If you already have a bad credit rating, do not make your financial situation even worse by neglecting to buy bad credit renters insurance. Whether you rent a house, apartment, or condo, you need to protect yourself from further financial problems by purchasing insurance for your rental.
Why Buy Renters Insurance?
Imagine that the home you're renting is destroyed by a fire. The owner of the building is insured and is soon able to begin rebuilding the structure. You, however, had no insurance and thus no coverage for your personal property.
That means you need to pay to replace your television, computer, dishes, clothes, books, jewelry, and everything else you own. In addition, you have to pay to live someplace else while your rental home is being redone.
Insurance would have helped replace your possessions and would have covered your additional living expenses.
Finding Cheap Insurance
Renters insurance is relatively inexpensive, though if you have bad credit you'll likely pay a little more than usual.
To get cheap insurance quotes, go to an insurance comparison website and fill out the form with your insurance information. You'll then receive quotes from multiple A-rated insurance companies. You can compare the quotes and choose the company with the cheapest quote.
Improve Your Credit
Shopping around for the best quote will help you get the best price for your insurance, but you can lower the cost even more by improving your credit.
Make sure you pay your bills on time and pay down your credit cards. Check your credit history and make sure it's accurate. If there are any inaccuracies, take steps to get them removed. Once your credit score is better, you will qualify for less expensive renters insurance.
Money Saving Tips
* Raising your deductible can save you up to 40% on your insurance
* Placing your auto and renters insurance with the same company can save you up 15%