Many people mistakenly think that if they are renting a place to live, they don’t need renter’s insurance. If you live in Arizona and are leasing your place of residence, you should learn about the value of renter’s insurance and the coverage it provides for your personal belongings and cherished possessions.
Why Renter’s Insurance Is Recommended for All Arizona Renters
You may have many reasons for thinking you don’t need renter’s insurance. Perhaps you think it will be terribly expensive. Or maybe you think your personal property doesn’t add up to a very large amount of money. You might even assume that your landlord’s homeowner insurance policy covers you and your belongings in the event of theft, fire, or various natural disasters.
The truth is, Arizona renter’s insurance is affordable! The average cost of an annual premium is only about $210- or about $18 a month. When you consider that’s the price of about 4 or 5 lattes, you can appreciate that renter’s insurance is a real bargain.
It’s estimated that most people have at least $20,000 of personal property. This is a very minimum amount and the value of your belongings may be quite a bit higher. The best way to determine this is to take an inventory of what you own. This should include everything in your apartment or rental home- furniture, appliances, electronics, clothing, CDs and DVDs, jewelry, artwork and rugs. Some expensive pieces of jewelry, art or antiques may have to be covered under a separate policy but you can arrange that with your agent when writing up your personal renter’s policy. Now imagine that all of your belongings are damaged or lost. Would you be able to fully replace these items out of pocket? For most people, it would be impossible. This is why having Arizona renter’s insurance is so important.
Your landlord’s homeowners policy does cover the actual structure where you are living. But any property located within your apartment or home is strictly your responsibility to protect. The homeowner’s policy covers the building and land only.
You should be aware that Arizona renter’s insurance normally does not include damage or loss due to earthquakes or floods. If you live in an area where these natural disasters might occur, you should inform your agent of this fact when formulating your renter’s policy.
Ways to Save on Your Arizona Renters Insurance
As affordable as renter’s insurance is, there are additional ways you can save on the cost of your annual premium.
If you are comfortable having a higher deductible, choose this option. This means you will pay more upfront in case of loss or damage but it will keep the price of your renter’s policy lower.
Most insurance companies offer discounts for bundling policies. If you have all of your policies (renter’s, life, and car) with the same company, you should receive a nice discount.
Non-smokers generally have lower rates for renter’s insurance. Also if your apartment or rental home has deadbolt locks, a security system, and smoke detectors, this should bring down the cost of your annual premium.
Get Started Today
It’s always a good idea to contact several different insurance companies so that you can compare policies and quotes. We make this a simple and quick process. Our trained agents are available 24 hours a day to assist you in finding the best Arizona renter’s insurance policy- one that suits both your personal needs and budget. No one likes to think about losing their possessions to theft or fire or some other disaster. Let us help you get the peace of mind you deserve from knowing that your valuable belongings are protected by renter’s insurance coverage. Contact us today!
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