When you rent rather than own your home, your landlord most likely has insurance on the property.
But that insurance wont cover anything beyond the physical building if disaster strikes, leaving you vulnerable.
Thats why renters insurance is so important.
It can protect you from disaster, and its typically very affordable much more so thanhomeowners insurance.
But before deciding on a provider for your renters insurance, its important to understand the basics.
Can You Survive 10 Days of Budgeting?
If you oughta wrangle your budget, it may be time to consider a savings challenge.
What Does Renters Insurance Cover?
Lets look at a few things renters insurance policies might cover.
In this case, you would want to add a rider to cover that specific piece of jewelry.
Location
Your location will have a big impact on how much you pay for renters insurance.
But if you live in a high-crime area, youll probably pay more.
Amount of Coverage
With renters insurance, it’s possible for you to determine how much coverage you want.
Typically, the more coverage you get, the more expensive your premiums will be.
Deductibles
As with most types of insurance, renters insurance has a deductible.
Your Credit Score
Insurance companies use a version of your credit score to determine your renters insurance premium.
When Insurance Falls Short…
Unfortunately, insurance doesnt covereverything.These resourcescan help you manage those unexpected expenses.
Here are a few common ways to save money.
Many insurance companies offer discounts when you sign up for multiple policies through them.
Ask for Professional Discounts
Many insurance companies offer discounts for military members, teachers, first responders and nurses.
Its worth asking whether your profession qualifies you for any discounts when you gather insurance quotes.
Improve Your Credit Score
Consumers with lower credit scores are more likely to pay higher insurance premiums.
This could help decrease your overall renters insurance cost.
you could also ask family and friends for recommendations and get quotes from those companies.
The key is to not settle for the first quote you get.
Drowning in Expenses?
Maybe youre scrambling after your car broke down.
Or you got a medical bill you werent expecting.
Or inflation has finally pushed your budget over the edge.
You dont need to go it alone.
When money is tight,these resourcescan help you manage unexpected expenses without stress.
Catherine Hiles lives in Ohio with her husband and their two children.