Renters Insurance

Why Every Renter Needs Renters Insurance Before They Move In

by
Save Money and Time with Your Short-Term Rentals

When you’re renting an apartment, condo, or single-family home, your landlord may or may not require renter’s insurance before signing the lease. Even if your landlord doesn’t require it, however, you may still want to take out this insurance as a precaution against the potentially devastating consequences associated with personal property loss/damage and even the unlikely (yet possible) circumstance in which the residence becomes uninhabitable. Renter’s insurance can be a financial lifesaver in some cases, yet only one-third of renters actually take out a renter’s insurance policy (and many could be doing it solely because their landlord required it). Whereas a vast majority of homeowners have homeowner’s insurance – likely because mortgage lenders require it and some states even have … Read more

Insurance Companies Canceling Policies Might Not Be a Bad Thing

by
Can a Insurance Company Deny a Claim?

I saw a segment on the news recently that highlighted a family whose insurance company had canceled their renters’ insurance policy. The family in question filed two claims against their policy over the holidays after burglars broke into their home before Christmas and again just before New Year’s. As a result, their insurer dropped them. Of course, the timing was horrible, and the local media covered the story exhaustively. But I’m glad the insurance company canceled their policy, and you should be happy, too. Here’s why: What are the odds of a family having two robberies in such a short span of time? It’s very unlikely. In fact, such unusual circumstances are strong warnings of potential fraud. And while I don’t … Read more

Why College Students Need Renters Insurance

by
Renting with Poor Credit

Renters insurance is essential for anyone who does not own a home. Renters insurance is actually a misnomer. It really should be thought of as personal property insurance since it is designed to insure your personal possessions and not just for renters. It can apply to a wide range of other people, such as college students, storage unit owners, and many others. Since college students typically rent an apartment or live in a dorm room, renters insurance can be a valuable asset for them to have. Renters insurance will protect the assets they have. And, since replacement costs for lost, stolen, or destroyed items can be tough when you have a low income, renter’s insurance can help protect you and … Read more

Hidden Problems Renters Face with Their Credit Score

by
Your Credit Score May Be Costing You Thousands of Dollars

Many young people don’t realize their credit score has a big impact on their ability to rent a home or apartment. Most landlords pull renters credit and credit reports before agreeing to sign a lease, and a less than desirable FICO score can severely limit your chances of getting into a decent apartment at all, let alone at a reasonable price. 90% of top lenders use FICO® Scores. Insurance companies, too, often charge higher insurance premiums to applicants with poor credit scores. But do you have to let your negative credit score affect you in this way? Can you rebuild your credit history solely as a renter? Can paying your rent on time help you to rebuild your credit? These are … Read more