To get a good price on renter's insurance, first you have to determine exactly what specific coverage you are shopping for in a policy. The reason is that if you ask a few insurance agents for a policy price, the policies might be different because they reflect different coverages. This would be similar to calling a few car dealerships and asking,"How much is a car?" and then simply buying the one with the lowest price.
To ensure you can get apples to apples pricing, you will need to understand the different types of coverages described above and prepare a list of your personal property and estimate the values of your personal property. Then, you will know the maximum amount of coverage you would need to carry. Of course, do not overlook any special needs, like coverage for expensive artwork, coins, or jewelry.
With this knowledge in hand, you can call several insurance professionals, tell them exactly what you are looking for, and have them quote you on a policy. Ask the agents for other suggestions too, like if they believe you should have additional or different coverages based on your living scenario, current employment, and net worth. There are also online services where you can input the information you need and get a policy quote. These online services are available from insurance carriers like Geico, Allstate, and Farmers Insurance. These tools are a quick and easy way to compare prices across the major insurance outlets.
Once you get insurance quotes back in writing, you can compare the policies again to make sure they gave you a price for what you requested. Remember to check if you qualify for any discounts, such as the ones typically given if you have both your automobile and renter's policy at the same carrier, and if you have certain safety items in the house like fire detectors, burglar alarms, etc. Ask your insurance professional for details on other discounts.
It's important as a renter to educate yourself on the options available, gather information about the value of your property, and get a few bids for the policy that best fits your circumstances.You can then make an accurate and informed choice based on the cost of the policy and be covered in the event of a major emergency or loss.