Very Cheap Renters Insurance
Without any form of delay, let us delve straight into the topic of interest “Very Cheap Renters Insurance“.
In one of our previous article, we answered a question Can Renters Insurance Be Transferred? In that article also renters insurance was explained.
Lets get a little overview of what renters insurance is as explained in one of our previous article:
What Is Renters Insurance
Renters insurance is a type of property insurance, often called tenants insurance. It is an insurance policy that provides some of the benefits of homeowners’ insurance, but does not include coverage for the dwelling, or structure, with the exception of small alterations that a tenant makes to the structure.
It provides coverage for a policyholder’s belongings, liabilities, and possibly living expenses in case of a loss event. It’s available to persons renting or subletting a single family home, apartment, duplex, condo, studio, loft, or townhouse. The policy protects against losses to the tenant’s personal property within the rented property. In addition, a renter’s insurance policy protects against losses resulting from liability claims, such as injuries occurring on the premises that are not due to a structural problem with the property.
Very Cheap Renters Insurance
- Lemonade: Lemonade offers renters insurance with a feature that sweetens the deal. You choose a charity when buying insurance through Lemonade, then your payments are pooled with those of other policyholders. After paying expenses and claims each year, the company gives any money left over to customers’ favorite causes. In 2021, this amounted to more than $2.3 million in donations.
Lemonade doesn’t sell renters insurance through sales agents. You buy coverage and make claims through the company’s app or website. Lemonade sells not only renters insurance but also homeowners, condo, co-op, life and pet insurance.
- State Farm: State Farm’s renters insurance offers financial protection by providing comprehensive coverage for your personal belongings.Most of State Farm’s renters insurance policies cover:
- Fire or smoke damage to your personal belongings
- Damage or loss caused by people from theft, burglary, vandalism or vehicle accidents
State Farm’s renters insurance policies might not cover:
- Damage caused by natural flooding or surface water
- Business or professional services provided from home
- Motor vehicles, including boats, aircraft or cars
To find out what renters insurance policy is right for you, start by approximating the value of your belongings. You can work with your local State Farm agent to decide on the coverage you need based on your personal assets.
- Allstate: Allstate is one of the largest, most financially stable insurers in the United States. The company offers a wide variety of insurance products, making it a solid choice for people who want to work with a single company for all of their insurance needs.Allstate Home & Renters Insurance is relatively standard, but there are a few unique features. For example, the company’s optional Claim RateGuard will prevent your monthly premium from rising if you file a claim. You can also purchase a claim-free bonus to your policy, reducing your premiums for each year you don’t file a claim.
- Progressive: Progressive’s renters insurance rates are on the high side compared to many competitors, but you can still get a decent amount of renters insurance for about $18 a month.
Here are the standard coverage types included in renters insurance.
- Personal property coverage: This covers your belongings, such as your electronics, furniture, clothing, artwork, pots and pans, jewelry, rugs, and other items. It covers damage from problems that include vandalism, theft, smoke, fire, weight of snow and ice, explosions and falling objects.
- Liability insurance: This coverage kicks in when you accidentally cause property damage or injuries to someone else. For example, if someone falls in your apartment and you’re legally responsible, it can pay for court judgments or settlements. It also pays for a legal defense in case you are sued because of an accident.
- Medical payments coverage: You can tap this coverage type to pay for small medical bills if someone gets hurt in your apartment, no matter who was at fault. For example, if a guest slips on a wet floor and tweaks their ankle, medical payments can cover their urgent care visit. Medical payments coverage is often sold in small amounts, such as $1,000.
- Additional living expenses coverage: If you cannot live in your home due to damage covered by your policy (like a fire), additional living expenses coverage pays for extra costs such as hotel bills, restaurant meals and laundry services.
- Amica: If you are looking for a customizable renters insurance policy at an affordable rate, consider Amica Mutual Insurance. In this Amica renters insurance review, we go into detail about the company’s coverage, plans, and pricing. With over a century worth of experience in the insurance industry, Amica® Mutual Insurance Company has established itself as a trusted provider of renters insurance. Winning numerous J.D. Power awards for customer satisfaction, Amica prides itself on offering reliable renters insurance policies that fit your home protection needs.
- Toggle: Toggle renters insurance is an all-risk policy, which means every event is covered except for the ones explicitly stated as not covered.
Toggle provides loss of use, liability, and medical payment coverage like other insurance providers. Where the company differs is on how personal property is handled. Toggle offers a blanket coverage of $1,000 for any personal property. If you want to add more coverage, you can customize the coverage amounts by breaking it into six personal property subcategories.
- Farmers: As one of the nation’s largest insurers, Farmers offers a variety of useful features for renters, including several ways to customize coverage, a user-friendly app and the ability to manage a policy online. Although Farmers’ renters insurance rates were higher than the national average in analysis, the company offers several discounts.
- Traveler: You can get a decent amount of renters insurance relatively cheaply. Our analysis found an average rate of $165 a year for $20,000 worth of personal property coverage. There does not tend to be a wide range of prices among companies for renters insurance. Average renters insurance rates from Travelers are on the high end, but still under $200 a year.
- MetLife: MetLife is a well-known insurance brand. However, in April 2021, Farmers Insurance finalized the acquisition of MetLife’s home and auto insurance divisions. Going forward, MetLife Insurance will focus on life, health and pet insurance, as well as financial products like Health Savings Accounts (HSAs) and employer-sponsored retirement plans.MetLife life insurance could be a good choice for consumers looking for basic life insurance policies, or for those who have access to the company’s employer-sponsored plans. While the company’s products aren’t extensive, they may be a good fit for your needs. Bankrate conducted a MetLife life insurance review to help you decide if the carrier’s remaining products could provide the best life insurance for you.
- Nation Wide: Nationwide renters insurance earned 5 out of 5 stars for overall performance. The renters insurance scoring formula takes into account policy coverage options and discounts, ease of filing a claim, website transparency, the financial strength of the company, complaint data from the National Association of Insurance Commissioners and more.