AAA Renters Insurance - Get a Quote (2024)

FAQs

Does getting a renters insurance quote hurt credit? ›

The soft pull doesn't show up on your credit history, and doesn't affect your credit score. Learn more about how much renters insurance costs, including how your renters insurance rate is calculated, and get a free renters insurance quote from Policygenius.

Renters insurance is relatively inexpensive. According to NerdWallet, the average renters policy costs about $15 per month for up to $30,000 in personal property coverage. That's solid coverage for less than the cost of a few cups of coffee a week.

Costs of homeowners insurance vs. renters insurance. In general, you can expect your renters insurance quote to be less than for homeowners insurance. That's because homeowners insurance includes the building structure itself, which isn't the case for renters insurance policies.

It is true that insurance companies check your credit score when giving you a quote. However, what they're doing is called a 'soft pull' — a type of inquiry that won't affect your credit score.

The company says a score above 670 is better. While 600 may not be as desirable to landlords, it still may be possible. That's because acceptable credit scores can vary by region and a landlord's discretion. And landlords may consider other factors including a person's income.

Renters insurance typically covers fire, windstorms, lightning, explosions, theft, and vandalism. Your personal property, personal liability, additional living expenses, and guest medical expenses are usually covered under your renters insurance.

You'll choose your deductible when you buy a renters insurance policy. A higher deductible means your claims will cost you less money out of pocket. Typically, renters insurance deductibles are $500 or $1,000, but companies often provide a range of options.

Some location-based factors that impact renters insurance rates can include: The rate of crimes, especially theft, in your ZIP code. The weather and climate in your area, since locations prone to fires, storms and hurricanes are riskier.

Renters insurance protects your belongings from loss, damage, or destruction following things like burglaries, fires, tornadoes and other covered events. Plus, renters insurance also protects your liability (and your money) if someone is injured at your rental home or apartment.

Why is renters insurance low? ›

“Homeowners claims are usually made because of damage to a major household system, like your roof or appliances. But renters insurance deductibles are cheaper, since most of the time your personal property isn't going to be as expensive as, say, having to replace your roof.”

The main and most obvious distinction between renters insurance and homeowners insurance is that a homeowners policy safeguards the home's physical structure against covered perils while renters insurance won't protect the home or building occupied by the tenant.

While all insurance products offered through Lemonade are trustworthy and reputable, the company's renter's insurance has the best ratings across Lemonade products.

- a must-have if you live in an area prone to such conditions. a standard renters insurance policy does not include coverage for a flood or earthquake. sewer and drain back-ups - back-ups happen more often than you would think, and they cause a lot of damage when they do.

Homeowners with poor credit pay an average of 170 percent more for home insurance than homeowners with excellent credit. Requesting a home insurance quote should not affect your credit score.

Choosing a higher deductible can lead to lower monthly premiums, but it also means you'll pay more upfront in the event of a claim. Your choice of deductible should align with your risk tolerance, coverage needs and ability to cover out-of-pocket expenses.

Yes. The federal Fair Credit Reporting Act (FCRA) states that insurance companies have a "permissible purpose" to look at your credit information without your permission. Insurance companies must notify applicants that they can collect personal information about you, including credit information.

A landlord can report any missed payment to a credit bureau, which will land on your credit report. That missed rental payment will act as a negative mark on your payment history and as payment history is one of the most important factors in calculating your credit score, your score will likely go down.