According to Zillow, more renters than before are planning to buy their homes in the near future. So is renters insurance still relevant? Absolutely! There are a number of reasons why, not the least of which is protecting your family. Even if you’ll be buying a home in six months, you still need protection for that time frame. Let’s take a quick look at other reasons that renters insurance is still both relevant and crucial.
Mortgage Companies Verify Multiple Sources Of Payment Histories
So you’re trying to get a mortgage. They’ve pulled your credit, reviewed everything, and it looks good. But that’s not enough for your friend Mr. Mortgage Banker. He wants to see other sources of good payment history that don’t show up on your credit report, too! You might be asked for utility payment history, and we’ve seen mortgage brokers even ask for renters insurance payment history!
One phone call to Effective Coverage can get you the information you need to show that you’ve been timely paying your renters insurance. That’s just one more positive thing for the mortgage broker to see. Having renters insurance offers an easy proof of payment of something that doesn’t show up on credit reports.
Renters Insurance Saves You Money On Homeowners Insurance
You’ve probably bought car insurance. For a very long time, a major rating factor on auto insurance has been how long you’ve had coverage, and what limits you’ve previously had. Many homeowners insurance companies look at how long you’ve had property insurance, even if you don’t own the property!
A history of carrying renters insurance shows responsibility and good judgment, as well as stability with a given company. The longer you have renters insurance, and the higher your liability limit is, the more you could save on your homeowners insurance!
These are just two examples of why its good to have renters insurance, above and beyond the usual reasons of protecting your family and your assets. For more information on how renters insurance benefits you, why it’s so important, and how easy it is to get, call (800)892-4308 or click to get covered - whether you need 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..