
Can You Get Month To Month Renters Insurance?
As the insurance experts for renters, one of our core values is education. To that end, let’s address one of the most common questions we’re asked.
Can I get month to month renters insurance?
Most of the people who ask the question only see 12 month policies offered by major companies, but they might need Bellevue, WA Renters Insurance to cover them for a few months until the end of their lease.
We have your answer, just below the Video Guide To Washington Renters Insurance!
Who Sells Month To Month Renters Insurance?
Actually, any policy can be month to month renters insurance. An insurance policy is a contract with a defined period of time. But the reason for the defined period of time is so that you know the company will cover you for that period of time. You are not obligated to keep the policy for the 12 month term, or for any defined length of time.
Will I Get My Money Back If I Cancel A 12 Month Renters Insurance Policy?
Yes. Generally speaking, the insurer is required to refund any and all “unearned” premium. That essentially means you’re entitled to a refund of any money that you’ve paid which has not yet gone to pay for coverage actually provided. In other words, if you paid for the year and kept the policy for three months, you’ll get about nine months worth of premium back. However, there is something to be aware of if you have month to month renters insurance for a very short period of time…
Month To Month Renters Insurance And The Minimum Earned Premium
Most companies have what’s called a “minimum earned premium.” That means that as soon as the policy is issued, a small portion of the cost is considered “earned” based on the fact that the policy existed at all. It’s usually a small amount of money. The exact amount will vary by company and by the time you’ve had the policy.
If you have Bellevue, WA Renters Insurance and keep the policy for two days, you might be subject to a minimum earned premium of, say, $25 which would be retained by the company. However, as soon as you’ve gotten more than $25 of coverage, that minimum earned premium no longer applies because more of the premium has been earned.
Why Is The First Payment More If Renters Insurance Is Month To Month?
Month to month renters insurance usually has an initial payment that’s more than one-twelfth of the cost of the policy. The reason for this is simple. The insurer wants to make sure that you’ve prepaid a bit of extra premium so that if there is an issue with the billing or your credit or debit card, the policy doesn’t just go straight into a cancellation status.
That protects you by giving you time to recover and make the payment, rather than having a very limited amount of time to stop a pending cancellation. It also has the side benefit of reducing the future monthly payments a little bit, since you’ve already paid a little more than the first month.
How Can I Get Month To Month Renters Insurance In Washington?
That’s easy, just call Effective Coverage or click above. You can be covered in just seconds, with easy payments. In addition, you’re fortunate enough to live in Washington. Renters insurance in Washington is less expensive than it is in many other states, which helps to keep your costs down.
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.
Also remember that you can take the policy with you when you move. If you’re moving within the same state, it takes just seconds to change the address on the policy. Often, there’s little difference in price. If you’re moving to another state, your policy can just be rewritten to the new state, and the unearned premium can be transferred. It really is that easy!
Just call (800)892-4308 or click to get covered - whether you need Bellevue, WA renters insurance quotes online or coverage anywhere else!
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.
What's Your Insurance Language?
- Do You Need Renters Insurance ASAP? Check out the fastest way to buy renters insurance online and get covered in just 60 seconds!
- Do You Feel Like Talking About It? Just call Effective Coverage and a renters insurance expert can help you get great coverage in minutes.
- Do You Need Some Time Alone With Your Thoughts? We understand, which is why we created the Washington Guide To Renters Insurance.
- Just Want To Watch A Movie Together? See our Video Washington Renters Insurance Guide!