The cheapest option is not always the best option when it comes to buying renters insurance, but the price of a policy is still an important factor to consider. In most cases, obtaining renters insurance does not take a lot of time, especially if you choose to buy a policy online. To discover the most affordable options in your state or metropolitan area, check out NerdWallet’s best cheap renters insurance. Insurance companies don’t typically pay for most mould damage, but Homesite includes this coverage in its standard renters policies.
In addition to checking the cost of different renters insurance policies, you should compare how satisfied a company’s policyholders are when they make a claim. If you live in an area prone to certain catastrophes, it may be a good idea to purchase additional coverage by buying renters insurance. The company offers a number of discounts, including common options (a discount for having car and renters insurance with American Family) and unique ones (a generational discount for renters between the ages of 18 and 30 whose parents are also insured with American Family). This could provide significant value to renters living in regions where floods or earthquakes are a risk.
You can get renters insurance from a variety of companies, from large providers like State Farm, Erie and Allstate, to smaller online-only insurers like Lemonade. Whichever company you decide to take out renters insurance with, you should be prepared to compare costs and coverage options from several insurers, find out the value of your property and decide what perils your home faces. Be sure to enter the same limits for each type of coverage when shopping for renters insurance quotes for a direct comparison. Smaller, more rural states, such as New Hampshire, Utah and Wyoming, are among the cheapest for renters insurance, although New York ranks fourth on the list.
The company offers discounts for renters who have multiple policies with Travelers or who have safety and security devices such as smoke alarms, indoor sprinkler systems or smart home technology. Once you know what you have, you can decide if you have any special items such as jewellery or art that would not be covered by most renters insurance policies.