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  • Mayer Insurance Agency

A Guide to Renters’ Insurance

Having a comprehensive understanding of what a renters’ insurance policy is about will make it easy for a home and a car owner to secure the right combination of policies to maximize savings. Although renters’ insurance policies look similar to homeowners’ insurance policies, they differ to some extent. The former provides compensation for harm caused to personal belongings by theft or vandalism; it does not protect the physical construction of the house. It is used primarily for rented properties, while the latter includes both the homeowners’ personal belongings and buildings and is predominantly used by homeowners.

Customer retention matters a lot to most insurance companies. Retaining established customers helps to build steady income for a business and can inspire companies to offer incentives and discounts for customers who already have policies with them. Things like bundling different types of policies are common practices with insurance companies used to entice consumers by offering discounts for multi policies.

There are often benefits to adding something like a renters’ insurance policy to another policy. For example, a person who bought a renters’ policy along with car insurance is likely to be covered by that insurance company for more policy conditions. A bundled policy would allow you to have car insurance, renters’ insurance and belongings’ claims all for just one premium.

Another advantage to having a renters’ policy if you don’t own your home or apartment is that it provides personal liability coverage. There are cases where your kids could mistakenly damage a visitor’s car when playing and you would be held liable. With a renters’ policy, your insurance company will pay to defend you and your children from any claims against your policy.

When you get a renters’ policy, you will be in a better financial state even if you were to suffer a loss. It’s affordable and can help you protect your finances.

Four Ways to Lower the Cost of your Renters’ Insurance.

  1. Invest in security to help protect your assets from possible loss. This can be done by installing a top-rated alarm system, installation of window alarms, upgrading your locks, replacement of door hinges, and many more home security options. This will lower both your renter, and life insurance premiums.

  2. Bundle your renters’ insurance with other policies. For example, having auto insurance and a renters’ insurance policy will help you save money every month.

  3. Increasing your deductible is another way to lower premium costs. Balance the savings over time each month on premiums against the higher amount that you would pay if a covered loss happened.

  4. Paying for a six-month or one-year policy rather than choosing installment payments is another way to save some money. Most companies offer discounts when you pay upfront. Some companies will also offer a discount for setting up and utilizing automatic renewal and withdrawal for your policies.

Obtaining renters’ insurance is a smart way to protect your belongings. Bundling with another policy can offer even more savings. If you’re shopping for renters’ insurance coverage, find quality insurance by contacting the team at Mayer Insurance today. We serve Apple Valley and neighboring cities in Minnesota with quality coverage.



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