Basic Overview of Arizona Renters Insurance

Many Arizona residents believe when they rent a house rather than own one insurance is not necessary. After all, the landlord owns the home, so if it gets damaged he has insurance. While this is true, what renters fail to think of are their prized possessions inside that landlord’s house. If an event occurred such as a fire the house would be insured, but the possessions inside would not. This is why renter’s insurance is important.

People wonder why they would even need Arizona renter’s insurance. They generally draw two conclusions. First is that they do not have enough possessions to make it worth buying renter’s insurance in Arizona. Second, they think the insurance premiums would be sky-high. They are wrong on both counts. Statistics have shown the average Arizona renter owns $20,000-$25,000 in possessions such as clothing, electronics and furniture, more than enough to be insured. These same statistics also show that the average premium for renter’s insurance in Arizona is just over $200 per year, which averages out to about $18 per month.

Before purchasing renter’s insurance in Arizona, a person should take an inventory of his possessions and estimate their cost. Make a list and photograph or videotape all items to help if a claim needs to be filed in the future. Renter’s insurance can also help protect people in other ways. It will cover damage to someone else’s property, unauthorized transactions on credit cards and protect against lawsuits if someone is injured in the renter’s home. If other unpredictable events such as burglaries or leaking pipes happen, this insurance will protect against these as well.

There are differences in coverage between insurance companies. Deadbolt locks and smoke detectors can reduce premiums. A good credit score can lead to lower premiums, as some companies use these to assess financial risk. Others give discounts for being a loyal customer, and some will offer discounts for packaging various insurances like car, life and health. Higher deductibles can also lower costs. A $1,000 deductible can save up to 30%. Just be sure you can afford to pay more out of pocket if necessary.

Arizona residents should remember that renter’s insurance doesn’t protect against floods, earthquakes and improper work done to the home, but will protect against other natural disasters. This insurance is a must for any Arizona renter who desires peace of mind at an affordable price.

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