When purchasing a policy, “cheap renters insurance” is a common criteria that people mention. Of course, “cheap” has some connotations that are not positive for insurance. We’ve found that there are generally two schools of thought at odds with each other.
What are the two schools of thought on renters insurance and cost? You’ll find the answers below our Video Guide To Virginia Renters Insurance!
Some people are looking to spend the absolute minimum amount of money possible on renters insurance. Other people want to make sure they get the best value on their Alexandria, VA Renters Insurance while also getting appropriate coverage.
Which one are you? We know which option is more prudent, but ultimately the level of coverage is up to you, the insured. That means the coverage you choose is your responsibility, and it’s your responsibility to know what’s in the policy. Effective Coverage can help offer the clarity that you need to meet your goals.
Cheap Renters Insurance In Virginia When you Want The Best Value And Coverage For Your Money
Most people who want cheap renters insurance really want the best value for their money. That’s a perfectly understandable and reasonable way to approach coverage. There’s no reason to spend more than necessary. If you understand your needs, you can make sure you have the coverage that you need as well as the best price.
Effective Coverage works to help you identify your needs, as well as to get you the most affordable coverage to meet those needs. Think about what would happen if someone sued you. Consider the things they could take or force you to sell. Those assets are a way to quantify an appropriate amount of liability coverage. Don’t forget about future assets and earnings, because those would be available to someone who sued you.
Consider the amount of personal property that you own, and what it would cost you to replace it all at the store if you had to buy new things today. While you’re at it, now is a great time to document what you have and take a quick video of each wall of each room of your home. Doing so can help with claims.
If you want affordable Alexandria, VA Renters Insurance and the best value, just call Effective Coverage or click below. Our insurance experts for renters can guide you through the process and help you to get a policy that you’re comfortable with – and that your budget is comfortable with.
Cheap Renters Insurance In Virginia When You Want To Pay The Minimum Amount Possible
Coverage And The Contents Of The Policy Are Your Responsibility
When you buy an insurance policy, you are the one buying it. If you purchase cheap renters insurance in Virginia, this is especially important to you because you have the responsibility to know what you’re purchasing. In other words, it’s on you to understand the changes you’re making to save money. If you’re making policy changes to cut the price, you probably already know that, but it’s still worth mentioning.
Education is one of the Effective Coverage core values. You’re entitled to change many things about your policy, because it’s your policy. There are several things that are important to know when you want to cut the price of renters insurance. Each can impact what happens to you after a loss, and each is something you’re responsible for.
You may have heard that policies are broadly construed in favor of the insured to the extent possible. That’s true, but it doesn’t mean finding coverage where it doesn’t exist, or finding limits not on the declarations page. It simply means that if there is something ambiguous about the situation, the policy is usually applied in a way that’s favorable to you rather than the company.
So What’s In My Renters Insurance Policy That Can Save Me Money?
The only way to know what’s in the policy, as you’re required to do, is to read it. Elsewhere, we’ve clarified what’s in several sections of a renters insurance policy, and understanding what you’re looking for helps to make sure you know what’s in it.
These links are worth a quick look, because they’ll tell you what the coverage does. That makes it much easier to understand the actual policy language as it applies to you and your lifestyle.
The deductible is the amount of risk that you retain in the event of a loss. You pay the deductible and then the policy kicks in if you have a property loss like a theft or a fire. Some people raise the deductible to get a cheaper tenant policy. Doing so usually makes very little difference. Going from $500 to $1,000 or even $1,500 might save ten dollars or so a year. Is coming up with a grand or more really worth saving a buck a month? Not to most people!
There is a minimum amount of money that your policy will cost. There’s a fixed cost to sell and service a renters policy just because it exists, so companies won’t sell below that price point. It can vary depending where your policy is placed and where you live. Often, the minimum premium is $125 a year or less – just a few dollars a month.
Minimum Available Coverage
Each type of coverage has a minimum amount. For example, companies often won’t write less than $100,000 of liability. That’s positive for you, because your property manager likely requires that amount of coverage. The amounts of coverage that are available also come in specific increments. Personal property is usually in increments of $1,000 and liability in increments of $100,000, for instance.
Replacement cost coverage is almost never worth removing from the policy. It’s not a significant driver of cost, first of all. Second, the actual cash value of the property you own is depreciated to nearly zero, regardless of what you paid for it. It is used property now that you’ve owned it, after all!
What Is The Cheapest Renters Insurance In Virginia?
Effective Coverage offers renters insurance policies for as little as $125.00 a year. The price depends on where you live, the amount of coverage, and other factors. You can call or click and get covered in about one minute and get the cheapest renters insurance in Virginia, with instant proof available for your landlord!
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 Virginia Guide To Renters Insurance.
- Just Want To Watch A Movie Together? See our Video Virginia Renters Insurance Guide!