Renters insurance may not be demanded by law, but your landlord might require it before you move in. If so, you may need to get it quickly.
Fortunately, you can get renters insurance in minutes. It’s one of the easiest and least expensive insurances to purchase. You can get a quick quote online or over the phone and have peace of mind knowing that your belongings are covered in 30 minutes or less.
Types of Renters Insurance
First, determine what kind of renters insurance you want: cash value or replacement cost.
Cash value coverage will pay you what your property was worth at the time of the loss. This option considers the depreciation on your property—meaning how much value it has lost—since you purchased it new. This is the least expensive type of renters insurance to purchase.
If you want to cover what it would cost to replace your stolen, damaged, or destroyed property with brand new items, you could choose replacement value coverage. This option will cost you about 10 percent more than cash value coverage.
Choosing a Deductible
Once you decide on the type of renters insurance you want to purchase, you’ll need to choose a deductible—the higher your deductible, the lower the cost of your renters insurance. Deductibles can range from $500 to $2,000. Choosing a higher deductible can save you as much as 25% on your renters insurance policy.
Information You Will Need
To purchase your renters insurance policy, you will need to have some information readily available.
- Type of structure (apartment, house)
- Construction (brick, wood frame, etc.)
- Year built
- Type of roof
- Any damage or safety features
If you don’t know, your landlord should be able to provide you with this information, or you may find it on Zillow or other home listing sites.
- Social Security number
- Previous address
- Name of any additional policyholders (spouse, significant other)
- Amount of coverage
- Pets in the home
- Whether you have filed any previous renters insurance claims
- Payment method
Once you have all the information, you’ll want to make an inventory of your personal property.
If you have a loss, make sure to report it to your insurer immediately and document the damage with photos before doing any cleanup or making repairs. This can help you get your renters insurance claim check promptly. It can take two to three months for an insurance company to process your claim and send your check. Having an inventory of your property and knowing your policy and your state’s laws can help expedite that process.