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How To Choose a Renters Insurance Company


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Choosing a renters insurance company isn’t like buying a house, but it’s a decision that should not be taken lightly. Renters could miss out on saving money, additional coverage or a better customer experience without taking the right considerations.

These are some of the things tenants need to think about when shopping for a renters insurance policy. 

Prices Aren’t The Only Thing That Matters

The lowest price is nice. However, the cheapest renters insurance policy is not necessarily the best one for every renter. Advertising for insurance companies and policies is heavily focused on pricing because it helps sell them. The companies aren’t whole-heartedly looking out for every consumer’s best interest.

Something else to keep in mind: Renters insurance is relatively inexpensive so the difference between the cost of companies is small. The average annual renters insurance premium is only $187 so even if one policy is more expensive than another, it might be easy to justify the small increased cost.

For example, say one renters insurance company quotes a tenant $200 for a policy. Another company might quote them $225 for similar or identical coverage, but the renter might still choose the more expensive one because they might be assigned to a captive agent.

All of the follow factors should be considered when shopping for renters insurance, not just the price of a company quotes.

Pay Attention To Customer Satisfaction Ratings

Renters should pay attention to things like overall customer satisfaction and claims satisfaction when choosing a renters insurance company.

It is senseless to choose an insurance company with a poorly-rated renters insurance policy to save a few dollars. Shoppers need to gather quotes and make sure the company with the best rate and coverage is also a company admired by its policyholders. 

Most of the large renters insurance companies are rated fairly well, but some large insurance companies are not well-rated.

Does A Company’s Technology Matter To You?

When it comes to mobile applications and online tools, not all insurance companies are equal. For renters interested in doing things like managing their coverage or a list of their personal belongings in cloud storage, paying a little more for a policy that offers those might be worth it. 

To others, of course, these features are irrelevant because they might not plan to use the technology offered anyway.

USAA Offers Great Coverage To Those Who Qualify

USAA, without question, offers some of the best renters insurance to those who qualify. Any military member and their immediate family qualifies for USAA insurance policies.

Qualifying shoppers should still gather quotes from renters insurance companies, but USAA offers cheap coverage and it is exceptionally comprehensive for the price.

The company claims the average monthly USAA renters insurance premium in the U.S. is only $12 and the policies include coverage for floods, earthquakes, moving and storage and identity theft – all which are all normally excluded.

The article How To Choose a Renters Insurance Company originally appeared on ValuePenguin.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.


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How To Choose a Renters Insurance Company Reviewed by on . Shutterstock photo Choosing a renters insurance company isn’t like buying a house, but it’s a decision that should not be taken lightly. Renters could miss out Shutterstock photo Choosing a renters insurance company isn’t like buying a house, but it’s a decision that should not be taken lightly. Renters could miss out Rating:
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