How to Shop for Renters Insurance

To protect your property while renting, shop for renters insurance. The relatively small cost for renters insurance will bring peace of mind and protection at the same time.

Renters insurance insures both personal property and liability in case someone is injured at your home.

Difficulty: Easy

Instructions

1. Determine what the value of your property is. As a renter, you only need to get renters insurance for your personal property, not the structure where you live.
   
   Personal property is simply the things you own like furniture, electronics, clothing, jewelry, and miscellaneous items. When you rent, the landlord covers the structure, whether it’s an apartment or a house, but renters need to protect their own property and buy renters insurance.

2. Know what factors affect the cost of renters insurance. The premiums on renters insurance are based on the following three factors:
   
   - location
   - deductible
   - the insurance company

3. Get several quotes from reputable insurance agents. Give each insurance agent the same information--the basic facts--and let them tell you what their company will charge for renters insurance.

4. Compare the quotes. Compare apples to apples and come up with a decision based on fact, not emotion. There is no law that says you have to use an insurance agent who is a relative or a friend, a friend of the family, or someone recommended to you. When you shop for renters insurance, it should be an objective purchase.

5. Buy renters insurance and sleep with peace of mind that you’re covered.

Tips & Warnings

• The average cost of renters insurance is usually an average of $12 per month or $240 a year for coverage of about $30,000 worth of property and liability insurance of $100,000.

[godfather25]

on 7/17/2009 Very good tips on shopping for renters insurance.

[Gottaloveit]

on 7/17/2009 Good facts here. I know many renters who don't have any renters insurance. Ugh.