Assurant Renters insurance policy that protects your personal property as a renter. It can cover your belongings against damage or theft and provides liability coverage in case someone is injured in your rental. Having renters insurance is highly recommended for all renters, as it provides important financial protection at an affordable price.
Renters insurance will reimburse you if your personal possessions are stolen or damaged by specific hazards like fire, smoke, vandalism, or water damage from plumbing or weather. It will pay to repair or replace your belongings up to the coverage limits you select. Renters insurance also covers additional living expenses if you can’t stay in your rental due to damage, such as paying for a hotel or rental while repairs are being made.
The liability coverage included in renters insurance will pay for injuries or property damage you or your pets cause to others while living in the rental. This protects you from expensive lawsuits or medical payments if an accident occurs. Liability coverage often starts at $100,000 but can be increased.
Assurant Renters Insurance provides essential financial protection for your belongings and for accidents that may happen in your apartment or rental home. It covers risks that are often not included in auto or health insurance, at an affordable price. With rates starting around $15 per month, renters insurance is a small investment that can save you thousands in the event of an unexpected loss. As a renter, it’s important to have this basic protection in place.
Coverage Types
Renters insurance policies generally provide the following main types of coverage:
Personal Property Coverage
This covers your personal belongings and possessions in the event of damage or theft. It reimburses you for the actual cash value of your items. Common limits are $15,000 to $30,000, but you can customize this based on your needs. Make sure to take an inventory of your belongings to determine adequate coverage.
Liability Coverage
This protects you if someone is injured in your rental unit and alleges it’s your fault. It covers both legal costs and any judgment up to the limit. $100,000 is usually the minimum, but more is recommended if you have significant assets.
Loss of Use Coverage
If your unit is uninhabitable due to a covered loss, this pays additional living expenses like hotel bills and restaurant meals until you can move back in. The limit is commonly around $10,000.
Additional Coverages
Other optional add-ons may include identity theft protection, backup of sewers and drains, and electronics coverage. Read the policy details to understand exactly what is and isn’t covered.
How Much Coverage Do You Need?
When getting renters insurance, one of the most important decisions is determining how much coverage to get. The right amount of coverage will protect your belongings in the event of damage, theft, or other losses. Here are some tips for calculating how much renters insurance coverage you need:
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Inventory your possessions. Walk through your home and take note of all your belongings. Calculate the replacement value for furniture, electronics, appliances, clothing, and other items. Use receipts, manuals or online price checkers to determine current costs.
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Account for future purchases. Don’t just base your coverage on what you own right now. Think ahead to any expensive items like electronics or furniture you may purchase over the course of your policy.
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Factor in your housing costs. Renters insurance should cover any temporary housing costs if you need to move out due to a covered loss. Determine how much you pay for rent/mortgage and utilities.
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Consider coverage caps. Most renters policies limit the amount paid for certain categories like jewelry, electronics or cash. If you own expensive items in these categories, make sure you have additional coverage.
Check with roommates
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If you have roommates, decide whether to get a policy together or separately. Getting a joint policy can be cheaper, but limits coverage for each person’s belongings.
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Leave room for inflation. Costs of replacing your items will likely increase over time due to inflation. Consider adding 5-10% more coverage than your current calculation.
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Compare quotes for different amounts. Get quotes for a few different coverage amounts from various insurers. This can help you find the sweet spot between cost and sufficient coverage.
Taking the time to carefully calculate how much renters insurance you need can pay off greatly if you ever need to file a claim. Ensuring you have adequate coverage provides peace of mind and financial protection.
Factors that Affect Cost
When shopping for renters insurance, premiums can vary widely depending on your specific situation. Insurance companies take several factors into account when calculating your rate. The main factors that affect your Assurant Renters Insurance cost include:
Location
Where you live plays a major role in determining your Assurant Renters Insurance premiums. Areas with higher crime rates or a history of severe weather events like hurricanes typically have higher insurance rates. Urban areas also tend to have higher premiums than suburban or rural locations.
Claims History
Your previous claims history can significantly impact your rates. If you’ve filed multiple claims within a few years, you may see your premiums increase. Insurance companies view frequent claims as a sign that you are higher risk. A clean claims history with no recent payouts will help lower your costs.
Deductible Amount
Choosing a higher deductible is one of the most effective ways to reduce your renter’s insurance premium. A deductible is the amount you pay out-of-pocket before insurance kicks in. So with a $500 deductible, you’d pay the first $500 for any covered incident. A $1,000 deductible costs less per month than a $500 deductible.
