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Insurance is one of the most complicated parts of moving into a new home. Even if you’ve done your due diligence and gathered a dozen different quotes from various providers, there’s a good chance you’re no closer to figuring out how to choose between them.
The language of insurance is notoriously difficult to understand, but let’s break it down and go over everything you’ll need to consider to effectively compare renters’ insurance quotes.
What Impacts Renters’ Insurance Quotes?
Insurers calculate premiums based on a mix of factors that reflect how likely you are to file a claim — and how costly that claim might be.
Here are the most relevant factors (in roughly descending order of influence):
Coverage
The more stuff you’re insuring, the more expensive your quote will be. For obvious reasons, a policy insuring $50,000 worth of furniture, electronics, and clothes will cost more than a policy covering $15,000.
Then there’s the type of coverage you need: A basic policy will typically cover personal property, liability, and loss of use, but this can be customized. For example, you might opt for replacement cost coverage for your belongings instead of actual cash value. This means the insurer will pay to replace your items brand-new rather than paying out their depreciated used value — an upgrade that makes a policy more valuable but also more expensive.
Beyond the basic coverage, you can add extra coverage for things like jewelry or electronics beyond the standard limits. You can also purchase riders for disasters like floods or earthquakes. In these cases, your premium will increase accordingly.
Deductible
Your deductible is the portion you pay out-of-pocket on a claim, and it has an inverse relationship with your premium. If you select a low deductible like $250, your premium will be higher because the insurer would pay more in a claim. If you choose a higher deductible (like $1,000 or more), your insurance cost will go down.
Essentially, you get a discount for agreeing to shoulder more of the upfront cost if something happens.
Claims History
Insurance companies will look at your past claims to gauge their risk. If you have a history of filing insurance claims (even under other policy types, like home or auto), you’ll be seen as more likely to file again.
Location
Renters’ insurance costs vary by state, city, and even ZIP code because of differences in risk. For example, if you rent in an area prone to natural disasters (hurricanes, wildfires, earthquakes) or with high crime rates, insurers will likely charge higher premiums.
Credit Score
Your personal credit can influence renters’ insurance prices in most states. The extent of this impact varies; all else being equal, though, the better your credit is, the lower your premium will be.
Building Characteristics and Safety Features
Certain buildings are safer and therefore less likely to result in claims. Insurers pay particular attention to the age and quality of electrics, plumbing, alarm systems, and security facilities when deciding what premiums to charge.
Pets
Insurers are wary of certain pet-related risks. For example, if you have a large dog or a breed that is considered aggressive or high-risk, your insurer may charge more for liability coverage, exclude the dog, or even decline coverage entirely.
Discounts and Bundling
There are several discounts that might lower your quote, and these can vary by insurer. One of the most common is the multi-policy discount: if you bundle your renters’ insurance with another policy (like your auto insurance), most companies will offer a nice discount on one or both policies.
How to Actually Find the Best Deal
You now know what to look for, but that’s only half the battle. How do you actually find the right policy?
You’ll need to find a way to efficiently compare all these factors and make an apples-to-apples judgment about which policy is the best for you. This goes much deeper than the cost of your premiums; there’s no point picking the cheapest policy if it’s not going to give you the coverage you’ll need in the event of a claim. So it’s crucial that you put in the work to find a policy that’s both good value and comprehensive enough to meet your requirements.
The most important factors to weigh up here include:
- Coverage types included: Make sure each quote offers the core protections you need. If a given policy doesn’t include something you really need, you should take it out of the running.
- Coverage limits: Beyond the types of coverage, look at the limits on each. How much personal property coverage is each quote offering? These numbers need to be comparable when you stack quotes side by side.
- Deductibles: In order to keep things apples-to-apples, try to keep the deductibles the same across all quotes you compare. That will give you the best idea of your financial responsibility if things go wrong.
- Customer service and claims reputation: Remember that insurance is about peace of mind and support when something goes wrong. A quote might be cheap, but if the company has a poor reputation for customer service or claims handling, that should give you pause.
You could make a list of all the factors discussed here, plug them into a spreadsheet, and manually research insurer websites until you find the policy that best meets your needs. But this can be a lot of work to put together, so it’s generally recommended to find an online comparison tool. Rather than visiting multiple websites or calling agents one by one, you can use these tools to enter your needs, budget, and other relevant details, and automatically get tailored recommendations that make sense for your situation.
I personally prefer BestMoney, which stands out for its user-friendly comparison tools and up-to-date information. Its team of financial experts regularly researches and updates content to reflect the latest offerings and market trends, and it also provides a more comprehensive rundown of the ins and outs of policies than some competitors.
Finding the Best Renters’ Insurance for Your Needs
Comparing renters’ insurance quotes might not be the most thrilling activity, but taking the time to do it properly can really pay off. Shopping around is the only way to ensure you’re getting the best possible deal on your renters’ insurance, so simplify it with a comparison tool like BestMoney and make sure you’re covered.