According to the U.S. Census carried out in 2017, about 46% of the U.S. household spends more than 30% of their income on rent and related utilities. So, when you are spending so much, you do need assurance against your personal belongings. Its important to insure your valuables and belongings with same day renters insurance.
A renter’s insurance is meant to provide you that peace of mind. The building or the flat is meant to be insured by the owner. So, if it gets damaged in any way, he/she can claim it from the insurance company. But what about your personal belongings inside the house?
The owner’s insurance does not cover them. It is an intelligent financial decision to invest in renters’ insurance. If your belongings get damaged in an accident or natural calamities, you too can claim compensation for the insurance company.
With the real-estate prices soaring in most U.S. cities, renting an apartment has become normal. The same report states that in New York City, about 46% of people live in rented apartments. You can imagine the relevance of getting a renter’s apartment.
Some Interesting Facts about Renters Insurance
- California is the city with the most number of people (52.5%) people spending on house rent. North Dakota people spend the least with only 36.6% spending on house rent.
- The average premium for renter’s insurance was $180 in 2017. That was way lesser than the homeowner’s insurance ($1211).
- The demand for renters insurance for high-end homes increased by about 45% between 2010 and 2018.
- Real estate prices in the USA are rising at an average of 5% per annum. This leaves people with no choice but to rent homes.
- About 22% of rental households earned more than $75K in 2019. This shows the shift of rental culture to high-income groups.
Why Do You Need Renters’ Insurance?
Let us ask you a question. Suppose you live in an area that is prone to accidents. A high-speed truck rammed into your building and damaged all your belongings. All your furniture, electronics, and belongings are now under the rubble. How will you get them back?
The older ones are no longer usable. So, you need to buy a newer set. That requires a considerable amount of money. When you are covered with renters insurance, all these expenses are covered by the insurance company. Here is a list of things that renters insurance covers:
- Personal property coverage: It includes furniture electronics, clothes, shoes, vehicles, etc. However, the type and number of articles insured depending on the coverage plan. You can take additional coverage for premium rates.
Many insurance companies exclude few personal belongings like jewelry and collectibles from this coverage if their market price exceeds the coverage plan. You should always consult a financial advisor for taking the best plan as per your needs as well as belongings.
- Personal liability coverage: Getting sued for anything and everything is very common in the USA. And to get you covered, taking renters insurance is the best way out. It covers medical injuries because of your fault or from your pets, damage to the neighbor’s property, and so on.
- Additional living expenses: On many occasions, you may need to shift out of your apartment. Additional living expenses cover the living cost in the hotel for that duration.
Why should you opt for same-day renters insurance?
If you have decided to get yourself the renter’s insurance, you must have planned out a day for it. Here is our take. You should take it on the day you move into your new house. That is because:
- It provides you insurance against all your properties from day 1.
- All your paperwork is fresh and right in front of you. If the insurance agent demands some documents from your owner, it is easier for you to get it on the same day.
- You gauge the physical structure of the building and that helps in determining the policy needed.
- Many times, the owners have a comprehensive plan that covers many costs of the renter’s insurance. You can talk about it with your landlord and take the proper policy the same day. It keeps things clearer and easy to get done.
- On the day of moving, you are already on the leave. You have your document in place and the landlord with you. So, getting all the paperwork done is easier. The same work becomes hectic on other days.
How to get same day renters insurance?
We have already talked about the positive aspects of taking the renter’s insurance the same day. Now, let us see how to get it. Here are the steps:
- Choose a reliable renter’s insurance company website. These websites have a dedicated section for instant renter’s insurance. Fill in your details and click for an online quote. Be honest with the questions. It will help the company in determining the cover best suited for you.
- Click on send and let the company verify your credentials.
- Receive the confirmation mail and your insurance is done. The process takes not more than an hour!
Benefits of same day renter’s insurance
When you opt for same-day insurance, you enjoy the following benefits:
- There is no need to meet an agent. This omits the need to pay his/her commission, take out time to meet him/her, and other requirements.
- You can complete the whole process from your couch while setting up your new home.
- You save time and resources by opting for online mode.
- Have technical support from the company’s customer care. So, whenever you need their help, they are available. But if you take the insurance from agents, they may take a day or two to come and address your issue.
The final say
Today’s digital world is fast-paced, everything is going online and to keep up with that, you need to change and react accordingly. The best way for you to get the best insurance policies is to go for instant policies. This is especially true with renter’s insurance policies. It assures you in a new house making your stay safer and more comfortable.