Do I need renters insurance? It’s a question that not enough people are asking. You’re legally mandated to insure your car, health insurance is on its way to becoming mandatory, and homeowners insurance is rarely regarded as optional, but so many choose to gloss over the need for a renters insurance policy.

Rental property insurance is much like homeowners insurance and generally provides the same coverage, including fire, lightning damage, vandalism, personal injury, and a few other disasters. Of course, renters insurance rates depend on coverage which determines the number of disasters that are covered, but in general, a renters insurance policy is by no means unaffordable. The only major difference between a renters insurance policy and a homeowners insurance policy is that renters insurance doesn’t cover the building itself.

Finding the best renters insurance policy is mainly a matter of getting renters insurance quotes from all the insurers in your area. Most will allow you to request a quote online, though visiting the office is always an option. Though each renters insurance policy you view will differ in terms of rates, coverage, and specifications, quotes will help you determine what each company offers and what its services cost.

It’s also a good idea to do a little research on your own. Look for reviews online to learn more about customer service and reliability. Once you’ve narrowed down the list by looking at reviews and collecting quotes, it will be easier to make an informed decision.

When the time comes to compare companies, there are a few questions you should be asking. Here are a few examples:

• How does the coverage compare? If you’re in a flood-prone area, make sure you’re looking at policies covering flood damage.
• What’s the payment method for claims like? If possible, find a company that gives you full replacement value in stead of the actual value of items. That gives you enough to purchase an equivalent new item today instead of an item equivalent to your old item after value depreciation.
• How does the premium amount compare to the coverage amount? Low premiums are tempting, but they’ll cost more in the end when you get little in return. Try to strike a balance.
• What’s the company’s online reputation. Especially give credence to reviews posted on sites that the insurance company doesn’t control.

A renters insurance policy can be handy. Even if you never need it, it provides a little piece of mind. Be sure to choose your company carefully and pick the right coverage. You just might need it some day!
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