Compare Renters Insurance Using These Factors

As a renter, you’ve no doubt heard some horror stories about crazy landlords, annoying neighbors and local boogeymen. But you’re not one for fear mongering. At least, that was until there were a string of thefts in your area. Now that you have something to worry about, maybe it’s a good idea to compare renters insurance policies.

Keep the Good Things Coming: Renters Insurance

According to the National Multifamily Housing Council (NMHC), there are over 109 million renters across the United States. Renting an apartment, condo or house is often less expensive than owning the space outright, as you’re not the one responsible for repairs, maintenance or property tax. Being a renter is a pretty sweet setup until you’re hit with bad luck. The thing of it is, your landlord isn’t responsible for the damage or theft of your personal possessions. So if something unfortunate were to happen, you would be the one footing the bill. One way to avoid the whole mess of it is to secure renters insurance. Here are some tips and tricks to land the policy best suited for your renting needs.

• Coverage counts:
  
  The purpose of renters insurance is to cover the cost of replacing your possessions in the unfortunate event of a theft or disaster. As you sort through different coverage options consider what you own and its net worth. According to SmartAsset, the average American renter owns over $35,000 worth of stuff. As you compare different coverage options, create an inventory list of the items you own. This list will help you itemize your belongings and better compare renters insurance plans.
  
  Keep in mind that you should expand your policy to include liability coverage too. This protects anyone injured in your home, or any property damage they inflicted upon it.
• Knowing your value:
  
  According to the LA Times, the average American household has 300,000 possessions, ranging from office supplies to kitchen appliances. As mentioned above, it is absolutely essential to create an itemized list of your belongings. After totaling the costs of your possessions, you can make a better renters insurance judgment call. You’ll want your plan to cover any financial losses, not just a quarter of them.
• Bundles of savings:
  
  Bundling insurance policies really does save you money. Time Magazine reports that bundling your home and auto insurance policies with a single insurance provider will lower your premium rates by as much as 10 percent a year.
• Raising that deductible:
  
  All good things come at a price, it’s just the way of the world. An insurance deductible is the amount of money you have to pay before your insurance agency will help with the remaining expenses. Deductible costs range by insurance agency, and while paying a lowest deductible may look appealing, it’s not advised. With a higher deductible you save more on your monthly premiums while also getting the best coverage. Who could say no to that?

When you compare renters insurance with CoverHound, you are guaranteed a list of competitive coverage plans from highly-esteemed agencies. Get started today with our online shopping and comparison platform today!