Cost saving and shopping tips for renters
Whether you're at a store, ordering from a catalog, or shopping online you love to shop. You enjoy—no, you love to—brag when you get a great bargain on a pair of jeans, right?
Why not take time to shop for insurance? You might end up saving a few bucks and even find better coverage and service options.
Here are some questions and answers that should guide you through your insurance shopping adventure.
How do I shop for insurance?
Check out several insurance companies, agencies, and websites for the basics. Consider evaluating coverages, costs, claims handling and services provided. In order to compare "apples to apples," be sure to provide the same information to each source for consistency—same apartment location, same limits for coverage amounts, same endorsement options and deductibles, etc. Don't forget to ask about a company's financial rating, also. Some options for learning a company's financial strength can be investigated by clicking here….. And, be sure to ask friends and family for recommendations, too.
What questions should I ask when shopping?
Probably the most important question to ask is "What's not covered—or what are the limitations—under this renters insurance policy?" This assures you that the limited and excluded coverages will be explained to you. Insurance companies usually offer ways for you to increase the limited and excluded coverages by adding endorsements to the policy. And, yes, you'll need to pay for these endorsements, but at least you'll understand what won't be covered. The decision to buy endorsements is yours.
What would be the "normal" coverage limits on a renters insurance policy?
Typical coverage for your belongings (contents) would start out in the $10,000-15,000 range, increasing from there. Most insurers would offer liability coverage limits beginning at a $100,000 limit with the option to increase. The lowest medical payments coverage option would be $1,000—again, this limit could be increased for an additional premium.
What about deductibles?
By raising your policy's deductible, you're responsible for smaller losses, not your insurer, thus lowering your premium and chances for frequent claims. The higher the deductible you choose, the more you'll save on insurance costs. Remember: a deductible means you pay this amount before the insurance coverage kicks in. Deductibles usually start out at $100 and can increase to $1,000 or more.
Is renters insurance expensive?
Frankly, it's a bargain in Ohio! A national study, comparing the average cost of renters insurance for each state and Washington, DC, showed the Buckeye State ranked 15th lowest. Ohio's average renters insurance premium was $132, that's $37 lower than the national average of $169.
Wondering how much renters insurance might cost?
Just click below to find out an approximate cost in your area.
for Renters Insurance Premium Approximator
What can I do to help keep the cost of my renters insurance down?
By preventing losses and claims, you can help keep the cost of insurance down. How, you ask?
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Keep fire extinguishers in fire-prone areas like the kitchen, laundry and garage.
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Be sure to have smoke detectors in your apartment—especially in the kitchen and bedroom hallways. A good rule of thumb is a minimum of one smoke detector on each floor.
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Discourage crime by leaving outside lights on at night. And, when you'll be gone, use timers on inside lights and radios to give the appearance that someone is at home.
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Be sure the landlord keeps your property safe. Inform him when repairs are necessary (loose railings, steps or walkways).
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Always lock doors and windows when leaving.
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Keep expensive items like stereos, computers, playstations, DVD and video players out of direct view of windows. No need to entice a thief to break in.
Be sure to ask about available discounts.
Companies offer a variety of insurance discounts so be sure to ask what types are available. If you insure your apartment and car with the same company, you may be eligible for a discount right off the bat! Companies that provide insurance for your apartment, auto, life and/or health may offer multiple policy discounts of 5-15%. Also, if your apartment has a security system installed, be sure to notify the insurance company. Most insurers offer discounts depending on the type of the installed security system.
Which endorsements should I consider adding to my renters policy?
Without a doubt, one of the first to seriously consider is the guaranteed replacement cost coverage endorsement. Although it costs more, you're better off if faced with a major loss. A replacement cost policy pays to replace your damaged property regardless of the age and condition. Other endorsements that you should ask about would be the scheduled property endorsement. This could increase the limited value and perils insured against for certain items like jewelry and collections (baseball cards, stamps, etc.).
Anything I can do now so I'm prepared if a loss occurs?
Sure. The best advice is to keep good records. Keep original sales receipts for big-ticket items and be sure to keep a list of the serial numbers. For specialty items like jewelry, be sure to have appraisals prepared. It's a good idea to borrow a video camera and tape each room in the apartment, narrating the purchase dates, costs, serial numbers and other pertinent info as you go. Don't forget to open dresser drawers and closets, too. You can't begin to imagine how much all your clothes would cost if you needed to replace them all.
Most insurance companies will provide you with a brochure so you can take an inventory of your belongings. Be sure to keep this inventory, along with receipts, photos and the videotape, off site in a safe deposit box.
This may sound like a painful "exercise" now, but you'll realize the benefits once you have a claim.
for a downloadable copy of
a personal property inventory form
If I file a claim, do I need to worry about the cost of my insurance increasing, or even worse, having my policy canceled?
Although there's no set answer here, most insurers won't "ding" you due to a claim that's beyond your control. However, that's not to say that if you have repeated theft losses from multiple break-ins that your insurance company won't ask you to increase your deductible or find insurance coverage elsewhere. Plus, if you continue to have multiple losses on the same type of claim, you might want to consider searching for another apartment.
What should I expect if I do file a claim - is there a "typical" claims process?
Once a loss occurs, you need to notify your insurance company or agent as soon as possible. When you make a claim, you'll need to follow certain procedures, complete forms and file reports. These duties are specified in your insurance policy. You'll be asked to provide the following information:
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Your name and the name on your policy
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Your home address
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The renters insurance policy number
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Date, time, and location of loss
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The type of loss (fire, theft, etc.)
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Extent of damage
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What property—or person, if a liability claim—is damaged.
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Whether you can still reside at the apartment or not (is it too damaged to stay there?)
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If personal property has been damaged or is missing, you may be required to show proof of ownership (dated sales receipts, an itemized inventory, photographs and/or recorded video segments showing the property)
It's your responsibility to contact your insurer as soon as possible after a loss. In return, the insurance company will explain its claims procedures and how to go about filing a claim.
Your insurance company may ask you to fill out some forms and provide details of the loss. This shows you why it's important to keep good records of your purchases.
Next, your company will arrange for you to talk with a claims representative. This person will probably want to meet with you, more than likely at your apartment. Sometimes initial interviews are held over the phone. You may be asked if your conversations can be tape recorded as a way to document the loss.