Discounts
Taking advantage of all available discounts can help minimize your renters insurance rates. Common discounts include bundling policies with the same provider, paying annually rather than monthly, installing protective devices like smoke alarms, being claims-free, and more. Students may also qualify for a discount.
Filing a Claim
The process for filing an Assurant Renters Insurance claim can vary slightly between insurance providers, but there are some common steps to follow:
Document the damage – Take pictures and videos of the damage and loss. Keep records of any related expenses you incur. If possible, do not dispose of damaged items until the claims adjuster has had a chance to inspect them.
Report the claim – Notify your insurance company as soon as possible after the loss occurs. Provide details about what happened and the extent of damage and loss. Many companies allow you to start a claim online or over the phone.
Meet with the adjuster – The claims adjuster will visit your rental unit and assess the damage. Walk them through what happened and point out all affected items and areas. Be present during the inspection if possible.
Submit proof of loss – Your insurer will provide you with a proof of loss form to list your damaged/lost property. Include receipts, invoices, or bank/credit card statements showing their value.
Receive claim payment – Once approved, the payment is typically sent within 1-2 weeks. If you have replacement cost coverage, an initial payment will cover the depreciated value, then you’ll submit receipts for the new items to receive the difference.
Appeal if needed – You can appeal if you disagree with the adjuster’s report. Provide more evidence to get a fair settlement. Consider hiring a public adjuster to assist with getting a maximal claim payout.
Tips: Save all related paperwork, take quality photos/videos, maintain good rental insurance records, understand your policy coverages and limits, and ask questions throughout the process. Promptly filing an accurate claim with thorough documentation can help streamline the process and get your rental property back in order.
Limits and Exclusions
Assurant Renters Insurance policies contain certain limits and exclusions that policyholders should be aware of. These outline situations that are not covered under a standard policy.
Common Exclusions
Most renters insurance policies do not cover damage from the following:
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Floods – Any water damage from floods is typically excluded. Policies do not cover flooding from natural disasters, overflowing bodies of water, or water main breaks. Flood insurance needs to be purchased separately.
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Earthquakes – Standard policies do not cover any earthquake damage, including shaking, cracks in walls, or debris. This applies to tremors of any size. Earthquake coverage is usually sold as a separate add-on.
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Normal Wear and Tear – Regular maintenance and expected deterioration to the rental property is not covered. This includes minor damage like worn carpet, leaky faucets, or faded paint. However, sudden damage like a pipe bursting would likely be covered.
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Intentional Damage – Damage caused intentionally by a policyholder or household member will not be covered. This includes vandalism or destruction done on purpose.
Nuclear Events
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– Damage from any nuclear explosion, reaction, radiation, or contamination is universally excluded by insurers.
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War – Damage from any declared or undeclared war, invasion, insurrection, rebellion, and more are excluded. Terrorism may also be excluded.
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Power Failure – Loss or damage to property caused solely by power failure is typically excluded. Backup generators are not covered.
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Neglect – Steady damage due to prolonged neglect, such as water damage from a leaky pipe you failed to repair, is not covered.
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Vermin – Any damage caused by insects, rodents, birds, raccoons, snakes or other vermin is excluded by most standard policies.
Renters should read their policy documents closely and be aware of these common exclusions. Additional riders or endorsements may be available to cover some excluded risks for an added premium cost. However many standard limits and exclusions apply to most basic renters insurance policies.
Finding the Best Renters Insurance Policy
When looking for the best Assurant Renters Insurance policy, it’s important to shop around and compare quotes from multiple providers. Here are some tips:
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Get quotes from at least 3 major insurance companies. Compare the premiums as well as the coverage offered. Look at factors like the deductible amount, loss of use coverage, liability limits, and excluded perils.
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Use an insurance comparison website to get quotes. Sites like PolicyGenius or Lemonade allow you to enter your information once and get quotes from multiple insurers. This makes it easy to compare in one place.
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Consider bundling renters with auto or other policies for a discount. Ask each insurer about bundling options.
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Look beyond just the premium cost. Make sure the policy has adequate coverage limits for your needs and location. Cheaper premiums may mean less coverage.
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Check the financial strength of the insurance company through ratings by A.M. Best or Standard & Poor’s. Only consider policies from companies rated A- or higher.
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Read sample policy contracts to understand exclusions and limits. Look for a clear, easy-to-understand policy.
