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It's my first time buying renter's insurance, where do I start?

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 | January 25, 2018
first time renting renters insurance tips

Moving often means exciting new changes. If you’re moving into a rented apartment or house for the first time, there’s a lot to think about, but don’t let considering renters insurance fall off your moving to do list. Renters insurance can help protect you financially from the cost of replacing your belongings if they are damaged by a covered event, like a fire.

Buying insurance for the first time can be a bit intimidating. Renters insurance is a fairly simple form of insurance and therefore not too complicated to purchase. When buying renters insurance for the first time, here are some tips to help you get started.

Shop around

The first thing you should do when shopping for your first renters insurance policy is shop around. Take a look at what different insurance carriers offer to get a sense of pricing, available coverage and extras in your area.

Talk with an insurance agent

An insurance agent can help advise you on policy language, coverage and insurance companies. An agent from an independent insurance agency (like InsuraMatch) doesn’t represent any one insurance company, so you can be sure you’re getting unbiased advice tailored to your needs.

While renters insurance policies tend to offer similar coverage, your agent can help you dive into the policy language to determine what’s right for you. If down the line you needed to file a claim on your policy, your insurance agent would be able to help you through the process.

Take an inventory

Choosing which company to go with for renters insurance coverage is a big step, but don’t forget to consider how much coverage you need! Taking an inventory of your personal property will help you choose limits appropriate for your lifestyle. Even if you are just starting out, the value of your belongings may surprise you.

Bundle if you can

If you have auto insurance, you may be able to bundle your renters insurance policy with your auto to save money. Call your insurance agent to ask if you can add renters onto your auto.

Be mindful of what’s excluded

Things like flooding and earthquakes probably aren’t covered by your standard renters insurance, but the area where you live may put your belongings at risk of damage from such events. In that case, talk to your agent about adding on coverage for those events. It may be cheaper than you think!

Skip sharing a policy

Unless you are moving into an apartment with your significant other with whom you share many belongings, getting your own renters insurance policy to cover your own belongings is likely the best route for you. Sharing with your roommates may create some sticky situations over coverage limits and claims payouts.

Bottom Line

While getting renters insurance may seem like your last priority during a move, it’s something you should consider to help protect your belongings and your liability. For your first time getting renters insurance, consider speaking with insurance agent, who can help you through the process. Congrats on the move!