Landlords may not maintain buildings properly. Renters can also get cheap home insurance to protect their belongings.
Get cheap home insurance to protect your peace of mind
There are several ways to get cheap home insurance. Discover the best ways to protect your home.
Get Affordable Home Insurance for Your Residence
People believe that cheap homeowners insurance provides about the same coverage as cheap renters insurance. Generally speaking, that's true, but homeowners insurance covers personal belongings and the home itself, with protection against personal injury liability. In contrast, renters insurance covers personal belongings and liability without covering the building where you live. Both types of insurance can have important exclusions, usually earthquakes and floods, but many people purchase extra insurance to cover disasters. If you need disaster insurance, the National Flood Insurance Program (NFIP) is the only place to get flood insurance. Standard insurance policies do not cover earthquake damage, but earthquake insurance doesn't reimburse you for landscaping, pools and fences. It will also exclude chandeliers, china and crystal, but California residents enjoy discounts on earthquake insurance when they retrofit older homes with anti-earthquake measures. Methods for lowering your premiums are the same for both homeowners and renters. Asking questions and checking into all the discounts available to you will go a long way.
Reducing Existing Premiums
Before seeking cheap insurance quotes, look at your existing policy. Relocation can change your circumstances, making cheap homeowners insurance a viable option. You might not need as much coverage, may need different coverage or your deductible may be too low. Use this time to raise your deductible and lower your coverage, if possible. Comparing quotes from several companies will help, as can adding a security system. You can accumulate additional discounts by installing smoke detectors and deadbolt locks. You'll not only feel more secure in your home, you can deposit the money you save in an emergency account. Once your residence is secure, there are other ways to get cheap insurance.
Boosting your credit score
A high credit score and staying with one insurance company can also lower your premiums, sometimes by more than 15 percent. Take a look at your credit report and see where you can make improvements to boost your score. Dispute items that shouldn't be on your report, such as accounts that you have paid off or ones that don't belong to you. Some insurance companies have loyalty programs, rewarding customers with discounts when accounts have been open for several years. In some cases, taking advantage of rewards also means staying claim-free for several years. Your insurance company may also offer life insurance policies, giving you the chance to bundle your auto, home and life insurance policies, and sometimes saving up to 30 percent on your monthly premiums. Cheap insurance, through bundling, leads to greater consistency in claim handling and communication.
About renters insurance
With cheap renters insurance, your premiums can be as low as $5 per month and, like get homeowners insurance, it covers your belongings, helps if guests are injured at your residence and pays the additional expenses incurred if, due to a disaster or an accident, you must temporarily live elsewhere. When you're ready to purchase, you can buy enough insurance to replace all of your belongings, so have a home inventory on hand when you shop. Replacement cost coverage may cost more than an actual cash value policy because actual cash value policies deduct depreciation of your insured items. On the other hand, a replacement cost coverage policy reimburses at rates matching the full cost of purchasing your covered property. Replacement cost coverage policies may cost a bit more each month, but you'll find replacing your belongings easier. Some of your belonging may need special coverage if they are expensive or valuable. If so, you can add more coverage with a separate policy, a "“floater," to cover valuable belongings against theft or loss. As is true when you get cheap home insurance, your renter's policy may include off-premise coverage, protecting your possessions when they are in hotels or your car.
Cheap Insurance Quotes and Your Home-Based Business
Do you run a business from your residence? If so, your renters or cheap homeowners insurance might not extend protection to those items associated with it. Certain business types may qualify for endorsement by your insurance agent, but most entrepreneurs and freelancers purchase a business owners policy. An endorsement amends or adds language to the policy changing its terms or range. Endorsements can also remove or exclude specific policy terms and are sometimes called "riders." If you have a home business, an endorsement may be cheaper than buying a separate insurance policy. However, you may earn discounts for a separate in-home business policy if you bundle it with existing cheap home insurance or your life and auto insurance policies. An in-home business insurance policy can cover your business property for $10,000, liability included, for around $200 annually. It protects you if your home is damaged and causes your business to shut down, covering lost income, payroll and other ongoing expenses for up to a year. A business owners package policy (BOP) is for home businesses that manufacture stock away from the home or operate in multiple locations, so get many cheap insurance quotes to find the right one for your company.