Just because you don’t own your home doesn’t mean you can’t have insurance. A landlord’s / landlady’s insurance policy usually just covers the building but none of your own personal stuff. Whether you rent an apartment, house, condo, etc., you can look for a quote on cheap home renters insurance online.
What if the apartment or home gets burned down or destroyed by a flood? Your landlord will get all of the insurance money and you will end up with nothing. On top of that, all of your clothes, children’s items, toys, electronics, and everything else you own will be either damaged or lost forever. Only with your own insurance policy for your family’s personal belongings will you be able to repair and/or replace it all without having to dig into the emergency fund or get a loan.
It’s not just fire or water that could cause damage to your belongings. Depending on where you live, you might have to worry about windstorms, vandalism, and theft. There is also smoke damage and visitor injuries to worry about. You don’t want your landlord/lady to blame you for someone getting injured on the property. What if they trip over one of your own items left in the yard? It might not be covered in the landlord’s insurance policy, so make sure it is in your own.
When shopping around for cheap home renters insurance, make sure any policy has three types of coverage: personal property, liability repairs (if you accidentally damage the property yourself, or a visitor gets injured), and additional living expenses (such as hotel bills if the home is destroyed).
Cheap Home Renters Insurance for Personal Property Damage
Personal property coverage is typically subject to a deductible. How much will you have to pay out of your pocket toward the items’ replacement or repairs before the insurance kicks in? As with any other type of insurance, the higher the deductible, the less you’ll have to pay on the premium every month. It all boils down to what you think would be more in your favour financially.
Some insurers will have a calculator on their website for you to use in order to get an estimate of how much coverage you will need and how much your payments might be. Always check and see what kinds of discounts (if any) you are eligible for. If you have smoke detectors or a camera installed, you might be able to get some discounts.
The best place to start looking for cheap home renters insurance is at Lemonade Insurance Company. Check and see if it is available in your state. The signup process is easy and there are a wide variety of coverage types. This started as an online only insurance provider with a unique payment system and guaranteed fast claims processing.