Renters Insurance

The upheavals in the housing and financial markets over the past few years have caused many Americans to re-think buying a home. Consequently more people than ever are choosing to rent an apartment, house, or condominium as a place to live. According to the latest statistics, there are now more than 85 million renters across the country and this number is expected to increase even more in the coming few years. Insurance experts warn that even though the number of people who lease a rental property is growing, the number of renters purchasing renter’s insurance is quite low. This situation has the potential to leave over 40 million people financially unprotected in the event of a theft, fire or weather-related disaster. No matter where you live in Nebraska, if you rent your personal residence it’s important to know the facts about renter’s insurance and how it protects your valuable possessions against loss or damage in the event of most disastrous situations.

The Importance of Having Renters Insurance in Nebraska
Many people mistakenly think that when they rent a place to live, they don’t need renter’s insurance. Often people assume that the landlord is responsible for all insurance coverage. It is true that the landlord or property owner is required to carry homeowner’s insurance on the property. But this only covers the actual structure (building) itself and the land on which it is built. The personal property which is inside the apartment or rental home is strictly the responsibility of the renter. Because of this fact, many landlords and leasing companies today require all tenants to provide proof of renter’s insurance before they can lease and move into a property.

Probably the number one reason people don’t buy renter’s insurance is because they think it will be too expensive. The fact is that most renter’s insurance policies cost between $200 and $300 for an annual premium. This breaks down to around $18-$25 per month, depending on the value of an individual’s personal belongings, where the rental property is located, and other factors. In the scheme of things, this is really a bargain. For this price you can normally get $30,000 of personal property coverage against theft, fire and natural disasters along with $100,000 of liability coverage.

It’s a well-known fact that most people severely underestimate the monetary value of their possessions. An easy way to calculate this is to make a complete inventory of everything you own and put a current price tag on each item. You will probably be amazed at how quickly it adds up. You should include furniture, clothing, appliances, electronic equipment, rugs, jewelry and all other items inside of your home or apartment. Unless you can afford to personally pay to replace all of this property, renter’s insurance is the safest option.

The Cost of Renters Insurance
As previously stated, an average rental insurance annual premium will generally cost between $200 and $300. The actual amount you will pay depends on many factors, such as:

  • Where the property is located.
  • The estimated value of your personal property.
  • The type of dwelling you live in.
  • What type of coverage you select.
  • Which deductible amount you choose.
  • Your credit history/credit score.

Some Ways To Save
As you’ve already discovered, Nebraska renter’s insurance is very affordable. Here are more ways to save on an annual renter’s insurance premium:

  1. Choose a higher deductible. This will lower the overall cost of a policy.
  2. If they aren’t already present, install smoke alarms, deadbolt locks and a security system in your rental property. Having these safety features will generally give you a discounted price on your annual premium.
  3. If you qualify, ask about discounts for seniors (55+), AAA membership, or other organizational discounts.
  4. Some insurance companies offer savings to non-smokers. Find out about this possibility.

And lastly, shop around. Our friendly, highly-trained agents are available 24/7 to help you find the best possible Nebraska renter’s insurance at a reasonable price. From the comfort of your home or office, you can quickly and easily compare policies and get quotes from several different companies. You can then choose the policy which offers you great protection coverage at a price you can afford.