Renter insurance is a simple part of securing your financial well-being for the long haul. Many renters end up living without protection from serious financial losses. Making a personal property inventory and thinking about your liability exposures will help you get the right coverage, and quoting and buying renter insurance is easy and affordable.
Renter insurance quotes represents the insurance companies’ offers to sell you protection for your personal property, your liability and more.
Each company has a different formula for coming up with your quote, so the prices you see may vary a lot. Renter quotes take into account information such as those listed below when considering the price of your policy:
You can get an insurance quote from a local insurance agent, online from an insurance company, or online from an insurance agency. Once you do choose an insurance company, don’t consider it a long-term relationship—you will save money in the long-run by switching insurance companies periodically.
Insurance companies need several pieces of information about your rental (and you) in order to prepare a quote. You will provide most of it, especially things like the amount of personal property coverage you need. The insurance company will pull other information from public data, such as: the year your building was built,
the construction type and your credit score. You have the right to not allow the insurance company to pull your records, but they will usually decline to offer you a quote if you do.
The following information is some of what is needed when submitting your account to INSURANCE-MOD for renter insurance. A lot of this information is also needed for your auto insurance, so you will only need to be entering it once.
Purchasing your new policy
The quotes are in! Once you have your renter insurance quotes, you should read the list of coverages and pick the one that is right for you. Don’t just go by price—look at the coverages carefully and find the differences between quotes because there may be some differences that are important to you.
When you have selected your quote, inform INSURANCE-MOD of your selection and your desired policy effective date. The final step is to make your payment. You can expect a refund from the current (soon to be old) insurance company, which can be put toward the new policy.
Canceling your current policy
You will want to have the current insurance policy cancel on the same date as the new policy becomes effective. The current insurance company needs to be notified about the cancelation. There are several ways to contact the current insurance company: you can call them, mail or write a letter.
The information the old insurance company needs to know to process your cancellation is:
Taking an inventory of your personal property by making a list, taking photos, uploading receipts (or at least having estimated values) is very helpful in getting the right amount of coverage. You will also seriously thank yourself that you made your list if you end up needing it. Dealing with a major loss to your property is a really tough time to list all your items and their approximate cost.
An inventory with photos will make it much easier for you and your insurance company to agree on what was lost in a claim situation. Home inventories are not required when buying renter insurance.
>> Learn more about how much renter coverage you need.
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