Renters Insurance Get A Free Quote Now

Nov 30, 2015 - One of the most common misconceptions we hear from people who rent an apartment from a landlord or property management company like Kenmore Development is that their belongings will be covered in the event something bad happens to the building, like a fire or other hazard. In CA, it is underwritten by Property and Casualty Insurance Company of Hartford; in WA, MI, MN, by Trumbull Insurance Company; in MA by Trumbull Insurance Company, Sentinel Insurance Company, Hartford Insurance Company of the Midwest, Hartford Accident and Indemnity Company; and in PA by Hartford Underwriters Insurance Company.

To evaluate renters insurance companies, we calculated the average costs of coverage in 15 of the biggest renters markets in the U.S. In addition to premiums, we looked at the features offered by these companies and the number of opportunities for policyholders to reduce the cost of their renters insurance premiums.

For instance, Nationwide calls it Brand New Belongings.” That means that if you have a four-year-old MacBook Pro that's damaged in a fire and want a circa-2014 MacBook Pro, not a used MacBook Pro from 2010, it's worth making sure that you have a policy that would allow you to buy the newer computer (after you meet your deductible, which on these plans run around $500 or $1,000, typically).

Now, this is the least relevant aspect of renters insurance to most people because most personal injury liability attaches to the www.policyreviews.com property owner, so if someone gets hurt while visiting your apartment the odds are that their lawsuit will name the landlord.

Features that stand to save you money on renters insurance include fire extinguishers and smoke detectors, sprinkler systems, anti-theft alarms and deadbolt locks.Notify your landlord or property manager before installing any additional safety features in your rental unit.

A policy that caps liability coverage at $100,000 will almost certainly be cheaper than a policy offering $300,000 of coverage but you could end up on the hook for some major expenses if someone is seriously injured in your apartment as $100,000 will quickly be eaten up by hospital bills.

When you are renting, the owner of the property you are living in is responsible for damage or loss to the building and fittings, but you are responsible for your own possessions - such as your clothes, furniture, electrical goods, books and other valuable belongings.

Failing to purchase a renters insurance policy because you don't own many valuables is a mistake for two reasons: Almost everyone's personal belongings are worth more than they estimate, and it disregards the value provided by liability and loss of use coverage.

If you already have ample savings or a robust emergency fund, you may well be able to get by without it. Then again, it never hurts to request quotes from reputable insurers - especially if you're looking to bundle your renters insurance policy with additional policies.