Often, if a fire in a neighboring apartment causes smoke damage, burglars loot your apartment, or someone gets hurt while visiting you, homeowners insurance will protect the building and property of the property owner. Even if you’ve lived in the same place for years, it won’t cover you. This is where renters insurance comes in. It can help you replace belongings and cover medical and legal expenses.
Licensed experts can help guide you toward the best decision when it comes to renters insurance coverage. If you are wanting to get the inside scoop before making a call, we have you covered.
How Much Does Renters Insurance Cost?
The good news for many renters is it’s extremely affordable. A renters policy is focused on covering personal property and liability coverage, but this does not include the building itself. The cost of renters insurance is on average approximately $193 per year for renters insurance in Nevada. While Nevada renters may pay 3% more than the national average, it’s still far less expensive than what you’d pay if your belongings were stolen or destroyed.
Think about it: you own clothes, jewelry, appliances, and much more. By working just 23 hours at minimum wage, you can pay for a whole year’s worth of renters insurance–and receive thousands of dollars in coverage. If you have single items that are expensive, you may want to add on special personal property coverage for those individual items. The introductory $10,000 for personal property that comes with many policies is generally enough.
Many renters coverages also add additional living expenses. In other words, if you can’t live in your house for a set time due to an active claim, renters insurance companies could give you extra money to cover additional living expenses.
How Does Nevada Rental Insurance Coverage Work?
You wake up to water damage or come home to find your valuables have been stolen. Sadly, these scenarios aren’t fiction. In 2012, there were 22,120 burglaries in Nevada. Recovering from these kinds of incidents is hard, but you can make it less stressful with renters insurance.
With a renters insurance policy, you won’t have to worry about coming up with the money to replace your HDTV or stereo because policies usually provide enough coverage to get a new one at full retail value. Renters insurance also helps out if you suffer damage from a fire, water, wind, or other extreme weather event. Given everything that can happen unexpectedly, it’s comforting to know your renters insurance policy can increase your piece of mind.
What Kind of Discounts Could You Get on Your Renters Insurance Quote?
How much you pay for your renters insurance premiums are based on a number of factors: some being your address, cost of personal belongings, and claims history. While renters insurance only costs a couple hundred dollars a year on average, there are many opportunities for discounts in your renters insurance quote.
- Multi-Policy: Save when you combine policies like auto insurance, home, and life. A standard renters insurance policy can be found through insurers you already work with.
- 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: If you opt into a plan with a higher deductible, you’ll have a lower payment amount every month. Watch out for this though. Your deductible is something you’re responsible for paying if you file a claim. Even with lower deductibles, renters policies often offer very affordable insurance.
Facts on Nevada Renters
In Nevada, 43% of residents are renters. Since it costs around $949 per month for a two-bedroom rental, but an entire year of renters insurance is only $193, it’s clear to see how premiums pale in comparison to replacing your valuables.
Get Help From Licensed Agents
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