Types of renter’s insurance claims
Steps to filing a renter's insurance claim
Document the damage
Start your claim
Meet with your claims adjuster
Review your estimate
Get your payout
Renter’s insurance companies
Typical renter’s insurance costs
- Premium: Your premium refers to how much you’ll pay on a monthly or annual basis to keep your policy current. Data from 2017, shows the average premium for renter’s insurance in the United States was $15 a month, or $180 per year.
- Deductible: Your deductible refers to the amount you’ll pay before the insurance company pays their portion. The average deductible ranges between $500 to $1,000.
- Out-of-pocket costs: Your insurance company will expect you to pay for some costs out of pocket before they reimburse you. An example of this is if they offer to replace your belongings — you’ll often have to pay the cost of the new belongings upfront and provide receipts before you’ll receive the funds.
Saving money on rental insurance
- Claim-free discount: Some insurers will offer you a better rate if you go a certain period of time without making a claim.
- Bundle your insurance: Getting more than one policy with the same insurer could help you earn a discount.
- Add alarm: Devices such as smoke alarms and anti-theft alarms could help you qualify for a discount with your insurer.
Should you submit a renter’s insurance claim?
- Save money: If your property damage or loss is greater than your deductible — especially if that’s by a significant degree, then submitting a renter’s insurance claim will save you money.
- Necessary for lease: Many landlords or property management companies require you to hold a renter’s insurance company. They’ll often ask for a copy of your policy before you move in.
- Covers cost of temporary housing: If your residence is uninhabitable due to a covered peril, insurance can pay for temporary housing and living costs.
- Increased premiums: Many renter’s insurance policies have discounts for those who are claim-free, which can discourage people from making a claim for something small.
- High deductible: If the cost of replacing your items or fixing the damage is about the same cost as your deductible it might not be worth filing a claim.
- Paperwork: Insurance companies can often seem at odds with their insurers, not to mention filing can be a paperwork-heavy claims process, depending on the policyholder's insurer. For smaller claims, the hassle might not outweigh the advantages.
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