Want Renter's Insurance But Have Bad Credit? Follow These Tips

Insurance Blog

You may have bad credit, but that doesn't mean you're unable to get the protection for need for your belongings in your apartment or rental home. If a fire or burglary were to happen, renter's insurance helps you get compensated for what you lost. These tips can help you with getting a policy, even if you don't have a great credit history.

Get Multiple Quotes

When buying renter's insurance, it helps to get a quote from multiple insurance companies to see who can give you the best deal. Insurance agents and their companies are aware that people shop around for all types of insurance, and making multiple inquiries won't affect your personal credit score even more.

Know The Coverage And Deductible

When you start to compare all of the different offers from the different insurance companies, you want to make sure that you're comparing apples to apples. Don't assume that all policies are equal, and take some time to look at the coverage and deductible of the plan, which will affect the price the most.

You'll want an insurance police that gives you the right amount of coverage, but is also a policy that you are able to use when you need it. The deductible can play a big part in this. This is the amount you pay before insurance kicks in for the rest. While a higher deductible is the best way to lower the price of insurance coverage, it won't do you any good if you cannot afford a deductible. For instance, if you do not have $5,000 in savings, it is best to not select an insurance policy with a $5,000 deductible.

Know That Coverage Can Still Be Affordable

Renter's insurance should still be relatively cheap, even if you have to pay more for it. On average, renter's insurance only costs around $144 each year to get $30K worth of personal property coverage. This comes out to about the price of a movie ticket each month, rather than the high cost of home insurance. This is because you are not insuring the dwelling that you live in, just the belongings that are in it.

Bundling your renter's insurance with car insurance is a great way to save money, so be sure to ask your insurance provider about a multiline discount.

Find Ways To Fix Your Credit

If you end up paying a high premium now for renter's insurance, fixing your personal credit score could help you get a lower premium at the time of renewal. Look at your credit report and figure out what the big blemishes are, and try to resolve them within the year. Let your insurance company know, and see what kind of savings you get in return.


26 April 2017

Preparing for the Future

Ten years ago, I married my best friend in a beautiful, intimate ceremony. My husband and I have been nearly inseparable and we’ve enjoyed this special time in our lives where it has been just the two of us. However, we’re finally ready to have a baby. Because I only work part-time, my husband is the primary financial provider in the family. If something ever happened to him, I wouldn’t be able to instantly support myself and a child. Because my husband worries about an uncertain future, he is considering purchasing a larger life insurance policy. On this blog, I hope you will discover the best types of life insurance policies for young parents to invest in. Enjoy!