The Ultimate Guide to Renters Insurance in Washington State
At InsuranceOwl.org we believe mitigating your risk of renting an apartment or house in Washington State should be quick and easy. We represent the leading renters insurance companies offering renters insurance Washington.
There are essentially three similar questions people ask when deciding whether or not to purchase renters insurance in Washington:
- Do I Need Washington Renters Insurance?
- Should I Get Washington Renters Insurance?
- Is Washington Renters Insurance Worth it?
Hopefully, this chapter will provide you with the framework to determine if renters insurance makes since in your Washington neighborhood:
Should I Get Renters Insurance in Washington?
If you could foresee the future and knew for certainty you would would lose property to a fire or theft, or you would be sued for bodily injury then renters insurance would definitely be worth it.
Unfortunately, life is unpredictable. What we know for sure is there are renters in Washington State who have lost property to fire, theft, water damage, or have been held liable to another person.
Everyone of those victims wish they could go back in time and buy renters insurance.
This is the more complicated method risk managers use to determine whether or not to mitigate risk with insurance:
Renters Insurance Risk = Threat x Vulnerability x Cost
Threat = Frequency of potentially adverse events
Vulnerability = Likelihood of success of a particular threat category against property or person
Cost = Total cost of the impact of a particular threat experienced by a vulnerable target
Practical risk formula application:
Example 1: Losing your cell phone
Probability of total loss: 10%
Cost of phone: $600
10% x $600 = $60
Cost to insure to $120/yr for a risk of $60.
Example 2: Apartment fire destroys all your stuff
Probability of total loss: 1%
Cost of all your stuff: $25,000
1% x $25,000 = $2,500
Cost to insure to $150/yr for a risk of $2,500.
Conclusion: renters insurance is more worth it then cell phone insurance but your mileage may vary on the following factors:
- What is the likelihood of a fire in your Washington apartment or home?
- How quickly will the Washington fire department respond?
- What protective measures does your apartment provide? (Sprinklers, guards, cameras, keycards, ect)
- What is the likelihood of a theft to your property in Washington, or when you are traveling with expensive items?
- How likely are the police in Washington going to recover your stolen items?
- How much is your stuff worth?
FACT: Less then 35% of renters in Washington have renters insurance.
Here are some example of residents in Washington who in hindsight did wish they had purchased renters insurance. You don’t want to be on this list!
Examples of Renters in Washington Who Did Not Have Renters Insurance and Lost Everything
Lakeside Landings Apartment in Tacoma Destroys 12 Units
TACOMA, WA — No injuries were reported in an apartment fire in Tacoma, but the property of the residents in all 12 units was destroyed. Tacoma Fire Department found smoke and fire bellowing from the bottom corner apartment at the Lakeside Landing Apartments at about 6:15 p.m. The fire grew quickly and soon engulfed the entire building. One female resident nearly lost her life but was saved by the firefighters who broke a window and pulled her to safety. All 12 units were destroyed.
Bellingham Fire Destroys 12 Units and Leaves 27 People Homeless
BELLINGHAM, WA – A fire broke out in the middle of the day and destroyed 12 units and left 27 people with nowhere to sleep. Fortunately no one was injured. One women barely escaped with her 20 month old son.
What is Washington Renters Insurance and What Does it Cover?
Now it is time to put the Washington renters insurance policy under the microscope and break up into all its components.
We will do a deep dive into the following areas:
- What does Washington renters insurance cover?
- What are the specific coverages on the Washington renter insurance policy?
- What losses or perils does Washington renters insurance protect you from?
- What doesn’t Washington renters insurance cover?
What is Washington Renters Insurance?
We were recently asked by someone interested in becoming a policyholder, “What is the definition of Washington renters insurance?”
First, I will provide the technical definition that you would find in the Washington renters insurance policy that is written by insurance lawyers. Secondly, I will explain it so everyone who has not gone to law school can understand.
Washington Renters Insurance Definition:
A form of property insurance that provides coverage for a policy holder’s belonging, liability, and loss of use within a rental property. Renter’s insurance pertains to individuals renting or subletting a single family home, apartment, duplex, condo, studio, loft or townhome in the state of Washington.
Renters Insurance Lawyer, Washington
Most people think of renters insurance as the money to replace your stuff that is destroyed, or stolen. For the most part that is true but it only applies to certain losses, or perils defined by the renters insurance policy and subject to your deductible.
Renters Insurance Deductible:
A renters insurance deductible is the amount of you are responsible for paying of the covered personal property loss located in Washington. Renters insurance deductibles typically range from $500 to $2,000. The higher your deductible, the lower your annual premium.
Renters Insurance Lawyer, Washington
What Does Washington Renters Insurance Cover?
Renters Insurance policy is also referred to as HO-4 and covers damage and loss of property from the following perils or risks:
- Fire or lightning
- Windstorm or hail
- Riot or civil commotion
- Damage caused by aircraft
- Damage caused by vehicles
- Vandalism or malicious mischief
- Volcanic eruption
- Falling objects
- Weight of ice, snow, or sleet
- Accidental discharge or overflow of water or steam from within a plumbing, heating, air conditioning, or automatic fire-protective sprinkler system, or from a household appliance
- Sudden and accidental tearing apart, cracking, burning, or bulging of a steam or hot water heating system, an air conditioning or automatic fire-protective system
- Freezing of a plumbing, heating, air conditioning or automatic, fire-protective sprinkler system, or of a household appliance
- Sudden and accidental damage from artificially generated electrical current (does not include loss to a tube, transistor or similar electronic component)
What renters insurance won’t cover
Just as with home insurance policies, renters insurance won’t cover damage from “earth movement,” which includes earthquakes, mudslides and landslides.
