Renters insurance under $50 seems to be the elusive mark that people are looking for. It’s not that they don’t see the value in Kent, WA Renters Insurance, or renters insurance across the country. But especially in the Pacific Northwest, the cost of living is rising quickly and anywhere that you can cut costs benefits your budget. The question, however, is whether it benefits you in the long run.
Some people looking for renters insurance under $50 are looking for a cheap policy because they look at it as something their landlord is forcing them to buy. Why should they spend any more than they have to on something they’re being required to buy, but don’t want? The fact of the matter is, everyone who rents should have renters insurance. We live in an era where anyone can and will sue anyone else for any reason. It doesn’t have to be a good reason, even. The liability coverage that renters insurance provides as well as the defense coverage that comes with it make the policy worth having all on its own.
Think about what it would cost to replace everything you own if there were a fire. Now think about what would happen if the fire weren’t even your fault. Perhaps it was the neighbor’s fault, or perhaps it was just one of those things that happens. In either case, if you’ve lost everything you own and you bought renters insurance under $50 you could have a serious problem in trying to recover what you’ve lost.
We know of one company that offers renters insurance under $50 sometimes, but they do it by endorsing the coverage onto an auto policy. While the coverage is non-standard, it’s not a terrible policy. But since it IS an endorsement, you can’t add any endorsements to it. Your $50 renters insurance won’t protect your jewelry, or any additional locations, or cover water backup, or even protect things that are off premises in some cases.
The real question isn’t how you can get renters insurance under $50, the real question is how you can best protect yourself for the least amount of money. It’s important to think about what you want to protect and make sure the policy covers it, and then find the best option that offers those protections. Here are some sample questions you can ask yourself that will give you a good start:
- What would it cost to replace everything I own?
- What do I have that someone could take in a lawsuit? Note that this includes your paycheck.
- How many people depend on me to provide them with their personal property? Spouses and kids are great examples.
- Does my job depend on dressing professionally? What’s the cost of replacing those clothes in a hurry after a fire?
Can you get renters insurance under $50 a month? Always, unless you have some very specific coverage needs not addressed in a standard policy or need significant personal property limits. If you fall into either of those classes, you’re probably aware of that fact and are already insuring appropriately. Renters insurance under $50 a year is quite rare, and often doesn’t provide the value that you think it does.
When you’re purchasing insurance, you’re essentially purchasing a promise that the company will pay for your losses at some indefinite future point in time. You want that promise to mean something, and you want that promise to have as few exceptions or exclusions as possible. Nuclear hazard, for example, will always be excluded, but if you look at some of the policy forms offered by the “inexpensive insurance providers” you might be surprised at what’s not covered.
This brings us to an important point. No matter how much you spend on your renters insurance, it’s imperative that you actually read the policy. Ultimately, you are responsible for knowing what it covers. The policy document, declarations page, and any endorsements are the final word on coverage. Any statements made to you contrary to those documents are irrelevant. That’s why it’s so crucial to read that policy document and understand it.
Renters insurance policies are less complex than other types of insurance, but that doesn’t mean they’re easy reading. If you run into questions along the way, feel free to reach out to an insurance expert for renters who can help guide you. They can also help you ensure that you have the coverage you think you do, whether you have Kent, WA Renters Insurance or renters insurance anywhere in the country.
While renters insurance under $50 a year is a pipe dream, you’ll be happy to know that renters insurance is quite affordable in Washington State, as it is in most parts of the country.
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.
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!