Renters insurance is an invaluable security blanket to have when it comes to protecting your assets. Most people think that the only assets that they should be protecting are their savings and stock investments, but what they fail to realize is that their physical possessions property at home are just as valuable, if not more so!
People use a significant percentage of their earned income to purchase furniture, appliances, and electronics. What happens if there’s a fire, robbery or a pipe burst? Your personal belongings could be ruined or forever lost in these types of situations, and it will cost you several thousand dollars to even begin replacing them.
The best solution is to get renters insurance, but with so many options out there, how can you simplify the process of comparing renters insurance quotes in order to choose the one that’s right for you?
Diversify
The first line of action that you should take is to diversify. By diversifying your choices, you can determine which provider would be the most appropriate based on your needs. Since this is the 21st century, you don’t need to visit insurance offices or call each provider individually to get a quote. It’s always helpful to have adequate research on hand when dealing with insurance agencies so you’ll know if they’re giving you a good deal or not. Take advantage of friends or family as well to see what they’re paying and the coverage they’re getting out of it.
Use Online Quote Comparison Websites
Online comparison websites simplify the rental quote search process by enabling you to gather the information you need within seconds. When you compare renters insurances quotes with services like CoverHound, you can easily look at multiple insurance providers at once. You can simply input your basic information online, including coverage types and limits, before getting a personalized listing of policies that align with your needs. The entire process will only take a few minutes and licensed insurance providers are typically available to speak to as well, should you have further questions after receiving your quotes.
Use the Contact Details Section of Insurance Websites
If the information you see on an insurer’s website is slightly confusing, and you just don’t have enough time to talk to a customer service representative, another alternative is to use the “contact us” form on the website. It can be found in the tool bar of any site. Most companies are good about getting back to prospective customers quickly.
What to Look for When Comparing Quotes
When looking through the different quotes given to you, check whether a particular insurance package gives you the actual cash value of your items or the replacement value. Actual cash value (ACV) refers to the depreciated cost of your furnishings as they are right now. For example, the $1,000 flat screen television you bought last year will be valued at a depreciated rate because the insurance company now considers it as used.
On the other hand, replacement value (RV) reimburses you for the total cost of the damaged or lost item. The main difference between the two policies is that the replacement cost policy is more expensive, but it does provide a better method of coverage in a worst-case scenario. It’s due to these two different coverage options that you should always read the fine print of the insurance contract; you’ll want to know what’s owed to you should you need to file a claim.
All in all, you have numerous options when it comes to comparing renters insurance quotes from reputable insurance agencies. So get out there and get to work!
