4 Tips To Compare Renter's Insurance In Westminster, CO

Wednesday, 14 April 2021 12:58

Imagine arriving home after a long day of work to find that your apartment was destroyed in a fire, by a plumbing accident, or another catastrophe. It's a common nightmare for many people and it only becomes worse when you realize your landlord's insurance policy won't help you out. To ensure you're protected from this kind of disastrous event, you'll need to purchase renter's insurance in Westminster, CO.

However, you shouldn't purchase the first policy you come across! Policies can vary significantly between insurance providers, and not just in terms of pricing. You'll need to take time to compare your options, and we're here to support your comparison process.

What Does Renter's Insurance Cover?

As the Insurance Information Institute notes, standard renter's insurance policies include several types of coverage. These include:

  • Personal property coverage - To replace your belongings if they're stolen or damaged in a covered disaster.
  • Liability coverage - To cover expenses if you're found liable for an injury to a guest in your home or for damage you caused to someone else's property.
  • Additional living expenses - Sometimes called "loss of use" coverage or ALE coverage, this helps cover expenses for temporary housing if your rented home becomes uninhabitable due to a covered peril.

How To Compare Policies For Renter's Insurance In Westminster, CO

Obviously, pricing is always the top consideration when purchasing any kind of insurance policy. Fortunately, renter's insurance policies are highly affordable!

The current average cost for renter's insurance in the U.S. is approximately $168/year or $14/month (NerdWallet). The cost can vary by provider, so make sure you are entering the same limits for each type of coverage when comparing quotes.

But don't let the price be the sole influencer of your purchasing decision! As you compare options, be sure to keep the following tips in mind.

1. Don't Forget Additional Coverage Options

As mentioned earlier, standard renter's insurance policies only include coverage for personal property protection, liability, and ALE. However, as you gather quotes from various providers, don’t forget to consider any additional coverages you might need.

Do you own a pricey musical instrument? If so, you'll want to include coverage for that possession in your estimates. Are you concerned about protecting your identity? If so, it may be worthwhile to add identity fraud protection to your policy.

It's also worth mentioning that certain perils are not covered under standard renter's policies. Coverages for earthquakes and floods, for instance, are rarely included in standard policies, so don't forget about any additional protections that you may need.

2. Understand The Different Types Of Policies

When you're buying renter's insurance, you'll decide to purchase one of two policies:

  • Actual Cash Value
  • Replacement Value

An Actual Cash Value policy will take into account things like depreciation and everyday use when determining the value of your damaged property. Premiums are usually lower for Actual Cash Value policies, but you won't get as high of a payout if you need to file a claim.

A Replacement Value policy, on the other hand, covers the amount it would cost to replace your items again with similar new ones today! This policy does not account for depreciation or wear-n-tear. So, you'll get a larger payout when you file a claim for a covered peril, but you'll pay higher premiums for this coverage.

Make sure you have a clear idea of which type of policy you want to purchase when comparing quotes.

3. Consider Bundling With One Provider

If you're really out to save money on your renter's insurance policy, then you may want to consider bundling your coverage under one provider. Having multiple policies (e.g., auto insurance, home insurance, etc.) under one insurance company may reduce the costs for coverage by as much as 10%-20%!

Of course, not every insurer will offer bundling discounts and the rates for the discounts can vary by provider. So remember to inquire with your current insurance companies about any available bundling discounts!

4. Prioritize Customer Service

When you're shopping for renter's insurance in Westminster, CO, you might focus solely on price and nothing else. However, you shouldn’t base your purchasing decision on price alone! You also need to evaluate the customer service capabilities of the insurance provider.

Do the agents take the time to listen to your concerns and answer your questions clearly? When you give the company a call, are you greeted by a robotic voice and an automated menu? How easy will it be to submit a claim?

The best insurance companies will prioritize customer service at every turn. Trust us: you'll be happy for that top-notch customer service if you ever need to file a claim for a covered peril.

Request Your Quote For Renter's Insurance In Westminster, CO

If you're gathering quotes for renter's insurance, then you've come to the right place. At Adler Insurance, we aim to help protect renters as best as possible with customized policies at highly affordable rates. In the past, we've drafted renter's policies that have cost as little as $4/month! We can help you achieve similar savings while still protecting your property with reliable coverage options.

Contact Adler Insurance Group today to get your reliable estimate for renter's insurance in Westminster, CO.