How to get the best deal on renters insurance

With the average renters insurance costing less than $0.50 per day, it’s worth spending just a few minutes to learn how you can get the best deal on renters insurance.

First of all, there are several types of coverage that you may consider getting: personal property, liability, and additional living expenses. Personal property is what covers your belongings in case they’re lost or damaged by fire, theft, etc. While liability (also called medical payments) is what covers injuries from an accident on your property. And additional living expenses is what may cover additional costs you incur like hotel bills, etc. if your rental unit is damaged.

Make sure whichever policy you buy offers at a minimum personal property and liability coverage — preferably additional living expenses as well. And make sure to read ALL the fine print for exclusions; some coverages have specific exceptions like jewelry or pets that would leave you without protection in a claim.

The second way to make sure you’re getting the best deal on your policy is to get quotes from different insurance companies. Just because one company offers you a pricey rate doesn’t mean they all will. Use an insurance comparison site to get multiple quotes at once and compare coverage and prices side-by-side.

Third, consider increasing your deductible. This is what you pay out-of-pocket before your coverage kicks in. By increasing it, you may be able to lower your premium costs. But make sure you can actually afford to pay that amount if something happens! The last thing you want is to be in a situation where you can’t afford your deductible and have to pay for the damages out-of-pocket.

Finally, ask your landlord or complex if they have any deals or discounts with any renters insurance companies. Many times, they’ll be able to get you a lower rate just for being a tenant there.

By following these steps, you can be sure that you’re getting the best deal on your renters insurance policy. And in the end, that’s what we all want — peace of mind at a price we can afford!

Click here to get coverage from Lemonade for as little as $5 per month!

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