Having a renters insurance policy is crucial in case you fall victim to fire, theft, or someone is injured on your property. Despite what some may think, homeowners policies do not cover tenants. Renters insurance coverage will help you replace your belongings or cover medical costs in the majority of cases. Read more about Connecticut renters insurance below or call and chat with a licensed expert who can answer your toughest questions.
How Much Does Renters Insurance Cost in Connecticut?
Renters insurance can be a life-saver if you are robbed, your home is damaged by storm or fire, or if someone is hurt on your property. It doesn’t cover the structure of your home, because simply put, you don’t own it. Instead, it covers the things you do own in those walls and the things you’re responsible for. Depending on the renters policy, it may also cover additional living expenses if you’re temporarily displaced from your home.
It’s relatively cheap too for the amount of coverage it offers. In Connecticut, renters insurance costs an average of $196 annually. Even on a minimum wage salary, it would take just 21 hours to pay for the annual premium. While that is 5% more than the national average, it’s still a minimal cost compared to the total cost of your possessions not to mention the additional peace of mind you’ll feel by being covered should something happen.
Of course, if you want extra coverage for your heirloom jewelry or something else that’s especially expensive, you’ll need to pay more. Insurance companies offer additional coverages, and you can change the limits as needed. If you feel you need more personal property coverage, you can adjust your limits for a price.
How Much Do Renters Insurance Companies Actually Cover?
When you compare the cost of renters insurance with the price of replacing even a fraction of your belongings, it doesn’t come close. Since there were 14,711 burglaries in Connecticut in 2012, your odds of having something happen to your property are higher than you might think.
Consider the cost of all the items in your dwelling your electronics, clothing, jewelry, furniture, household items. Would you be able to replace all of them if something happened? If not, then a renters insurance policy can help protect you and replace your belongings if you ever need to file a claim.
Many renters choose as little as $10,000 in personal property coverage. You might be surprised how quickly your personal property adds up. This and many other things are factors into your renters insurance quote.
What Kind of Discounts Can You Get on Renters Coverage?
Your renters insurance premium is determined by multiple factors, such as: where you live, your history of claims, any current policies you currently hold, and more. Some apartment buildings have their own renters insurance policies. In general, you choose which insurance company you go with. You can lower your premiums by qualifying for available discounts.
- Multi-Policy: Bundle auto or another insurance plan with renters insurance and save.
- No Prior Claims: If you haven’t ever filed a claim, you’ll save on your rental insurance premium.
- Safety Devices: Pay less if you install smoke detectors, anti-theft systems, or other safety devices.
- Higher Deductibles:Agreeing to a higher deductible can lower your renters insurance premium. But be careful, make sure the deductible is something you can afford if you need to make a claim.
Is There Anything Else You Need to Know about Renters Coverage Options?
Approximately 32% of Connecticut residents are renters. And since the average price of a two-bedroom rental is $1,263 per month–compared to the annual renters insurance premium of$196, it’s something most people should be able to afford.
Usually you get what you pay for, but with cheap renters insurance premiums across the board, you get a lot more than you normally would for something so affordable.
Where Can You Find Renters Insurance?
If you’re ready for a quote for renters insurance in Connecticut, call a licensed agent at [mapi-phone /] to hear more about your options. You can also get quotes online to see how different insurers stack up. Insurance experts are standing by to help you find the best renters insurance premium and policy.
You can check the average cost and see what different companies are offering through independent against. Then you can be sure your investments are covered.