See If You Qualify for Lower Rates
Your rented home is more than just a space – it's a sanctuary filled with cherished memories. Protecting it is likely among your highest priorities—but how do you figure out which insurance is right for your needs?
At TrySmartly, we believe the more informed you are, the better insurance decisions you can make. We aim to provide you with comprehensive information and resources to find the best renters’ insurance quotes. Unlock your savings potential – get started today to see if you could save.
Finding the right renters’ insurance policy can seem overwhelming due to the numerous quotes and complex details. Here are some of the most common options in renters’ insurance, broken down:
Renters’ insurance policies offer a variety of coverage options, each designed to protect against specific perils. Here's a deeper look into the choices available:
This safeguards your belongings up to a specified limit from risks like theft, fire, or vandalism. Personal property can include clothing, furniture, or electronics.
If a visitor is injured on your property or if you accidentally damage someone else's property, this covers associated costs and legal expenses.
This covers medical bills if a visitor is injured on your rental premises, relieving potential financial burdens.
Provides for additional living expenses if your rental requires repairs due to a covered event and you can no longer reside in it.
Coverage for floods and earthquakes may be purchased separately.
Extra protection for items like high-value artwork and jewelry are available at an extra cost.
When searching for quality renters’ insurance at an affordable price, don’t settle for the first policy you find. Instead, get quotes from at least three providers and compare the coverage options, deductibles, premiums, and additional perks.
There are two options to obtain renters’ insurance quotes: submit a request on each provider’s website or use an insurance comparison site. A comparison site can expedite the process by presenting you with several insurance options.
Before finalizing your decision, check the reputation of the providers you receive quotes from. J.D. Power, NAIC, and AM Best rate insurance providers on their customer service, claims resolution, and financial stability.
Finally, choose a renters’ insurance provider that offers you discounts. Saving on your renters’ insurance premium is easier than you think. Here are some standard renters’ insurance discounts and their average savings:
Bundle renters’ insurance with another policy, like auto insurance, and you could save up to 25%.
Implementing safety measures such as smoke detectors and burglar alarms might cut costs by 5% to 15%.
Going claim-free for a certain period can earn you a discount of up to 20%.
Being an active military member or a senior citizen might reduce your premium by 10% to 15%.
Sticking with the same provider for several years could lead to a 10% reduction.
Opting for electronic billing may provide a discount of around 3% to 5%.
For your convenience, we've gathered some useful information on the average rates of several top insurance companies. Keep in mind these are averages, and the actual cost you may be quoted can vary based on individual factors like your location and coverage amount.
| Company | Average Annual Rate | AM Best Financial Strength Rating | Coverage Options | Discounts |
|---|---|---|---|---|
| State Farm | $155 | A++ |
|
Up to 17% off when bundling a homeowners’, renters’, condo, or life insurance policy |
| Amica | $206 | A+ |
|
Up to 15% off when bundling renters’ and car insurance |
| Travelers | $212 | A++ |
|
Up to 5% off car insurance when you also have a renters’ policy from Travelers |
| Allstate | $233 | A+ |
|
Up to 25% off when bundling renters’ and auto insurance |
| Farmers | $277 | A |
|
Up to 5% off car insurance when bundling with your renters’ policy |
Seeking ways to trim down your renters’ insurance costs? Bundling renters’ and auto insurance might be your answer. Here's how the numbers stack up:
| Company | Six-month Rate with Renters’ Insurance | Savings |
|---|---|---|
| Erie | $419 | 2% |
| USAA | $539 | 1% |
| State Farm | $695 | 7% |
| Geico | $588 | 2% |
| American Family | $627 | 8% |
TrySmartly is your trusted resource providing you with comprehensive information on renters’ insurance to help you make smarter coverage decisions.
As a college student, safeguarding your possessions without breaking the bank is key. Below is a comparison of rates from leading insurance providers, offering you a view of some of the most affordable options tailored for college students:
| Company | Coverage Options | Monthly Rate |
|---|---|---|
| Allstate |
|
$10 |
| State Farm |
|
$11 |
| Farmers |
|
$13 |
| Travelers |
|
$13 |
| MetLife |
|
$14 |
When estimating your renters’ insurance rates, most calculators consider several factors. These affect your premium, deductible, and discount options. Here's what the calculator evaluates:
Location: Your geographical area can influence the cost due to crime rates and natural disasters.
Credit Score: A higher credit score might reflect your financial responsibility, leading to lower premiums.
Amount and Value of Personal Items: The more belongings you have and their total value can affect the coverage level and cost.
Limits: Choosing higher or lower coverage limits will impact your premium. Higher limits mean the company is responsible for paying more in the event of a covered loss.
Add-On Coverage: Additional protections for high-value items, natural disasters, pet damage, or identity theft may come at an additional cost.
Security Features: Having safety measures like smoke detectors or burglar alarms could lead to discounts.
Structure and Age of Home: The type of building and its age might affect your insurance cost, particularly older structures that don't meet current safety standards could increase your rates.
Deductible Amount: This is the sum you'll pay before your insurance covers the damage or loss. A higher deductible can reduce your monthly cost, but ensure you can manage this amount if a claim arises.
Off-Premises Coverage: Ideal for frequent travelers, this option covers items like laptops or phones while on the go.
We've compiled a list of frequently asked questions and concerns about renters’ insurance quotes, helping you make an informed decision.
The national average cost of renters’ insurance is around $18 per month. However, your exact premium can vary based on several factors. Location and the specific insurance company you choose are significant influences.
Your monthly cost could also increase if you have high-value items requiring additional coverage. On the other hand, taking advantage of discounts offered by insurance companies, such as bundling policies or installing a home security system, can help lower your monthly cost.
Your landlord may require renters’ insurance to ensure that you, as the tenant, have adequate protection for your personal belongings in case of damage or loss. It also helps cover costs if a guest is injured on your property, alleviating you from potential financial burdens.
This requirement is a way to promote a safe and secure living environment for everyone involved.
Renters’ and homeowners' insurance differ in significant ways:
Short-term renters’ insurance is a policy that provides coverage for less than a year, typically chosen by those who need temporary protection for their belongings and liability. It can be useful when you're in transitional housing or subletting.
While some insurers may offer this type of coverage, it's always advisable to inquire directly with the insurance company by submitting a quote or speaking with an agent to understand your options better.
Typically, renters’ insurance covers items in a storage unit up to 10% of your personal property limit.
Generally, renters’ insurance liability coverage includes medical bills if your dog bites someone, but certain dog breeds or dogs with a history of biting might be excluded.
Finding the best renters’ insurance shouldn't be overwhelming. Whether you're searching for competitive renters’ insurance quotes, considering bundling your auto and renters’ insurance, or seeking affordable policies as a college student, there are insurance options to protect your space and precious personal items.
TrySmartly provides you with the resources and information to help you make smarter insurance decisions that could result in savings. Don’t miss out – discover if you could be saving on renters’ insurance today.