A Step-by-Step Guide on How to Buy Tenant Insurance

If you decide that the best option for you at the moment is to rent a place, maybe while you save for the down payment of a house, some landlords will ask you to purchase renter’s insurance.

This type of insurance is going to protect all your personal property in the case of peril. Because you will find several policies depending on the company you choose, in this article, we will tell you how to buy tenant insurance, while explaining the things you should look out for.

First, you need to know is that purchasing tenant’s insurance is not expensive. This means that even when your landlord doesn’t ask for one, we advise you to buy this policy. The reason why it is important to have insurance as a tenant is that there are always things you don’t expect. Things like natural disasters such as floods, earthquakes or a fire inside your home are extreme situations that sometimes happen. However, if you have renter’s insurance, you won’t have to worry about expending thousands of dollars to replace all your stuff because insurance will cover it. If you are still not convinced that purchasing tenants’ insurance is an option, we have a couple of reasons that will change your mind.

Why should I buy a tenant’s insurance?

Thanks to the fact that tenant’s insurance is one of the most affordable policies in the market, money shouldn’t be a reason why you avoid this kind of protection. Plus, this insurance can also adapt to a variety of budgets. If you want to learn more about the tenant’s insurance costs, go to Surex.

Apart from its monthly cost, which is on average $30 per month, there are also other reasons why we encourage you to buy this policy while you rent.

Don’t spend your money

Even when we do everything in our power to avoid situations such as burglary, unfortunately sometimes they happen. If you ever have your property stolen as a tenant and you don’t have insurance, you will have to spend your savings on buying all your things again.

If you purchase tenant’s insurance as soon as you move in, you won’t have to use your money to recover all your belongings in the situation you’re a victim of burglary. The policy will give you a determined amount to replace everything that was stolen or damaged.

Get protection from liability

We know that having guests over to show them your new home or just hang out for a while, is something everyone wants. However, what happens if one of them gets injured or even worst, what if they decide to sue you?

This could be a nightmare scenario for any renter, but if you have insurance, the policy will cover any medical bills plus any legal expenses.

Since now we know that purchasing tenant’s insurance will bring you several benefits. It is time to look at how do you get tenant insurance.

How do you get tenant insurance?

Most renters make the mistake of assuming that their landlord’s insurance policy will also protect them, but that is not the case. The coverage that your landlord purchases will secure the structure of your home, leaving behind all your belongings. That’s why you need to prepare and buy your own insurance policy.

Today there are many ways in which you can buy insurance. You can go to the office of the company in-person or do it through the phone. Also, right now, you have the option of purchasing it through an app online on a website. Usually, the process will be faster if you choose the latter options.

Most people prefer to purchase it the traditional way of talking face to face to an agent because they don’t trust the internet. But keep in mind that purchasing insurance online is secure. Also, especially during COVID, most companies are advising their customers to do this process through their online platforms.

Whichever way you prefer, there are two things you shouldn’t forget. First, cheap coverage, most of the time, is not the best option. Also, check customers’ reviews before buying any policy.

How long does it take to get tenant insurance?

As we mentioned before buying tenant’s insurance is a quick process. Then how long does it take to get tenant insurance? On average, it could take up to 15 minutes to complete all the steps as long as you have all the necessary documents. Because we don’t want you to have any delays, here is a list of everything you will need.

  • Address of your home and type of property (apartment, detached, townhouse).
  • Report describing any current damage to the structure.
  • Write down if any pets are living on the property.
  • Know if there are any previous claims.
  • Your social security number and previous address.
  • Home inventory: Make a list of everything you own with an approximate amount of how much it will cost to replace it all.

How to buy tenant insurance? Step-by-step guide

There are only a couple of simple steps you will need to follow.

  1. Find out what coverage is missing

Most landlords will have a policy that covers the structure of your home but not your belongings. However, the conditions of the policy might vary or have certain limits. That’s why you should ask them to give you a copy of their insurance, to be sure which gaps you need to cover.

  1. Start searching

Become familiar with how tenant’s insurance works, the cost, what they cover and what is not included. Also, depending on where you live and the value of your personal property, your monthly payments could be higher than what you expected.

  1. Compare companies

Don’t necessarily purchase your insurance with the first company that appears on your internet results. Ask your family if they have any referrals and compare their rates.

  1. Do your inventory

Once you have an insurance company, they will ask you to do an inventory of all your belongings and give them a total amount. Remember that your personal property includes everything inside your home, from electronics to clothes.

  1. Ask for quotes

Nowadays, most insurance companies allow you to ask for free quotes online, but you can also do it through the phone. After you have all the quotes, look at the deductibles and decide which one would be ideal for you.

How to renew tenant insurance?

The last question that most people have in regards to their coverage is how to renew tenant insurance. Luckily as a renter, you won’t have to worry about that, this policy will automatically renew every twelve months. Usually, your insurance company will contact you one or two months prior to this date.