1.Most feel what’s the chance something could happen? Unfortunately the chances are pretty good.

The dept of justice claims that renters are 50% more likely to be the victim of a break in robbery than a homeowner.

2. Doesn’t the landlord have insurance? Most landlords have insurance on their property, not yours.

Your personal property is not covered by a landlords policy.

3.I’m broke or I’m saving for a home,car or whatever. Most people are surprised at how affordable renters insurance is. About the cost of a pizza in a lot of cases.

We see policies written as low as $10 a month depending on location and coverage.

Many times combining your renters and auto policy will lead to a discount. Almost a buy one get one free in some cases. The savings on your auto policy can be pretty close to the cost of the renters policy.

4. I would guess that most people don’t have a policy because they don’t understand how it works. A renters policy can include personal liability coverage and legal representation.

If your dwelling becomes unlivable do to a covered peril your policy may pay for another place to live.

As with any policy ask questions. Some policies have coverage limits for jewelry or firearms. If you have more than your policy covers you can add an inexpensive rider to cover those possessions.

What do I need to do before I buy?

1. Assess what you have I know that seems overwhelming but you’ll be glad if you have a claim. Some agents have little booklets that are broken down room by room. Also excel has an inventory template. Documentation is even better. Pictures or videos of each room will help in the event of a claim. Model #’s serial #’s and receipts are also helpful.

2. Before you talk to an agent have a list of questions ready to ask.

Do I qualify for any discounts?

Are my legal costs covered?

How about medical expenses?

Do I need to choose replacement or cash value?

Do I need separate coverage for a roommate?

Getting a quote is fairly easy, call your agent or search online.

If you’re in NWI it’s even easier. Multiple quotes are available right here.

Lake County renters insurance quotes

Porter County renters insurance quotes

1.  If I have a claim, will I be able to pay for the deductible?

2.  What is the savings on a higher deductible and how long will it take to recoup the cost if I have a claim.  For example, if going from a $500 deductible to a $1000 deductible saves $100 per year on your insurance, then it would take 5 claim free years to recoup the cost of having to pay a higher deductible.  However, there are other costs to consider when filing a claim…

3.  If you file a claim with your insurance company will they raise your rates (surcharge)?  Or worse, cancel your policy for claim activity?

4.  Excessively filing claims may (and probably will) cause your rates to go up and eventually get your insurance policy cancelled.

You will probably make the best decision on deductibles when you consider that you are buying insurance not a warranty.  Insurance is designed to help you recover/pay for unexpected events/damage and not maintenance issues.  A warranty is more designed for maintenance issues.  It may seem like symantics, but its important to the insurance company and therefore important to you because your policy is a contract between you and your insurance company.  A home requires regular maintenance like fixing leaky faucets, replacing the screen on the screen door, and replacing a worn out roof.  These are not insurance claim items, but maintenance items.  However, if a tree is blown over by the wind and damages the roof, then that is an insurance item.

Finally, considering the above insurance claim situation, should you file the claim.  If a tree falls on your roof and causes $1200 worth of damage.  Assuming you have a $1000 deductible, should you file a claim?  If its a covered loss, the insurance company is obligated by contract (policy) to pay the $200 over the deductible… so should you turn in the claim?  You may want to review items 3 and 4 above.  Yes, the insurance company will pay you the $200, but it may cost you more in the long run if the insurance company surcharges your policy.  Even five “small” claims are still claims and looked at closely by insurance companies.

In the end, I switched to an insurance provider that quoted me $1,345, saving me $2,305 on my rental property each year! While I was at it, I asked this same insurance provider to give me an auto quote. With my previous insurer, I had been paying $1,811 for two cars in northern California. With the new insurer, it came to $1,277. That’s another savings of $534 on annual auto insurance premiums. If you’re keeping track, that’s $2,839 in annual savings on my insurance needs

Can’t promise you $2,839 in savings but it is worth a few minutes to find out.

Lake County auto insurance quotes

Porter County auto insurance quotes

Homeowners insurance quote