{"id":19332,"date":"2019-02-19T07:19:41","date_gmt":"2019-02-19T07:19:41","guid":{"rendered":"https:\/\/www.thehouseshop.com\/property-blog\/?p=19332"},"modified":"2019-02-19T09:24:37","modified_gmt":"2019-02-19T09:24:37","slug":"renters-insurance-tips-that-can-save-you-money-big-time","status":"publish","type":"post","link":"https:\/\/www.thehouseshop.com\/property-blog\/renters-insurance-tips-that-can-save-you-money-big-time\/","title":{"rendered":"Renters Insurance Tips That Can Save You Money Big Time"},"content":{"rendered":"\n<!-- SEO Ultimate Plus (https:\/\/seoultimateplus.com) - Code Inserter module -->\n<script async>(function(s,u,m,o,j,v){j=u.createElement(m);v=u.getElementsByTagName(m)[0];j.async=1;j.src=o;j.dataset.sumoSiteId='b68b392479b5981b8acf46565e9fe32a0734fc21a1f7c1e60121eaa6ca1a1c64';v.parentNode.insertBefore(j,v)})(window,document,'script','\/\/load.sumo.com\/');<\/script>\n<!-- \/SEO Ultimate Plus -->\n\n<p><span style=\"font-weight: 400;\">Life is unpredictable, and unfortunately, catastrophes happen without prior notice, so it\u2019s always better to be safe than sorry. Many people suffer great financial losses that they cannot quickly recover from when a catastrophe strikes, and as a tenant, you might be thinking that these things would be covered by your landlord\u2019s insurance. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">However, this is not the case, and you can lose a great deal of money because of this common misconception. So, let\u2019s take a look at how renters\u2019 insurance can help you save your hard-earned dollars. <\/span><\/p>\n<p><b>Why Renters\u2019 Insurance is Worth It<\/b><\/p>\n<p><span style=\"font-weight: 400;\">The average cost of renters\u2019 insurance is about $20 a month, and for this price, your main question will probably be about its coverage. <\/span><a href=\"https:\/\/www.lemonade.com\/blog\/renters-insurance-coverage-guide\/\"><span style=\"font-weight: 400;\">Does rental insurance cover fire<\/span><\/a><span style=\"font-weight: 400;\">? How about burglary? What happens if I need to be relocated? Well, you can rest easy knowing the answers to your questions will be satisfactory. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">Your standard renters\u2019 insurance policies will help you cover the expenses in case of fire, windstorm, vandalism, theft, and more. And in case you want to ensure your more valuable things like expensive jewelry or electronics, you can add it to your insurance policy at an additional cost. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">In case of greater damage to the property, you might need to relocate temporarily, and depending on the state where you live, this might not be covered by your landlord. In the middle of such a crisis, renters\u2019 insurance might prove to be your best friend. It covers the relocation costs, and some policies even cover your food and laundry expenses. <\/span><\/p>\n<p><b>Get Quotes from Multiple Companies <\/b><\/p>\n<p><span style=\"font-weight: 400;\">Different insurance companies will offer you different rates for your monthly insurance fee. It\u2019s in your best interest to do your research and find the most affordable solution for yourself. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">The coverage amount for renters\u2019 insurance <\/span><a href=\"https:\/\/www.savingadvice.com\/articles\/tag\/renters-insurance\/\"><span style=\"font-weight: 400;\">depends on the value of your personal property<\/span><\/a><span style=\"font-weight: 400;\">, and of course, if you have items of great value like fine art or expensive jewelry, your monthly fee will increase. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">A typical renter has about $25,000 in personal belongings, but you might want to go a bit above this amount so that you can protect your future purchases as well. If you want to save money, you need to do your research and get quotes from your local insurance companies before you make your choice. <\/span><\/p>\n<p><b>Deductibles Can Help Lower Coverage Costs <\/b><\/p>\n<p><span style=\"font-weight: 400;\">Choosing the right <\/span><a href=\"https:\/\/www.investopedia.com\/terms\/d\/deductible.asp\"><span style=\"font-weight: 400;\">deductible<\/span><\/a><span style=\"font-weight: 400;\"> is one of the most important decisions you\u2019ll have to make when choosing your renters\u2019 insurance policy. In case you don\u2019t know, a deductible is the amount of money that you pay out of your own pocket when you make a claim on your insurance policy. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">Basically, the idea behind this is that when you choose a deductible, you tell your insurance company how much of a risk you\u2019re willing to cover yourself, and they give you a quote based on that. If you opt for a lower deductible, your monthly insurance fee will be higher. