How to Find a Reliable Renters Insurance Provider

Did you know that you can get renter’s insurance on a property you are renting? Not only homeowners can get property insurance. No one really expects a sudden fire outbreak, flood, burglary or other catastrophes in their home. Unfortunately, these things can happen at any time.

It is always advisable to take measures that will have you covered if this happens. Your landlord’s insurance policy will not cover your personal things as stated in your tenancy agreement; it will only cover repairs in the property. That is why having renters insurance is crucial. If you are looking for the most reliable renters insurance company, you’re in the right place! Here, we’ve put together some tips to help you get started.


How to Find a Reliable Renters Insurance Provider


What does tenant insurance cover?

Depending on the insurance provider, there are a number of inclusions, alongside some extras you can get.


In most cases, you’ll be covered for the following situations:

  • Theft: You can make a claim for the value of your belongings if your home is burglarized and they are stolen.
  • Flooding: In the event of flood damage, this covers the value of your possessions.
  • Fire: If there is a fire outbreak in your home and your possessions get damaged, you can get reimbursed for the expense of replacing them.
  • Water leaks: You can file a claim for the value of your damaged possessions if your home suffers water damage from a burst pipe or other water leaks.
  • Storms: In some parts of the world, storms are more prevalent, causing significant damage to many homes. If you live in one of these places, this cover can help you get back the costs of your damaged belongings.


What is not covered by tenants’ insurance policy?

Just like many other types of insurance policy, tenant insurance policy also come with some exclusions. The following are not covered by tenant insurance policy.

  • Wear and tear
  • Vehicles
  • Unforced entry
  • Business items
  • High-value possessions


How to Find a Reliable Renters Insurance Provider


How to Find a Reliable Renters Insurance Provider


 1. Work out the amount of personal belonging coverage you need

Before you start your search for the best renters insurance company, you need to calculate how much coverage you’ll need based on the value of your possession. Do this by creating a home inventory detailing each of your possessions and the estimated cost of replacing them in order to establish your personal property limit. This limit should be sufficient to replace all of your belongings in case they get stolen or damaged.

Note that insurance companies can place a cap on the limit of personal belonging coverage, for example; high-value items such as jewellery. According to American REIA, you may need to purchase additional insurance for expensive electronic, wedding/engagement rings, valuable artwork and business property.

2. Compare renters insurance providers

When you’ve determined the amount of insurance you need, the next step is to start comparing quotes. To correctly compare pricing and options, make sure that each policy has the same coverage limits. You should think about:

  • Ratings and reviews: This is crucial! The way a company is rated and reviewed will say all you need to know about how it handles claims. You’ll want a renters insurance company with excellent ratings and reviews in case you ever need to submit a claim, you can be rest assured that your insurance provider has a proven record of customer satisfaction.
  • Rates: Because renters insurance policies vary considerably depending on a variety of factors, including where you live, you should look for providers that regularly offer inexpensive rates. In any case, you should compare your renter’s insurance rates to state and national averages to make sure you’re getting a good deal.
  • Financial strength: It is important to note that y our renters insurance coverage is just as good as the capacity of your insurance company to fulfil its commitments to you. An insurance provider with a high financial strength rating is less likely to have difficulties paying claims.


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