How to Get a Renters Insurance Quote: What You’ll Need

Download our free renters insurance quote checklist

Coming home and seeing your belongings destroyed or stolen is a scenario that no renter ever wants to be in. That is why renters insurance is an important safety net to protect you and your belongings in case anything ever happens. Getting renters insurance isn’t difficult; all it takes is a couple of steps before you are covered.

To start off, you’ll need to get a renters insurance quote. This is quite easy with the right preparation, such as gathering your information and knowing what kind of policy you want. Understanding how to get a renters insurance quote and being prepared ensures a smooth process.

• What is a renters insurance quote?
• What you need to get a renters insurance quote
• How to get a renters insurance quote
• Factors affecting renters insurance rates
• Tips to get the best renters insurance

What Is a Renters Insurance Quote?

A renters insurance quote is an estimate of how much you would pay for your renters insurance policy and is the first step to getting renters insurance. Insurance companies offer quotes to help you see the cost of renters insurance based on your situation, information, and needs.

What You Need to Get a Renters Insurance Quote: Renters Insurance Quote Checklist

Generally, you’ll find the information that insurance companies ask for is similar no matter where you go. While there may be a couple of differences, it is better to prepare all the information you may need just in case. This makes inputting information simple as it is all within arm’s reach.

Make sure you check with your landlord or apartment community to see if they have any specific renters insurance requirements. Often, there is a minimum amount of liability coverage that is required and the landlord may want themselves or a specific party to be listed as an additional interest/interested party on the policy.

Use the list below or download our renters insurance quote checklist to make sure you have all the information you need:

• Personal information (date of birth, full name, marital status, social security number)
• Apartment address
• Coverage start date
• Number of people living in the apartment
• Any pets in the apartment
• Policy information
  • Value of your belongings (do your best to make an informed guess)
  • Personal property coverage limit
  • Deductible
  • Liability coverage
  • Additional policies/coverages (flood, umbrella, scheduled personal property, etc.)
• Details about your apartment
  • Security features
  • Proximity to police/fire station
  • Etc.
• Apartment community specific information
  • Additional interests/interested party
  • Minimum liability coverage amounts

How to Get a Renters Insurance Quote

Research providers

The first step in getting renters insurance is finding a provider. Sometimes apartment communities offer the ability to get renters insurance through them. Or you can search online for renters insurance.

If you want a specialist who knows the ins-and-outs of their company’s policies, you can speak directly to an agent by phone or in person. Make a list of all the insurance companies you want a quote from so you can keep track of which ones you have done.

Gather and submit information

Having all your information ready makes getting a quote quick. Use the renters insurance quote checklist to ensure you’ve gathered everything you need. You won’t have to go searching and digging for what is needed as it is already on hand.

Customize policy

Renter insurance policies are not one-size-fits-all. You need to figure out how much coverage you need. You want the personal property coverage to protect all your belongings, so depending on the value, you may need to get a higher or lower amount.

Liability will also differ due to what you want, but also what your landlord requires. Usually, $100,000 is the minimum liability. After that, you can decide on your deductible (the amount you pay out-of-pocket before insurance starts paying) and pick any additional policies/coverage you want. Knowing what kind of policy you want and what you are looking for beforehand makes getting a renters insurance quote smoother.

Compare quotes

Now that you have a couple of different quotes, compare them and see which one fits best. Consider these features on each quote:

• Amount in coverage (both liability and personal property)
• Monthly cost
• Deductible
• Other offerings

Factors Affecting Renters Insurance Rates

Where you live

Where you live can affect your insurance rates. The safest states for natural disasters usually have lower rates because they don’t face as many severe weather events.

Security features

Apartment security features reduce the likelihood of an issue, meaning that insurance companies will lower your rate. This is the same reason why an insurance company considers your proximity to a police/fire station.

Pets

Living with pets in an apartment can help you feel less lonely with the companionship and love they offer, but they also bring unique considerations when it comes to renters insurance. Pet liability insurance can be included in renters insurance or purchased as an add-on. It protects you if your pet injures someone or causes any damage.

It can cost as little as $10 per month and cover anywhere from $10,000–$30,000. Certain breeds and animals are excluded by insurance companies, so always ask your provider what they cover. They may offer a specialized policy, or you may have to find a different company.

Credit history

Your credit make be taken into consideration when it comes to determining your monthly rate. Good credit scores typically have to pay less, so improving your credit score could help you save money.

Claims history

If there are a lot of claims in your insurance history, it can raise the price and even make it more challenging to get coverage. Insurance companies use your claims history to assess risk, so less claims equals less risk. What that means for you is lower monthly rates!

Type of policy and coverage

Depending on the policy and coverage you pick, you can get lower costs. Choosing the bare minimum is the best way to get affordable renters insurance.

Having higher amounts of personal property coverage and liability means you have more protection, but you will pay more. Weigh the pros and cons to make your decision, but remember to get enough to cover all your belongings and meet any requirements from your landlord.

Tips to Get the Best Renters Insurance

Choose a higher insurance deductible. Insurance companies lower your monthly rate if you have a higher deductible because you’re sharing more of the risk. Just make sure you have enough saved to cover the deductible in case you need it.

Bundle your renters insurance with your other insurance policies. Many providers offer discounts and savings as incentives when you bundle insurance policies; so, if you get your auto and renters insurance from the same company, you could be in for big savings. See if there are bundling discounts when researching different companies and getting quotes.

Review your coverage and make sure you are only paying for what you need. While it may seem better to err on the safe side and get more coverage than you need, this won’t save money. Review your policy and make sure that you only have coverage for what you need to keep your rate low.

Pay the entire year instead of making monthly payments. Insurance providers who offer this option often give discounts if you choose annual payments.

Ask your landlord about installing apartment security features. Companies often reduce rates when they see that you are reducing the risk through apartment security features. This includes sprinkler systems, deadbolt locks, fire/burglar alarms, and more.

Why You Need Renters Insurance

Renters insurance is not always required but it is a good idea to get it because of the protection it offers for a low price. Your personal property, liability, and additional living expenses are all covered under renters insurance. No matter what you face, you will be prepared.

To learn more about why renters insurance is worth it, check out the Renterverse blog.   You’ll learn everything you need to know about renters insurance, from commonly asked questions to whether you should share a policy with your roommate.