How to Compare and Choose a Renters Insurance Provider
The average cost of renters insurance is about $42 a month, but the price of a renters policy can vary, and it shouldn’t be the only thing you take into consideration when picking a renters insurance provider.
You’ll also need to consider how much coverage you need when comparing renters insurance providers. A standard renters insurance policy will cover personal property, personal liability, loss of use, medical payments and legal fees if someone is injured on your property, and additional expenses for relocation. When you’re shopping for renters insurance quotes, make sure to enter the same limits of each type of coverage to get an accurate comparison.
homeowners insurance as well. But there are ways to save money on the latter.
Most mortgage lenders require you to have homeowners insurance policies for as long as your mortgage term lasts. Even if you don’t have a mortgage, it’s still a good idea to protect the equity you’ve built in your home with insurance, experts say.
“Homeowners insurance covers your house, your belongings, and typically additional expenses for temporary housing if your house is damaged,” says Ken Gregg, CEO of Orion180, an insurance provider that specializes in homeowner insurance in the Southeast. “You want an insurance company that offers appropriate coverage limits to fit your needs and has the financial means to pay out claims.”