When bad things happen, such as fire, robbery, or an injury to a guest, having renters insurance will often help pay to replace your belongings and/or cover medical bills. We break down Missouri renters insurance policies below to explain the ins and out of getting coverage.
How Much Should The Cost of Renters Insurance Be in Missouri?
Renters in Missouri can enjoy the peace of mind that renters insurance provides for just $182 a year. Compared to the rest of the country, that’s 3% less than the average American pays. In high premium states, many renters still only pay $200 a year.
For such a small yearly sum, renters insurance can provide you with thousands of dollars worth of coverage if your belongings are stolen, damaged, or someone is hurt on your property. If you had a fire and had to replace all of your belongings yourself, you’d be in a serious financial pit. Since you could pay for a year’s worth of renters insurance working only 24 hours at a minimum wage job, most everyone can purchase this smart and affordable protection.
Many policies have $10,000 or more in personal property coverage. They also cover additional living expenses after a major claim, liability coverage, and much more. If you have single items of high value like jewelry or collectors items, though, you may want to add extra coverage.
Do You Really Need a Renters Insurance Policy in Missouri?
You may think it could never happen to you, but in 2012, Missouri had 42,466 burglaries. For those with renters insurance, the hassle and financial burden of replacing valuables can be eased. Most policies pay full retail value for stolen possessions making it easier for you to replace what was taken and get back to normal life.
You and your home are also covered for things like fire, water damage, and extreme weather, as well as liability if a visitor slips and falls during a visit or gets injured another way. With so many unpredictable things in life, it’s nice to know you can count on renters insurance when you need it.
Why doesn’t everyone have a renters insurance company? Many renters mistakenly think their landlord’s homeowners policy will cover them in a disaster. Even if the property owner also lives in the unit, it only covers their belongings and liability. Even if the house burned down or was blown away in a windstorm, you would not have any protection without a renters policy.
How Can You Get The Most Affordable Renters Coverage?
Your renters insurance premium is established by looking at multiple factors, such as: where you live, your history of claims, any current policies you currently hold, and more. However, you can keep your premiums lower if you qualify for discounts.
- Multi-Policy: Combine insurance policies to save more money.
- No Prior Claims: Save on your insurance bill if you have a clean claims record.
- Safety Devices: Installing safety systems like smoke alarms and security systems can result in premium discounts.
- Higher Deductibles: If you opt into a plan with a higher deductible, you’ll have a lower payment amount every month. Watch out for this though. Your deductible is something you’re responsible for paying if you file a claim.
If you’re interested in renters coverage, get a renters insurance quote. You can look at the data on average cost, but those numbers may not apply to you. If you play your cards right, you could pay less or get more coverage for the same price. If you want to save money, one of the easiest options is combining your renters policy with your auto insurance for a multi-policy discount.
How Many Renters Need Coverage in Missouri?
About 32% of Missouri residents are renters. Since they’re spending an average of $755 per month to live in a two-bedroom rental, a $182 renters insurance policy is almost pennies in comparison. For such a small amount of money, it’ll give you big protection that you’ll be relieved to have if you ever need it.
Finding Coverage in Missouri
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