Q: Is renters insurance required? A. No.
If you are the victim of a home break-in, a fire destroys your apartment, or a water leak damages all of your belongings, you will wish it was required. We have done the research for Washington renters, exploring the ins and outs of coverage options to bring you this guide.
Average Cost of Renters Insurance in Washington
Look around your apartment and think about how much it would cost to replace all or even some of your belongings. If your possessions are destroyed in a disaster and you aren’t protected by rental insurance, those replacement expenses can add up fast and all be your responsibility. The good news is that renters insurance is more affordable than you might think. At $173 per year, the typical premium in Washington costs 7% less than the national average. Working just 18 hours at minimum wage can pay for a full year of coverage. No matter where you live in Washington, you should consider protecting your belongings with renters insurance.
What is Covered
In 2012, 60,725 burglaries were reported in Washington. We hope you never have to deal with a break-in, but if you do, you’ll be glad you have rental insurance to help cover the cost of replacing your stolen property. Some belongings may even be covered at full retail value.
A renters policy can help protect your personal property if it gets damaged or destroyed by fire, smoke, vandalism, or other covered events. This includes damage to your property outside of your apartment. For example, if you have renters insurance and your laptop is stolen out of your car, you may be able to replace it at full cost.
Liability coverage is another benefit included with some renters insurance policies. If a guest is injured in your rental, liability can help pay their medical bills. With everything rental insurance has to offer, you shouldn’t go without it.
Ways to Save in Washington
There are a couple factors that influence the cost of your premium, such as: where your home is located, the value of your belongings, and history of claims. Even though renters insurance won’t cost you more than a couple hundred dollars per year, you might be able to lower your premiums even more thanks to Washington renters insurance discounts.
- Multi-Policy: Bundle your renters with auto and save.
- No Prior Claims: Save on your insurance rates if you have a clean claims record.
- Safety Devices: Smoke detectors, sprinklers, anti-theft systems, and home monitoring systems can save you money.
- 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.
Washington Renters Insurance Policy Facts
About 37% of Washington residents rent, paying an average of $1,128 per month for a two-bedroom apartment. If you’re a renter in the Evergreen State, you can get the protection of rental insurance for an average of $173 per year–15% of one month’s rent. That’s peace of mind you can afford.
Are you ready to pull the trigger and buy renters insurance? Calling a licensed agent is the best way to go. They can answer all questions you have and help you shop for cheapest rates by comparing quotes from top companies. Call [mapi-phone /] today.
Before making any final decisions on your insurance company, it is important to learn as much as you can about your local insurance providers, and the coverages they offer. Call your local insurance agent to clear up any questions that you might have. Questions to consider asking include, “What is the best coverage plan for me/my family/my situation?” “What are the minimum coverage requirements in my state and what form of coverage do you recommend?” “Do you guys offer any bundle discounts if I take out both my auto insurance and home insurance with you?” and “What is the average rate of insurance quotes you guys offer?”
Before making any big insurance decisions, use our free tool to compare insurance quotes near you. It’s simple, just plug in your zip code and we’ll do the rest!