In the last 50 years, the number of people choosing to rent over buying a house has increased. And renting is still a big deal, whether you’re renting an apartment or a house. With all the considerations of finding an ideal home or apartment to rent, it is a new milestone to celebrate. However, just like buying a house, you must also consider renters insurance, especially if you live in South Carolina.
You need renters insurance in South Carolina to protect yourself and your belongings. The time, energy, and resources that went into finding the right place for you is an investment, and you must protect it. Don’t fall into the common misconception that your landlord’s insurance will cover you since you are merely renting. If something happens to your home, say a burglary, it could devastate you financially.
If you’re a first-time renter and need to learn about renters insurance and what kind of coverage you should get, this article will help you. Read on as we help you understand renters insurance and how to get the best coverage at the best price.
Understanding Renters Insurance
Renters insurance offered by Emerald Life is essential to protect your belongings. You also get liability coverage if someone gets injured while on your rented property. While the law does not require tenants to have renters insurance, most landlords today require one before you can rent a property.
With renters insurance, you will be protected against damages caused by fire, natural disasters, or theft. The policy will cover costs for repairing the home and replacing damaged or lost items. The renters insurance will help cover their medical expenses if someone gets hurt while visiting you.
In cases where you have to move out and live elsewhere while your rental is getting repaired, the renter’s insurance has a loss of use coverage and will reimburse you for the expenses you’ve incurred. Food and other living expenses are also covered in such cases, so getting the best coverage is essential.
How to Choose the Right Renters Insurance Policy
Whether you are renting a condominium unit, an apartment, or a house, it is essential to get renters insurance. Here are some tips on how to choose the right policy if you’re a first-time renter looking for the best coverage:
How Much Coverage Do You Need
When looking at an insurance policy for rental homes, consider getting one that covers the value of your personal belongings. Make a list of all the valuable items you have and want to insure. It could include furniture, artwork, jewelry, expensive clothing, appliances, and electronics. Then, estimate the worth of all of these items – the amount should be what’s going to be covered in the policy.
How Much Deductible You Can Afford
Your insurance policy will always include a deductible. This is the amount you need to pay out of pocket when making a claim against your policy. Make sure to choose an amount that you can afford to pay.
What Additional Coverage to Get
While the primary goal of having renters insurance is to protect your personal belongings, it is still crucial to get additional coverage if you can. Your policy can include liability coverage, flood coverage, or earthquake protection. In this case, you are also prepared for natural disasters.
Shop for the Best Rates
After determining the coverage you need and the deductible you can afford, go shopping. Looking at different insurance companies and comparing their offers and prices is essential. Ask for quotes from various providers so you can make the right decision.
You should also inquire about discounts and bundle offers. Many insurance companies offer discounts on promotional months or seasons. They also offer bundle discounts if you get other insurance products like auto insurance.
Other Factors to Consider
There are also other factors you need to consider when getting renters insurance. For example, if you have a roommate, they must purchase their coverage since your renters insurance will only cover you as the named insured.
You should also look into a policy that covers borrowed items in your possession and stolen items while you’re traveling – whether your items got stolen in your hotel room or from your vehicle.
Ways to Lower Your Renters Insurance Cost
If you’re a first-time renter and thinking about renters insurance, you may decide against getting one if you consider the cost of the monthly premium. You might think that a monthly cost of $15 or $30 might be a stretch for something you can use in the future. But you also want to get covered in catastrophic events. The good news is that there are ways to lower your renters insurance cost:
Lower Your Coverage Limits
One way to lower your insurance premium is to reduce the coverage limits. While renters insurance is meant to cover losses in case of damages like water damage caused by a burst pipe, you might only need to cover some expenses. In such cases, you can lower the limits and get your monthly premium to an amount that you can comfortably pay.
Install Safety and Security Equipment
Some insurance companies will lower your policy cost if your rental has safety and security equipment. Choose a rental property with fire and burglar alarms and CCTV cameras, or ask the landlord if these security devices can be installed. If your place is well-protected, the insurance company will see your home or apartment as less of a liability.
Change Payment Method
Instead of paying your premium monthly, ask your insurance provider for plans that allow an annual payment method. Most companies offer discounts on such arrangements. Likewise, insurance providers also provide savings for payments made with autopay.
Renters Insurance Is Worth the Cost
Now that you better understand renters insurance policies and how to minimize the cost of paying for one, it’s time to explore your options and sign that rental contract with the landlord. Consider the cost-saving tips above to reduce insurance costs so you don’t feel too burdened to protect your family and belongings.
