Shopping renters insurance has become easier than before considering that you can simply answer a few questions and click through a couple of screens to get it. However, there are various factors that you need to take into consideration. You need to know exactly what you’re purchasing.
Remember that finding proper renters insurance is not only about getting the lowest possible quote but ensuring that you’re financially in a good position to be protected in case of a lawsuit or disaster. This article explains what you need to know about renters insurance instant quote.
A renters insurance quote
A renters insurance quote is considered to be a customized estimate of how much it can cost you for a policy. It includes several factors, such as the value of your belongings, where you live, and whether your house has fire alarms and other security features.
Remember that each insurance company can use a special formula to calculate rates. So it makes sense to shop around so that you can compare renters insurance quotes to enable you to get the lowest price.
When you are ready to have a renters insurance quote, you can simply shop for online quotes, speak with a captive agent working for a specific company, or even look for an insurance broker or independent agent to give you quotes from several insurance companies. It’s worth noting that a captive agent can only quote one quote.
Regardless of the option that you decide to choose, you should always make sure that you get at least three quotes. These should all have the same coverage limits as well as deductibles so that you can assess which insurance company offers the best price that meets your needs.
Understanding the various ways of getting a renters insurance quote
As explained above, you can use different techniques to get a renters insurance quote. All these methods have their advantages and disadvantages. Here are more details of how you can access a renters insurance quote:
Online renters insurance quote
Various insurance companies are now offering online renters insurance quotes. Some of these insurance companies allow you to buy a policy online, but others ask you to go to an agent where you can provide the other details before you purchase.
Renters insurance is quite a simple product, unlike other types of insurance, so it’s easy to shop it online, such as at https://www.simplyinsurance.com/renters-insurance-quotes/. But many companies also allow you to get this insurance policy by phone, depending on your preference.
Shopping renters insurance online has many benefits. These include there is no sales pressure, you can compare multiple quotes with ease, and can check policy details to determine how rates are changing.
Captive insurance agents
This is another option you can use to get a renters insurance quote. These agents work for a single company, so they have good knowledge of their company’s policies. Most of the captive agents receive a salary, though some of them are paid commissions and sales bonuses.
No wonder, with sales bonuses and commissions, they can sometimes be motivated to sell pricier policies. While independent agents can offer quotes from several insurance companies, captive agents cannot.
Independent insurance brokers and agents
If you decide to check your renter insurance options without making any commitment to any company, then you should consult an independent agent or broker. Both rentals insurance brokers and agents tend to work with several insurance companies, so they can offer you a wide variety of quotes.
By now you may be wondering the exact difference between independent brokers and agents. Well, independent brokers usually work on your behalf while independent agents on behalf of insurers. You can find most agents who may bind insurance policies, meaning they can put coverage in place regardless of whether a formal policy is issued or not. On the other hand, independent brokers apply a policy on your behalf
That said, both independent brokers and agents are paid in commission, but brokers can charge an extra fee. So before you work with either an agent or broker, you should always ask for the commissions and fees that apply for their services.
Things included in a rental insurance quote
Various factors can determine your renter insurance quote, but each insurance can weigh them differently. Some of these factors include:
Place where you live
You can likely get a high premium if you live in an area that is prone to wildfires, hurricanes, or other natural disasters. Aside from this, the neighborhood matters as well because tenants living in neighborhoods that have high crime rates may pay more for renters insurance. If you live near a hydrant or fire station, you may also pay less insurance than someone who lives in a remote location.
If you have a home-based business, then you may need to get a rider to the rental policy or buy a separate policy that covers the office equipment and potential liability for any work-related injury that happens in your home.
If the apartment building you live in has a security guard, burglar alarms, smoke detectors, sprinklers, or any other protective features, you can get a discount on your premium. This is because these features reduce the chances of theft or fire.
Also, your belonging can be a determining factor in renters insurance. You see, the number of belongings you need to replace when disaster strikes can determine the quote.
For example, a one-bedroom apartment with a few pieces of furniture can be cheaper to insure than a large rental house with high-tech electronics and antiques. Some of the costly items, such as musical instruments and jewelry can also raise the rates.
Above all, renters insurance options can vary because you can have higher liability limits and lower deductibles. This is the amount you need to pay in a claim before the insurance company covers the rest. These two factors can also contribute to a more expensive quote.
To sum up, you need to provide some basic information to get a renters insurance quote. These include basic personal details like your name and date of birth, rental address, the approximate value of personal belongings, and details about your rental.