Among the many benefits of renting a home, tenants enjoy smaller insurance fees and are generally happier with their insurer than homeowners. Price satisfaction is a significant 45 points higher among renters than among homeowners according to the J.D. Power 2013 U.S. Household Insurance and Bundling Study.
The survey also shows that, although 25 percent of consumers rent their primary residence, 46 percent of renters are uninsured. What most renters fail to acknowledge is that in the absence of an individual insurance policy, their belongings are at risk should disaster strike. The landlord’s policy only covers the rental unit or dwelling and the common grounds, excluding the renters’ personal possessions.
Renter’s insurance protects the tenant’s assets against a series of misfortunes, including losses caused by fire, windstorm, lightning or theft. It also provides insurance coverage for accidental physical injury to another person as well as damage to property caused by the insured policy holder.
You can receive up to $100,000 of coverage against common personal liability claims such as slip-and-fall injuries. If you’re a dog owner and want to give yourself piece of mind, you can select a liability provision for dog bites, up to a maximum limit of $25,000.
The price is directly affected by the value of your home’s contents and how much insurance protection you decide to purchase. ResidentShield provides renters insurance coverage for as little as 43cents/day. Always consult with your agent if you own valuable items like jewelry, furs or collectibles as you might need to buy additional coverage.
According to the J.D. Power resident survey, renters place more importance on website (22%) and assisted online (11%) interaction channels than do homeowners, which is strongly tied to the younger customer base in the renter insurance market.
In an effort to respond to the younger generation’s needs, ResidentShield offers a highly digitalized experience, from selecting coverage limits using the Contents Calculator and applying for renters insurance to filing claims online. Additionally, monthly or annual premiums can be paid by credit card or debit card. Monthly automatic deductions can be paid from a savings account or checking account as well.
