As with other types of insurance, there are many different factors that influence what you pay for your renter’s insurance. Even though renter’s insurance is typically less expensive than other types of insurance, it still helps to know what is influencing the cost. Here are three of the biggest factors that influence what you pay for renter’s insurance.
- Location – Where you live will play a role in how much you’ll pay for renter’s insurance. Factors such as the crime rate in your zip code and weather concerns in your area are important, so if you live in an area prone to natural disasters, you’ll likely pay a little more for your renter’s insurance.
- Safety Features – Does your rental property have a security system? Do you live in a gated community? Any sort of additional safety features can decrease the amount you pay for renter’s insurance, as they deter theft.
- Coverage Type – Renter’s insurance comes in two coverage types: replacement cost and actual cash value. The coverage type you choose will depend on what you’re looking to get back in the event that one of your possessions gets stolen or damaged. Be sure to decide ahead of time what kind of coverage you want before purchasing a policy.
We here at Morco Insurance Agency are happy to help you find a renter’s insurance policy that will best benefit you, as well as walk you through what factors will influence the cost of your insurance policy. Give us a call today to speak with one of our insurance brokers about how to find the best insurance policy for your needs and situation.