Renters insurance is an affordable and smart way to protect your personal items and your financials. If you suffer a loss in your apartment — such as a fire or theft — renters insurance can help you recover. It’s important to choose your company and policy wisely to make sure you have the best coverage for your needs.
Do I need renters insurance?
While you aren’t required by law to have renters insurance, your landlord may require you to have a policy. The good news is that renters insurance is generally considered affordable and significantly cheaper than some other forms of insurance. The average cost of renters insurance in the United States is $185 per year, which amounts to about $15 per month.
Even if your landlord doesn’t require you to have a policy, that doesn’t mean you should go without one. Your landlord has his or her own insurance to cover damage to the structure of the building your apartment is in, but you need renters insurance to cover your personal belongings and to give you liability protection if an accident happens in your apartment. Renters insurance covers your items from perils such as fire, theft or vandalism.
Comparing renters insurance companies near me
There are many insurance companies out there that sell renters insurance, and it’s important to choose a reputable company that offers you an affordable rate. Before you choose a company to insure your personal belongings while you rent, make sure to do your research and compare multiple options.
When you’re shopping, you should get quotes from more than one company. This way you can compare the quotes you’re offered and the companies they’re from. When comparing, keep in mind policies can differ on many things, including price, discounts available, deductible amounts and more.
The company you choose matters. While price is an important factor in your decision, you shouldn’t base your decision on that factor alone. Customer service and the company’s claims process are also important. To gain quickly and easily learn more about a company, you can read the company’s Clearsurance reviews written by policyholders. The reviews can help you gain a better understanding of how the company performs.
Additionally, each company has a rating based on the consumer ratings submitted by each reviewer. This is an easy way to see how each company stacks up against one another.
How renters insurance can differ by state
The cost of a renters insurance policy is largely affected by the items you want to insure and the choices you make regarding your policy, such as your deductible. But your location also affects the cost. Renters insurance costs differ by state mainly because of natural disasters, severe weather and theft rates. States that experience severe storms, such as Florida and Mississippi, have higher average costs for renters insurance. If your apartment is in an area with a high flood risk, you may want to purchase flood coverage on top of your standard renters insurance policy.
Interested in comparing the best renters insurance options near you? Click on your state in the map above or select your state below to see the top renters insurance companies in your area.