Charity needs renters insurance in Baltimore, MD so she can move into her apartment, wrote to the insurance experts at Effective Coverage to find out,
What questions should I ask when buying renters insurance? I’m new at this, I’ve never needed to have renters insurance before, so I’m a little behind on the whole process. Can you help me out, insurance experts for renters?
Sure, we can help you out, Charity! There’s plenty of questions you could ask, but let’s look at some of the important ones…
Can I Move My Renters Insurance To Another Apartment?
When thinking about what questions should I ask when buying renters insurance, it’s important to ask can I move my renters insurance to another apartment. Most of the time, the answer is yes, especially if you’re working with a major national provider like Effective Coverage. Effective Coverage can write you a Maryland renters insurance, and then if you decide to transfer schools and need renters insurance in Boulder, your Effective Coverage policy can be moved right along with you! We only know of one national renters insurance program where you can’t move the policy outside of their program, but it’s an important question to ask.
Is All My Personal Property Covered?
Another important one. Just because the personal property limit on your policy is large enough to cover all of your personal property doesn’t mean it’s all covered. Certain carriers limit some classes of property like jewelry or even electronics to a small portion of the total limit. You need to know this so you can find a renters insurance provider who meets your needs, and endorse the policy appropriately. The last thing you want to happen is to have your iPhone and laptop stolen, and then realize that there’s a $1,000 totals sublimit on electronics for loss by theft – that wouldn’t even come close to covering your losses!
What Are The Payment Options For Renters Insurance?
Some carriers will only take payment in full, others spread it out in some variation of monthly, quarterly, or semi-annually. You need to remember that while level monthly payments may be more convenient, they’re also more dangerous. If the mailman doesn’t bring a bill to you on time, on a monthly payment plan, you have far less cushion of pre-paid premium and could be canceled for non-payment in as little as a few weeks, depending on the state! Quarterly, semi-annually, and annually are better options because of this, and also because it’s fewer checks for you to write or payments for you to call in.
How Difficult Is Filing A Claim?
A few renters insurance carriers are notoriously troublesome when it comes time to file a claim, which just isn’t fair. You’ve paid your premiums on time, and after a loss is not the time you want to be arguing about a clear cut claim. This is especially important for people who bundle renters insurance with their auto insurance, as some of those carriers are agencies for other carriers when it comes to renters insurance, they don’t write their own. If you buy a Geico renters insurance policy, for example, you could get Travelers renters insurance, Assurant renters insurance, or any of several other carriers.