The reality is, unexpected events can happen at any point. Renter’s insurance protects your tenant’s belongings in the case of a fire, flood, theft, or damage. But, it also protects landlords as well. Without renters insurance, a landlord could have to come out of pocket for any damages and repairs if their tenant accidentally damages the property.
With that being said, financial security should be the last thing you or your tenants worry about when unexpected events happen. Which is why it’s a good idea to know about the best renter’s insurance companies. Especially if your tenant is new to renting and may ask for your help in pointing them in the right direction.
Some of the Best Renter’s Insurance Companies
Whether you’re familiar with particular renter’s insurance companies or not, they each come with their own strengths and weaknesses. Here are some of the top renters insurance companies to know about:Nationwide
Nationwide makes getting a quote, starting your policy, or filing a claim easy with their online option on the website. Like most insurance agencies, Nationwide covers the contents of your rented home. What sets them apart is that they cover the out-of-pocket expenses you occur while finding another home. You can also choose add-ons for more coverage such as, more money on valuables, earthquake, and water backup.Liberty Mutual
Liberty Mutual offers one of the most affordable renter’s insurance policies on the market for as low as $20. You can ensure coverage inside and outside the home to cover you in the event of a fire, theft, and vandalism. For additional coverage (and money) you can protect high-valued items such as computers and jewelry.State Farm
State Farm is known to have more affordable or cheap plans for renter’s insurance. They offer highly competitive rates across the country and even give out discounts based on certain qualifications. So if your tenant comes to you asking if you know what the cheapest renter’s insurance option is, you can let them know about State Farm.Allstate
As one of the most user-friendly and tech-savvy insurance companies, Allstate offers excellent digital tools that allows policyholders to extensively catalog their possessions with their Digital Locker app. They also have a mobile app that allows their users to pay their bills, start claims, review their coverage, and so much more all from the palm of their hand.USAA
For anyone who is in the military, USAA can provide great coverage for them and their families. Not only do they have competitive rates, but they also cover things like floods, earthquakes, windstorms, and lighting - which are natural events that other renter’s insurance policies typically do not cover.Lemonade
Lemonade may not be as well-known as some of the other renter’s insurance companies, but they are quickly becoming recognized for how quick and easy it is to setup a policy with them. With the help of their automated robot Maya, you can get a quote and get coverage within minutes. They also have a unique giveback program that allows policyholders to choose a charity to donate any unclaimed money to at the end of each year.Protecting the Rental Relationship
Your tenants having quality renter’s insurance is the easiest way to make sure both of you will have peace of mind. In the rare event of a natural disaster or an unfortunate accident, costs shouldn’t be something you or your tenant needs to worry about. Renter’s insurance allows for both parties to maintain the rental agreement while repairs are conducted.With that being said, what happens if your tenant is unable to make their rent payment? Renter’s insurance is important, but it doesn’t cover loss of rent when a tenant is unable to pay. This is why, as a landlord, it’s imperative to protect your income through rent default insurance.
The good news is that there is an insurance option made just for this very circumstance. Rent default insurance guarantees that even if your tenant can’t pay rent, you still receive your rental payments. Ease your worries once and for all with Steady. Their plans cover you for one to one thousand properties for one to six months! Steady is the best way to ensure that both your property and your income are secure.