from several insurance companies. Others don’t use agents at all but sell directly to consumers over the phone or via the Internet.
But don’t shop by price alone. Select a company that answers your questions and handles claims fairly and efficiently. Ask friends and relatives for their recommendations.
Look for an agent or company representative who takes the time to answer your questions. Remember, you’ll be dealing with this person if you have an accident or other emergency.
Tenants
These are some ways to save money on premiums: Consider taking a higher deductible (the amount of money you have to pay toward a loss before your insurance company starts to pay a claim). The higher your deductible, the more money you save on your premium. Consider a deductible of at least $500. If you can afford to raise it to $1,000, you may get as much as 25 percent off your premium. Remember, though, that you’ll pay the deductible each time you file a claim.
Insurance companies often offer discounts on renters insurance if you have another policy with them for your car or business. You can also get discounts if your apartment has a security system, smoke detectors or deadbolt locks. More discounts might be available depending on your age or whether or not you smoke.
This blog post for Real Estate Professionals, Investors, Landlord, Property Manager, and Property Management Companies is brought to you by SimplifyEm Pay Rent Online and Property Management Software
This blog post for Real Estate Professionals, Investors, Landlord, Property Manager, and Property Management Companies is brought to you by SimplifyEm Pay Rent Online and Property Management Software
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