Renting a home or apartment is an excellent way in which an individual can enjoy all the benefits that these properties can provide without having to worry about the fiscal responsibilities of ownership. Although many many not be aware, renter's insurance is necessary in a variety of cases to help the renter avoid having to replace a property's physical belongings in the case of an accident and even avoid a potential lawsuit. However, there are different types of insurance available; each with its own benefits and drawbacks. These should be reviewed before examining the top renter's insurance providers.
As the name implies, a standard policy covers the renter in the event of a natural disaster and can help in the replacement of damaged or destroyed goods up until a point. This policy may also provide financial remuneration against theft. While the financial benefits cannot be ignored, some of the disadvantages may include:
- Exclusion of certain types of natural disasters such as floods or hurricanes.
- Financial coverage that is limited in the number of items covered as well as the amount of money paid out.
Liability insurance is important to have to help cover against an injury should one occur on the property itself. While this amenity usually comes as a standard option on a normal homeowner's insurance plan, some renter's insurance policies do not contain this important clause.
Extended coverage can help "bridge the gap" in certain areas that a standard policy may not provide for. For example, an extended coverage package will allow the renter to add such things as liability to an existing policy. Some renters choose this type if they feel that their existing plan does not cover enough unforeseen circumstances or is insufficient in the amount of financial compensation it will provide. With an extended coverage plan, one can add these benefits or increase the amount of compensation he or she will receive.
State Farm is one of the leading renter's insurance companies in the country. As it is such a large organization, finding access to an office or agent is never a problem. State Farm is well-known for the outstanding service it provides as well as the round-the-clock availability of claims representatives. Their prices are agreeable, hence their quote of "For less than a dollar a day".
Allstate offers a variety of features that are common including standard and liability coverage. However, Allstate also allows their clients to add to their existing policies for only $4 more a month. Additionally, a renter's insurance package can be combined with an existing policy and potentially save the policyholder a considerable amount of money.
Farmer's Insurance Group is another widely utilized provider; offering both standard and liability packages as well as other optional coverages that can cater to individual or regional needs. One of the unique aspects regarding Farmer's Group is their HelpPoint system. This claims service has been recognized for the past three years by JD Power and Associates as one of the best claims support services.
Obviously, no renter ever wishes to have to use one of these policies or insurance companies. Nonetheless, by understanding the types of coverage available and some of the top providers, a renter can have the peace-of-mind knowing that he or she is well-looked after.