Robyn Seymour - How to get Renters Insurance For Free?

Most people around the world are renting instead of buying a home due to increased home interest rates and the number of home foreclosures going up, more and more. But very few people choose to get renters insurance, which can be as little as $10 a month. Of course there’s an asterisk. But you don't have to look for the small type with a catch. Many insurance companies offer discounts on their auto insurance when you also have renters insurance. This discount on the auto insurance can more than pay for your renters insurance. So call your insurance agent to check on these discounts.

Renters insurance can be as little as $10 a month. As a Farmers Insurance agent in Colorado, I have many clients who pay more than $100 a month on their auto insurance. With the 10% discount for having their renter and auto insurance together with me, they save more on their auto than what the renter’s insurance costs. That is how to get free renters insurance! Renters insurance gives you many of the coverage that comes with a home insurance policy. Of course there is personal property coverage, which replaces your belongings if your place is destroyed by fire or a storm. On this, make sure you have the replacement coverage option. For example, if you have a 10 year old television, and you do not have the replacement coverage option, your insurance company will figure out what you’re 10 year old TV is worth today instead of replacing that TV with a new TV.

But what people do not realize is the other coverage that comes with a renter’s insurance policy. There is Loss of Use coverage, which gives you money to pay for another place to live while your home or apartment is fixed from damage. There is Guest Medical coverage, which helps pay for injuries to your guests while at your home or apartment. There is also Personal Liability coverage if someone were to sue you.

All you have to do with renters insurance is decide how much coverage you need for your personal property. When you have homeowner insurance, the personal property amount is a percentage of what it would cost to rebuild your home. If you are just starting off in a small apartment, maybe $10,000 is enough. Or maybe you need $50,000 coverage. Your insurance agent can help you figure out that number. So if you are renting a home or apartment, take a minute to call someone about renters insurance. It costs less than you think!