Can I Buy Renters Insurance Starting Yesterday?
Sometimes people are forgetful. One of the things that often slips by is either paying for renters insurance or buying the policy in the first place. That’s why people often want to know how far they can backdate renters insurance. They want to buy Modesto Renters Insurance that starts in the past. This is an interesting question, because of the inherent moral hazard. What’s a moral hazard? Something like this:
How can I backdate renters insurance, now that I’ve had something stolen from me? I didn’t think I’d need a policy, but it turns out that my roommate is a thief and I need to be able to cover that loss and be protected until I can get rid of that roommate. Then I’ll just drop the coverage, because there’s no need for me to have it.
How Can I Backdate Renters Insurance?
Nope. That’s not a thing.
As a matter of fact, chances are pretty strong that any insurance professional who you ask to backdate renters insurance is going to tell you to go buy your insurance somewhere else, particularly if you’re looking for coverage for a loss that has already occurred. The reason for this is that if you backdate renters insurance to cover something that already happened, that’s fraud.
Once you’ve said that you want to backdate renters insurance to cover a loss, you’ve admitted exactly what you’re trying to do, and that insurance professional will want no part of it. Even if you want to start a renters insurance policy yesterday because your lease says you were supposed to have it, that’s still not something that they’ll want to be a part of.
Why Can’t I Backdate Renters Insurance?
First of all, because getting renters insurance to cover a loss you’ve already suffered is fraud. That’s just not the way that it works. It doesn’t matter why you didn’t have insurance, the fact is that there was no coverage in place when the loss happened and therefore there can be no coverage for that loss. Certain types of professional liability policies are issued to cover claims made during the policy period rather than things that occurred during the policy period, but that doesn’t mean you can backdate renters insurance.
The whole reason that insurance works is that everyone pays in a small amount whether or not they have a loss. Insurance works because those funds are then used to pay for the losses that do occur. In other words, if you don’t have renters insurance before the loss happens, you’re not entitled to coverage. You can’t backdate renters insurance because that would defeat how everything works, and would impact policyholders with legitimate claims.
What Can I Do So I Don’t Have To Backdate Renters Insurance?
Maintain a policy. That’s how it works.
The good news is that it’s not difficult at all to keep a policy in force so you can avoid needing to backdate renters insurance. You can buy a policy in just sixty seconds online, just click above. It really is that easy. There won’t be calls from a ton of agents because we sell insurance, not information. You’re buying the policy directly from Effective Coverage.
The most efficient way to keep a Modesto Renters Insurance policy in force is to pay for it annually. That way it’s taken care of and you just don’t have to worry about it. If that’s not practical, you can simply have it bill the same card each month so that you know the bill gets paid. One of the number one reasons that people want to start a renters insurance policy yesterday is that they didn’t open their mail and so didn’t know about the cancellation of the previous policy. That’s why it’s important to take note of things that come in the mail from your insurance company.
Whatever it is that you do to make sure that your policy stays in force, make sure it works for you. Some people have a calendar reminder for the monthly or annual bill, other people have a separate pile of mail for the crucial stuff and make certain they deal with everything in it once a week. There are many good ways to keep your policy in force so that you don’t even have to worry about trying to backdate renters insurance.
What Does It Cost To Have Renters Insurance So I Don’t Have To Backdate It?
The national average price of renters insurance is just $187.00, according to the III. That works out to as little as fifteen dollars per month. The vast majority of families can budget renters insurance easily at those prices.
Additionally, it's important to note that renters are at a significantly higher risk of experiencing loss than homeowners. Renters occupy roughly one third of total housing stock in the country, and yet they are fully fifty percent more likely to experience theft than homeowners, according to the Bureau of Justice Statistics.
It only costs a few dollars a month to protect your family, and this cheap renters insurance is a great way to mitigate the additional risks that come with being a renter.
Affordable California Renters Insurance doesn’t use credit scoring in rating or underwriting, so the prices are more stable among different people who have the same level of coverage in the same general area than they might be in other places. You can see that affording the coverage is not a concern, most people can handle fifteen dollars a month or so.
Having renters insurance so that you don’t have to even think about trying to get coverage yesterday is a good feeling. It means that you won’t be left out in the cold when there’s a covered loss, and it’s not just for your personal property. The liability coverage protects you whether you’re on the residence premises or not, and that can be save you from some very uncomfortable situations.
In addition, your policy covers loss of use and medical payments to others. If there’s a covered loss like a fire or smoke damage from the neighbor’s fire, you’ll be able to get coverage for somewhere else to stay. If someone is injured in your apartment, medical payments coverage will make a good faith payment to make the problem go away efficiently, without admitting fault of any kind.
There are a number of other ways that your policy can protect you, but it can only do that if you have a policy in force. To find out some of the other ways renters insurance can help, or to get a policy, just reach out to the insurance experts for renters at Effective Coverage. Many people have questions about their renters insurance, and that’s why we’re here. We’re happy to take the time necessary to help you understand your needs and how the policy protects you.
Effective Coverage offers the nation's only completely mobile platform to quote and purchase renters insurance right from your phone or tablet in just one minute. Get an online renters insurance quote today and protect your family.
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Photo Credit: Chris Hartman Insurance Company Calendar CC BY 2.0