Can you imagine getting to your home and you found that most of your properties have been destroyed. It is certain that your landlord’s insurance policy will not cover you because it covers only for the building and that is why you need to opt for one of the best renters insurance companies 2020.
Before proceeding to list out the various renters’ insurance companies, it is important to the knowledge of some basic things such as what a renters insurance is, types, how it works, and some more.
What Is Renters Insurance?
Renters insurance offers protection for valuables and damage caused to your rented apartment that you will be made responsible for. It covers the bills for anyone that gets injured in your house and you are found guilty or for your stolen belongings.
The insurance company can also help foot bills for a hotel that you may have to stay in if you are unable to stay in your home due to a damage or the other.
How Does Renters Insurance Work?
To enjoy the privileges contained in the renters policy, you must opt for a renters insurance policy, give your details, details of your entire property in the home and those that you want to be covered, the number of persons that stay in the apartment, and when you want the policy to take effect.
You will be expected to pay a premium which may be monthly or yearly for the coverage. Common incidents are explosions, theft, volcanic eruption, lightning, and windstorm.
Some rental insurance coverage includes;
Personal property coverage protects your personal belongings such as furniture, clothes, and electrical appliances.
Liability coverage helps to protect by settling the bills that are filed against you by a third party and you have been found responsible for. For instance, an injury inflicted on another person by you, accidents that caused harm to other people.
Medical bills to others covers the medical of guests who got injured while in your home as a result of your negligence.
Additional living expenses provide coverage for expenses to be incurred when your apartment becomes inhabitable as a result of damage or the other.
Several insurers provide renters policies so you have a variety to choose from. Based on the evaluation given by NerdWallet, the best renters insurance companies were rated according to their ease of filing insurance, financial strength and tracking a claim, discount, coverage options, and some other important factors and the following came out top.
State Farm is one of the insurance companies in America. It offers most of the insurance policies which include renters. You are not likely to get enough information about their coverage on their site, but you can surely get through their local agent that will provide the necessary details.
Where you are able to get all the details you seek on their site, you can get a quote and pay bills, file, and track a claim on their site. You can also get information about the available discounts for installing home safety devices which includes smoke detectors burglar alarms.
This renters insurance policy covers for liability, personal property, credit card, building alteration/addition, improvements made on the house are also covered.
Discounts are given to customers who have protective devices already installed in their homes.
Auto-owners also offer renters policies asides the car insurance that they are known for. With the Renters Plus package, the renters policies can be upgraded and it covers loss of refrigerator products, water backup of sewers and drains, and waterbed liability.
A further upgrade can also be done that will cover the replacement cost of your property. For instance, where you have a 30 months old laptop that is damaged or stolen, auto-owners can make payment worth the value of a new laptop.
Auto-owners offer generous discount options to customers who pay premiums promptly, claim-free amongst others.
Allstate offers an attractive package to senior renters. It is one of the best renters insurance companies 2020. Retirees above 54 years of age have the privilege of saving up to 25 percent on their premium and those who have not filed claims for a long period of time enjoy 20 percent while those who elected for an automatic deduction of their insurance payments from their bank accounts enjoy up to 5percent discount.
Besides the generous discounts, the Digital Locker feature of their mobile app, helps you to take quick details of your belongings if you want to file a claim.
What differentiates Farmers from the others is that its customer’s complaints are very low compared to its size and its user-friendly website. There is easy access to quote online or better still access one of its agents.
Farmers grant discounts to customers that purchase multiple policies and those who already have security and safety devices. Some other customers such as doctors, teachers, firefighters, police officers, engineers, and nurses are given a lower rate.
More so, privileges are also given to customers that have not smoked in two consecutive years.
Asides from Hawaii and Alaska, Amica offers renters insurance in all the states. It receives very low customer complaints when compared to its size and customers have easy access to their website that gives them the privilege to pay bills, get quotes, file for claims any time.
In addition, you can extend your coverage for electronics, jewelry, and some other valuables. you can also opt for a replacement cost coverage that helps make you get a payment that is worth the value of a new one for your stolen or damaged belongings instead of the value of the stolen or damaged one.
Amica also provides insurance coverage for the incident of fraud where there is unauthorized use of a customer’s identity.
There is a provision of discounts for customers who opt for a car insurance bundle alongside the renters policies, sign up for paperless billing, customers who opt for automatic payment of their bills, and those who go without filing a claim for a minimum of 3 years.
MetLife is also a reliable alternative for renters insurance with low customer complaints though you will need to go through an agent in order to get a quote because it cannot be gotten online.
They offer help in resolving matters such as fraudulent usage of credit cards, bank accounts opened in your email hacking, and other related fraudulent activities at no additional cost. you may also have access to opt for extra coverage of about $15,000 for musical instruments, equipment, electronics. Its coverage is extended to when these items breakdown and not just when they are stolen or damaged. This makes it quite different from others and qualifies it as one of the best renters insurance companies 2020.