Philadelphia, PA - The benefits of renting a home in Pennsylvania are countless. The main costs are liability protection and extra living expenses. However, there are several factors to consider before buying renters insurance, so let's look at each one. These include cost, liability protection, additional living expenses, and convenience. While there is no single determining factor of renters insurance, a few are here.
What Are the Benefits of Renters Insurance?
Cost
The state of Pennsylvania is a picturesque and historic place with plenty of natural resources. However, like any other place, it is prone to issues that require the protection of renters' insurance. Listed below are some ways to reduce the cost of your renters' insurance policy in Pennsylvania. Just keep these tips in mind before choosing your renter's insurance provider:
Individual rates are likely to be higher or lower. State Farm and Allstate have the lowest renters insurance rates in Pennsylvania. Their policies cost an average of $116 per year for a $20,000 personal property coverage and $100,000 in liability. The cost of renters insurance in Pennsylvania varies greatly depending on the ZIP code you live in. For example, the average Philadelphia rent is $1,523 per month. However, this number does not consider deductibles, location, and other factors.
Other companies that offer affordable renters insurance policies in Pennsylvania include Liberty Mutual, State Farm, and Liberty Mutual. While State Farm and Liberty Mutual offer flexible policies, Liberty Mutual's policies are relatively inexpensive. In addition to providing comprehensive coverage, Liberty Mutual also offers optional benefits like identity restoration, extra liability coverage, and additional living expenses. But these benefits don't come cheap - some companies charge as much as $100 per month for renters insurance.
Liability Protection
Although it is not required by law, Pennsylvania renters insurance is a great option. Most policies cover liability for your belongings, so you can be substituted for all expenses if someone injures themselves while inside your home. Liability coverage also applies to your possessions outside of your Pennsylvania home. Depending on your needs and budget, a standard renters insurance policy can provide enough coverage to cover your belongings and your liability.
When purchasing Pennsylvania renters insurance, be sure to shop around. It is essential to find a company with a wide variety of coverage options because everyone in Pennsylvania has different needs. You may want to consider adding valuables plus coverage, which gives you extra protection in a loss or breakage. Some insurance companies also measure their financial strength and customer service. These factors will impact your insurance policy.
Additional Living Expenses
Renters insurance in Pennsylvania covers personal property. However, it does not cover routine wear and tear or flooding. These damages require separate policies. In addition to private property, renters insurance also covers additional living expenses. Suppose you are forced to stay elsewhere because of a covered disaster. In that case, it will protect your expenses for a temporary place to stay, food, laundry, and transportation. The amount covered will vary by the insurance company.
The other main benefit of renters insurance in Pennsylvania is the additional living expenses coverage. This feature pays for supplemental living expenses like temporary hotel accommodations or restaurant meals. However, it comes with limitations and time limits. You should carefully check your coverage before signing up. Suppose you have discovered that the coverage is not adequate. In that case, you can always contact your insurance agent and ask for adjustments. However, you must be aware of the limitations of these policies.
Convenience
Renters' insurance in Pennsylvania is cheap compared to the national average. It costs around $170 per year for a policy covering $20,000 in personal property, $100,000 in liability, and a $500 deductible. When you compare rates from various companies in Pennsylvania, you will notice that the cover price depends on your location, credit score, and the specifics of your rental space. In Pennsylvania, rates are generally cheaper than in other states. Still, you may have to pay more in some areas than others.
State Farm is a national brand that offers renters insurance in Pennsylvania. The company has excellent ratings from AM Best and J.D. Power and is the second-largest insurer in Pennsylvania. Its coverage and customer service are among the best in the state. However, you should keep in mind that State Farm isn't the only company that provides this type of insurance. They are suitable for renters in more rural areas underserved by other insurance companies.
