Know Your Rights: Tips On Understanding and Choosing the Right Renter’s Insurance Policy

At the moment, there is a housing shortage. Property prices are soaring. Rental prices are too. If you are a tenant, then there’s never been a better time to take out renter’s insurance and protect yourself. Because of what’s going on with the housing market, a lot of landlords are behaving unscrupulously, attempting to mistreat tenants to drive them out so that they can sell their properties and even raise their rental prices unexpectedly. While insurance can’t protect you against a landlord that’s raising prices on you, it can ensure that you are covered for other things that they do.

This post will offer a few tips for understanding and choosing the right renter’s insurance:

Renter’s Insurance Policy


What Is Renter’s Insurance?

Renter’s insurance is a form of insurance that protects tenants against any damage caused to their belongings, through their landlord’s negligence. It provides water damage insurance coverage, as well as any damage that’s caused by fire. In order for you to make a successful renter’s insurance claim, you need to be able to conclusively show that the damage that was caused to your belongings was the fault of the landlord. When making a renter’s insurance claim, you can add and remove your list of coverages, called perils.

Choosing Renter’s Insurance

Renter’s Insurance Policy



When you are looking to take out a renter’s insurance policy, the first thing that you need to consider is the policy’s coverage. What does the policy offer you protection for? As mentioned in the previous section, you can add and remove perils accordingly. Additions to your policy may cost you more. Removals shouldn’t. Make sure that when you are selecting a policy, you get coverage for all of the things that you need and remove anything that’s unnecessary.


Cost is something else that you need to think about. How much can you realistically afford to spend on an insurance policy’s payments each month? Things aren’t getting any cheaper and with the cost of living rising, you need to carefully work out if you can afford to make more monthly payments to an insurance company. Most insurers give you the option to clear off all of your insurance payments at the beginning of your policy or pay it in monthly installments. If you have a large amount of savings, then to avoid added interest it’s best to pay it all at once.


Lastly, consider the insurance company itself. You need to make sure that you select a firm that’s committed to delivering a quality experience to its clients. You can do this by reading their reviews and finding out what people have to say about them online. A company’s reviews will tell you a lot about them. It is worth noting, that a lot of companies pay for and publish false reviews. If a company’s reviews seem too good to be true, then they probably are. Most clients don’t leave reviews, so if there are thousands of positive ones, take them with a pinch of salt.

Renter’s insurance is definitely worth having if you are a tenant. It ensures that you don’t get left out of pocket if your landlord’s negligence causes you to lose out. Most policies are very affordable and can be broken down into monthly installments, although you need to seriously consider the added cost to your monthly budget and work out if it’s manageable for you.