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">Your best bet, therefore, would be to opt for a higher deductible. It is a larger investment on your part in case of catastrophe, but your monthly renters\u2019 insurance fees will be much lower. <\/span><\/p>\n<p><b>Understand Liability <\/b><\/p>\n<p><span style=\"font-weight: 400;\">Renter\u2019s liability coverage can help you cover legal costs and associated damages in case a claim is made against you, or you are sued as a result of a covered occurrence. It can help you deal with damages to other people and their property if you\u2019re found legally responsible. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">Most common situations where your renter\u2019s liability coverage can help you are if you accidentally start a fire in your apartment or house, if your house guest gets injured on the premises, or if your child accidentally breaks the neighbor\u2019s window. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">Liability coverage usually starts at around $100,000, but you should always check with your insurance company. <\/span><\/p>\n<p><b>Check Your Credit Score Beforehand <\/b><\/p>\n<p><span style=\"font-weight: 400;\">Many things affect the fee of your renters\u2019 insurance, including your previous claims history, location, and maybe surprisingly, your credit score. The reason they use information about your credit score is so that they could make predictions about possible claims and prevent insurance fraud. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">It\u2019s your best bet to always be informed about your own credit score so that you can ensure that there are no errors on your credit reports that can work against you when you\u2019re applying for renters\u2019 insurance, and so that you can predict the possible insurance quotes you\u2019d be offered. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">Renters\u2019 insurance is a small investment that allows you to keep a peace of mind knowing you are protected in unforeseen circumstances, and in the long run, it can help you save a ton of money. <\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Life is unpredictable, and unfortunately, catastrophes happen without prior notice, so it\u2019s always better to be safe than sorry. Many people suffer great financial losses that they cannot quickly recover from when a catastrophe strikes, and as a tenant, you<span class=\"ellipsis\">&hellip;<\/span><\/p>\n<div class=\"read-more\"><a href=\"https:\/\/www.thehouseshop.com\/property-blog\/renters-insurance-tips-that-can-save-you-money-big-time\/\">Read more &#8250;<\/a><\/div>\n<p><!-- end of .read-more --><\/p>\n","protected":false},"author":41,"featured_media":9288,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"wl_entities_gutenberg":"","_lmt_disableupdate":"","_lmt_disable":"","spay_email":""},"categories":[16,9],"tags":[],"wl_entity_type":[602],"modified_by":null,"_wl_alt_label":[],"jetpack_featured_media_url":"https:\/\/www.thehouseshop.com\/property-blog\/wp-content\/uploads\/2016\/12\/insurance-image.jpg","wl:entity_url":"http:\/\/data.wordlift.io\/wl0502\/post\/renters_insurance_tips_that_can_save_you_money_big_time","_links":{"self":[{"href":"https:\/\/www.thehouseshop.com\/property-blog\/wp-json\/wp\/v2\/posts\/19332"}],"collection":[{"href":"https:\/\/www.thehouseshop.com\/property-blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.thehouseshop.com\/property-blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.thehouseshop.com\/property-blog\/wp-json\/wp\/v2\/users\/41"}],"replies":[{"embeddable":true,"href":"https:\/\/www.thehouseshop.com\/property-blog\/wp-json\/wp\/v2\/comments?post=19332"}],"version-history":[{"count":1,"href":"https:\/\/www.thehouseshop.com\/property-blog\/wp-json\/wp\/v2\/posts\/19332\/revisions"}],"predecessor-version":[{"id":19333,"href":"https:\/\/www.thehouseshop.com\/property-blog\/wp-json\/wp\/v2\/posts\/19332\/revisions\/19333"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.thehouseshop.com\/property-blog\/wp-json\/wp\/v2\/media\/9288"}],"wp:attachment":[{"href":"https:\/\/www.thehouseshop.com\/property-blog\/wp-json\/wp\/v2\/media?parent=19332"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.thehouseshop.com\/property-blog\/wp-json\/wp\/v2\/categories?post=19332"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.thehouseshop.com\/property-blog\/wp-json\/wp\/v2\/tags?post=19332"},{"taxonomy":"wl_entity_type","embeddable":true,"href":"https:\/\/www.thehouseshop.com\/property-blog\/wp-json\/wp\/v2\/wl_entity_type?post=19332"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}