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Consider add-ons like replacement cost coverage, additional living expenses, scheduled personal property, and water backup coverage.
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Ask about discounts you may qualify for like multi-policy, security system, smoke detector, claims-free, good student, or retiree discounts.
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Work with an independent insurance agent who can compare many providers and find you the best renters’ policy.
Taking the time to shop and compare renters insurance policies is essential to finding the right balance of premiums, coverage, exclusions, and discounts for your situation. Considering these factors will help you select the best renters policy.
Discounts
Assurant Renters Insurance offers policyholders several opportunities to save money through discounts. Taking advantage of discounts can reduce your renters insurance premiums by 10-30%. Here are some of the most common renters insurance discounts to look for:
Multi-Policy Discount
Also known as a bundling discount, the multi-policy discount offers 5-15% off your renter’s insurance premium when you purchase multiple insurance policies from the same company. For example, if you have renters insurance and auto insurance with the same provider, you can qualify for this discount. The more policies you bundle, the higher the discount.
Protective Devices Discount
Adding safety features like smoke alarms, fire extinguishers, deadbolts, burglar alarms, and fire sprinklers can earn you a discount of 5-15% on renters insurance. Insurance companies want to reward policyholders who actively work to prevent losses, so taking proactive safety measures pays off.
Good Credit Discount
Maintaining good credit can earn you a discount of 10-20% with most renters insurance companies. They view policyholders with higher credit scores as less risky to insure. Check your credit report annually and maintain on-time payments to keep your score high.
Taking the time to inquire about available discounts can put extra money back in your pocket every year. Compare discounts offered by various providers to find the best fit for your situation. With a little effort, you can maximize savings on renters insurance.
Bundling Renters with Other Policies
One way to potentially save money on renters insurance is by bundling it with other insurance policies from the same provider. Many insurance companies offer multi-policy discounts, which can give you a percentage discount for keeping two or more policies with them.
Bundling renters insurance with auto insurance is one of the most common bundles that can lead to savings. You’ll typically need to insure both your vehicle and rental property with the same company to qualify for a multi-policy discount. Some insurers also offer discounts for bundling renters with life, health, or umbrella insurance policies.
The main benefit of bundling renters insurance is cost savings. By combining multiple policies, you’ll pay less overall compared to purchasing each one individually. Most discounts for bundling are around 5-15%, but can sometimes be as high as 20-25%. The more policies you bundle, the higher your discount may be.
Bundling also leads to convenience since you’ll only have to deal with one insurance company and bill for multiple policies. It can make record-keeping and payments easier. Some providers may offer additional perks for your loyalty as a multi-policy holder, such as a waiver of fees or special customer service.
When getting a quote for renters insurance, always ask if discounts are available for bundling. Compare bundled pricing from various insurers, as discount amounts can vary. Bundling works best if you purchase all policies at the same time, but some companies allow you to add to a bundle later. Overall, bundling your renters insurance with other policies is an easy way to maximize savings.
Alternatives
There are additional options beyond traditional renters insurance to consider:
Security Deposit
Most landlords require tenants to pay a security deposit, usually equal to 1-2 months rent. This deposit helps cover any potential damages during your lease. However, security deposits may not fully cover major damages like flooding or fire. They also don’t cover temporary housing if you’re displaced or damaged/stolen personal belongings.
Roommates
If you have roommates, their renter’s insurance may cover some of your belongings and damages depending on the policy. However, you likely want your own policy to fully protect your personal property. Relying solely on a roommate’s insurance leaves you vulnerable.
Homeowners Insurance
If you own a home but rent it out, your homeowner’s insurance may provide some coverage for tenant damages or liability. But this usually only covers the dwelling itself, not tenants’ possessions. Tenants need their own renter’s policy.
Special Personal Property Insurance
In addition to renters insurance, you can get special insurance just for certain high-value items like jewelry, art, musical instruments, bikes, etc. This provides extra protection beyond renters insurance limits.
Legal Assistance
Some credit cards and organizations provide limited legal assistance to help negotiate leases, security deposits, landlord disputes, etc. While useful, this won’t cover property damages or replacements like insurance.
Self-Insurance
You could “self-insure” by setting aside money yourself to cover losses, instead of paying renters insurance premiums. But this requires major discipline and savings to fully protect yourself. Renters’ policies provide more comprehensive and affordable protection.
In summary, while alternatives like security deposits help, renters insurance remains the most complete and cost-effective way for tenants to minimize risk. The peace of mind is worth the relatively small investment.