How Often Should You Shop Around for Renters Insurance? | Goodcover – fair, modern, cooperative renters insurance. (2024)

FAQs

How Often Should You Shop Around for Renters Insurance? | Goodcover – fair, modern, cooperative renters insurance.? ›

Goodcover recommends shopping for renters insurance annually, around renewal, to get the best possible deal.

Shopping around for renters insurance annually can help you find the best rates, so consider looking for a new policy around your renewal date. Besides this “annual audit,” you should also shop around for renters insurance if you have a major life change — which, in the case of renters insurance, is usually a move.

What is the most common amount of renters insurance coverage? Renters insurance commonly covers around $30,000 in property damage and $100,000 in liability coverage.

Renters insurance isn't legally required, but a landlord can require tenants to have a renters policy. Many landlords want tenants to be insured to help avoid potential disputes if, say, their belongings are damaged while on the property, according to the Insurance Information Institute (III).

Renters insurance covers personal property, personal liability, medical payments and additional living expenses or loss of use, up to the limits of your policy. Learn more about what renters insurance covers and the types of renters insurance coverages.

Shopping around at least once a year for car insurance can lower one of the biggest expenses of being a driver. Comparing quotes after a life event such as moving or adding a new driver to your policy can help you make sure you're still getting the best deal.

While there isn't a specific recommended coverage amount based on income, it's important to choose coverage that protects all your valuables and fits within your budget. You should assess the value of your personal belongings and your financial ability to replace them if you need to.

The average cost of renters insurance is about $15 to $20 per month¹. However, what you end up paying depends on a number of factors. Take a look at the information below to find out how your home or apartment renters insurance cost is determined.

Factors That Impact Renters Insurance Rates. Your location, provider and coverage amount are the most prominent factors that determine your cost of coverage, but they aren't the only ones.

Do you rent your home or apartment? Renters insurance protects your belongings from loss, damage, or destruction following things like burglaries, fires, tornadoes and other covered events. Plus, renters insurance also protects your liability (and your money) if someone is injured at your rental home or apartment.

What does renters insurance not include? ›

Keep in mind that your policy will exclude certain perils: Property damage to your buildings, roof, and siding (these are covered by your landlord) Water damage caused by flooding or underground water. Damage caused by earth movements, such as earthquakes and landslides, or caused by nuclear hazard.

Without a renters policy in place, damage or injury from a gathering gone wrong could be your responsibility. Renters insurance can help protect a landlord against tenant negligence. Tenant negligence can take many forms, ranging from a kitchen fire while cooking to water damage from an overflowing tub.

Your policy's coverage limits are the maximum amount your insurer may pay out for covered claims. If you file a claim with your insurer or have a claim filed against your insurance, and the costs exceed your coverage limit, then you may be responsible for any remaining expenses that aren't covered by your insurance.

Flooding, earthquakes and sinkholes are all examples of natural disasters that are not covered by a typical renters insurance policy.

You are having friends over for dinner at your new apartment and someone trips in the living room and breaks an arm. Renters insurance will help pay for a guest's medical expenses. If your neighbor has a fire and the resulting smoke damages your stuff, renters insurance has you covered.

The Bottom Line. Progressive can be an easy, affordable way to get renters insurance, especially if you also need car insurance. With discounts for bundling auto insurance and other coverages, including renters insurance, Progressive is our top pick for bundling.

A lower credit score may lead to a higher renters insurance premium because it's associated with a higher risk of claims. Conversely, a higher credit score can help reduce your premium by demonstrating lower risk.

A renter's insurance policy protects against losses to your personal property, including clothes, jewelry, luggage, computers, furniture, and electronics. 3 Even if you don't own much, it can quickly add up to a lot more than you realize; and a lot more than you'd want to pay to replace everything.

It's there to protect your personal possessions from unforeseen events like theft, fire, or natural disasters. To ensure that you have the right amount of coverage, it's important to accurately assess the value of your belongings. Knowing how to do this can save you from being underinsured or overpaying for coverage.