A Beginner's Guide To Renter's Insurance

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Most of us know that people who own their residences carry – as a matter of fact, are often required by mortgage companies to carry – homeowners insurance to protect their property, their possessions and any injury incurred by visitors. But what about people who are leasing their living space? Renter's insurance protects against loss or damage to your personal belongings when you occupy a rental property – anything from a studio apartment to an entire house or mobile home. Renter’s insurance can also provide liability protection for you in the event someone else is injured on that property.

Things To Consider When Choosing An Insurance Company

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When choosing an insurance company, there are several factors to take note of to help you make a wise and if possible, the best decision. Consider some of the factors below:



  • Check out a company’s ratings: What is the quality rating of the insurance company, as published by the main rating agencies in comparison with their peers?
  • The paying ability, financial strength, asset, etc of the company matters
  • Find out if the insurer is a specialist in this area of insurance coverage
  • Will it be possible to meet or speak with any of the insurance company's agent and will you be working from time to time with the same person (agent)?
  • Will the company be able to provide an insurance coverage that is adequate enough for your needs?
  • Is the insurance company's policy premium cost effective when compared to similar/other insurance companies?
  • What are the deductibles you are to pay?
  • What is the process and procedures for payment of claims?
  • Does the insurer give family discounts on premiums for multiple policies?
  • If closeness is going to be an issue, is there a local office nearby that will attend to you?
  • Complaints made against the insurance company: Consider the company's record for claim refusal. Your State's Insurance Commission may have a record of complaint.
  • The size and life span of the insurance company 
  • Seek assistance from a seasoned insurance professional 

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