Renters’ Insurance: Why You Should Shop for Your Own Policy

As large investment firms and professional property management companies become more involved in the rental market, it’s becoming standard practice to require tenants to secure renters’ insurance. Some landlords and property managers even go a step further, “suggesting” or “recommending” a specific provider. While the convenience of clicking a button on your landlord’s website to get a policy may be tempting, there are significant benefits to shopping for your own renters’ insurance.

When you purchase a policy through a provider suggested by your landlord, you might not get the coverage you truly need at a price you feel comfortable with. There are many reasons why you should take control and secure a renters’ insurance policy on your own.

First and foremost, shopping for your own policy keeps you in control. You decide the coverage limits, the specific protections you want, and your deductible amount. When you compare policies from different companies, you’ll likely have more options to suit your budget and lifestyle, rather than being limited to a one-size-fits-all plan.

Second, when you purchase your own policy, you may be able to qualify for a bundle discount with your existing auto insurance provider. Many insurance companies offer a lower rate when you purchase more than one policy from them. This can lead to significant savings that you might miss out on if you get your renters’ insurance separately through your landlord.

Third, a policy you purchase individually is designed to work for you, not just to meet your landlord’s requirements. This means you can add on important protections that your landlord may not care about, such as coverage for personal electronic devices, coverage while you are traveling, and a robust liability component that protects you personally.

If you rent your home, renters’ insurance is always a good idea. It protects your personal belongings in the event of a fire, theft, or other covered loss, and it provides crucial liability coverage if someone is injured in your rental unit. Best of all, renters’ insurance is very affordable, often costing just a few dollars a week.

We invite you to see just how affordable and comprehensive a policy can be. Instead of taking the easy but potentially less-effective route, reach out to one of our independent insurance agents. We will connect with a network of companies to get you the coverage you deserve at a premium you can feel comfortable with. Securing renters’ insurance is a smart decision, but getting it through your landlord or property manager may not be. Contact us today to get started!