Often, once we start getting into a conversation with a client about coverage levels, they insist
I just want the “bare minimum” because I have nothing to protect. Can you just sell me the cheapest renters insurance policy possible and call it a day?
Could we? Sure. Is that what’s best for your needs? Probably not.
Can’t I Just Pick The Cheapest Renters Insurance And Be Done With It?
Often, people wonder if they can pick renters insurance based on cost alone because they don’t want to bother comparing policies, or because they just don’t want to spend any more money than absolutely necessary.
Should I Just Get The Cheapest Renters Insurance?

Should I Just Get The Cheapest Renters Insurance And Call It A Day
Inevitably, when someone asks for the bare minimum and the cheapest option available, they think they don’t care about coverage. They’re viewing the policy as a burden, not as a benefit to their lives. Are there $75 a year liability only renters insurance policies? Absolutely. Should they exist? No. Companies offering policies with just liability are catering to the people who just want it to be cheap and who feel forced to have the policy.
That’s their prerogative to feel that way, but there’s something you should know…
You Get What You Pay For
That holds just as true for insurance as it does for anything else in life. Does your $75 a year policy provide replacement cost coverage? We’ve actually seen a policy with $5,000 of personal property and actual cash value coverage, from someone who thought they were well protected. But, after walking them through the policy, they weren’t so sure about being protected.
If the cheapest renters insurance is with your auto policy in a bundle, good for you. Policy bundling is a viable way to drive the cost of insurance down. But if you’re shopping just for the least expensive renters insurance on its own, you’re making a big mistake.
What’s The Difference Between The Cheapest Renters Insurance And Real Renters Insurance?
Fifty bucks a year. Yes, four dollars or so a month. You can have a policy that doesn’t actually protect you against anything except liability. Or for about four dollars more a month, you can have a policy that covers your personal property, loss of use after a covered loss, liability, and medical payments to others. The difference in cost is so insignificant that there’s no reason to just get the cheapest renters policy available. Because renters insurance is so inexpensive, it’s important to make sure you have the coverage you need. Shopping on price alone usually doesn’t end well, especially if you’re buying insurance.
Instead of price, look for value. Look at the cost of the policy, the coverage you get, the payment options, and how it all fits in your life. For a comprehensive review of your current policy, or a quote on a new one, call Effective Coverage at (800)892-4308 or click above for free renters insurance quotes online. You’ll be glad you did.