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Renters Insurance quotes FAQ

Here are the answers to the most frequently asked questions on Renters Insurance quotes. When you are planning your Renters Insurance, what should you think about?

» Why do I Need Renter's Insurance?

» What Should I Look For In A Renters Insurance Policy?

» How Much Does It Cost?

Glossary and Guide

Renters Insurance Quotes, Glossary and Guide

Before you get your Renters Insurance quotes, check out this glossary. It gives you a quick guide to the jargon and helps you understand the Renters Insurance quotes when they arrive

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Renters Insurance quotes FAQ

  • WHY DO I NEED RENTERS INSURANCE?

    • PROTECT YOUR BELONGINGS: Your landlord or property manager is not responsible for your personal belongings. If you suffer a loss, only your own renter's insurance can replace the items you've worked so hard to acquire over the years.
    • LIABILITY: If you damage someone else's property or someone suffers injury or death due to your negligence, you could be sued. Renter's insurance provides liability coverage to provide a defence and pay a predetermined amount if you are found to be liable. Leaving a candle burning and causing a fire, your pet biting someone, and trip and fall hazards are examples of potential liability claims.
    • PROVIDE TEMPORARY HOUSING: Even if it's not your fault, a fire, water loss, or crime can make your home uninhabitable. Renter's insurance provides LOSS OF USE coverage which will pay for the lodging while your home is being repaired or until you can find a new place to live. This is a far better option than temporary shelter.

    WHAT SHOULD I LOOK FOR IN A RENTERS INSURANCE POLICY?

    • EXCLUSIONS! Almost every policy excludes FLOODS and EARTHQUAKES. Ask an agent if supplemental coverage is available if these concern you. If you own a DOG, check to be sure your policy does not exclude dog bite liability and make sure your breed is not excluded as well. If your home has a pool, that you control access to, make sure your policy covers water liability and if there is a diving board or slide, make sure these items are not excluded as well.
    • REPLACEMENT COST COVERAGE ON PERSONAL PROPERTY: If your belongings are damaged or destroyed by a covered loss, you will probably want to purchase new items as soon as possible. REPLACEMENT COST COVERAGE pays for brand new items even if yours were older. The other type of coverage is actual cash value which takes depreciation into consideration and generally will not replace your belongings with new ones. Consider a 10-year-old television, the actual cash value may be fifty to one hundred dollars, but the cost to replace it with a new on is closer to five hundred dollars. Replacement Cost Coverage will pay for a new TV while Actual Cash Value coverage only pays fifty dollars.

    HOW MUCH DOES IT COST?

    • The cost varies by geographic area and company. This is why it is important to include the property address when requesting a quote. The other key factor in your premium us how much PERSONAL PROPERTY COVERAGE you need. Typically these policies start at about 10 to 15 dollars per month. Some companies will offer additional discounts on Auto Insurance for having Renters or Homeowners insurance. This is commonly referred to as a multi-policy discount.
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