Also typically excluded are:
- Nuclear hazard
- Neglect, meaning your failure to save your property at the time of loss or after.
- Intentional loss, meaning your intentional destruction of your property.
- Governmental action, such as seizure of your property.
In some coastal regions you might need to buy additional coverage for wind damage from hurricanes.
What Are the Coverages Included on HO-4 Washington Renters Insurance Policy?
- You choose the amount of coverage based on the value of everything you own.
- Your property is covered anywhere in the world.
- You stuff is protected from all the hazards listed above.
- Renters insurance protects you from lawsuits where you are responsible for someone’s bodily injury or property damage resulting from an accident, negligent acts, or pets.
- For example, a guest trips down your stairs and sues you.
- Coverage includes costs to hire an attorney to defend you against lawsuits brought against you.
Sometimes called guest medical because it is not for you or family members. Pays for medical costs for accidents regardless of who is at fault.
Additional Living Expenses
If the home or apartment you are renting becomes uninhabitable due to a covered loss, you will be forced to live elsewhere while it is being repaired. Your Renters policy will pay for the housing and food for up to 12 to 24 months.
So you have decided Washington renters insurance makes a lot of sense but are wondering if you can afford it. You will be shocked at how inexpensive the average cost of renters insurance is per month for Washington residents.
We will attempt to answer the following:
- How much is renters insurance in Washington State?
- What are the factors in the cost of renters insurance in Washington?
- What can reduce the per month Washington renters insurance rates?
- In Washington, where can I find an affordable renters insurance price?
How to Determine the Cost of Renters Insurance in Washington?
The good news is that apartment renters insurance is a very low-cost investment to make in both peace of mind and financial protection. Even better news is that some very simple factors can further reduce the low cost of renters insurance.
To simplify this process, we specialize in finding the best available rates on low-cost apartment renters insurance. We work to provide every client with the most affordable premiums possible and the most reliable and effective coverage by determining just how many of these factors can be used to adjust premium costs for the insured.
Your Renters Insurance Claim History and Credit Score Effect the Price
The first factor that may result in comparatively low-cost apartment renters insurance is claim history and financial scores.
It stands to reason that those who have few or no previous claims should be rewarded with lower premiums. If your current carrier is not rewarding you for this, call the insurance firm and let them try to help you.
Also, if you have excellent credit and feel you are paying too much on your premiums, you may very well be. They will be happy to offer their professional opinion of what the market has to offer and see if they can reduce your rate through their sources.
They can also look into the possibility of offering you renters insurance at low cost if you live in a dwelling occupied by at least one adult during the day. Stay at home mothers and fathers should especially take note of this benefit and check to see if they qualify for a discount.
Your Washington Apartment Location Effect Your Renters Insurance Rates
Your Washington location also helps determine premium rates for low-cost rentals renters insurance if the complex features security measures that reduce the likelihood of property crime.
Gated communities and recently built loft rentals feature floor plans and outdoor/indoor access points that make breaking into an apartment extremely difficult, if not impossible.
As rentals tend increasingly toward long-term residences with all the amenities and benefits of a purchased home, security measures also increase within these rental communities. Many newer lofts and condominiums feature centrally monitored alarm systems and local burglar alarms. If you live in such a building, you may very well find that average cost of renters insurance per month is low.
Renters insurance firm can quickly determine if you qualify for apartment renters insurance at a lower cost by asking you a series of very short and simple questions about the nature of your security system.
Once they determine the basics, they will then work to determine the best policies and rate combinations for renters insurance at affordable rates and find you the very best coverage and premium options the market can bear. In addition to the overall low cost of apartment renters insurance, most policies now extend coverage to include protection against identity theft.
As criminals today will utilize a social security number or credit card number if they can obtain it, they seek to further protect their insured by offering this indemnity against potential credit ruination and fraudulent practices.
Most renters insurance firms have diligently worked with the people and can provide them the very best and most affordable coverage through a wide range of underwriting and claim experience. Now, with low-cost insurance for apartment renters and those renting houses, tenants can enjoy more protection at more affordable rates than ever before.
You are looking for the best renters insurance in Washington State. But what does best mean to you: best service, price, or claims handling.
After reading this chapter you should:
- Decide what best renters insurance means to you.
- Understand the factors in a good renters insurance comparison.
How to Determine the Best Renters Insurance in Washington?
Today it’s easy to do a renters insurance comparison to find the best company in Washington State, it only takes five minutes, and you will have quotes from all the major insurance providers. Give them specific details, and their database will work to provide you the best comparison data.
Try our renter’s insurance company comparison to find out the premium rates of different insurance companies based on the following information:
Personal Property – How much do you think should you cover your personal belongings, the content of your house, your valuable items, or most-prized possessions? Renters Insurance Comparison sites would need to know if it is worth $5,000 only or if it goes up as much as $100,000? Another big factor in determining your premium cost. Naturally, the higher the amount of coverage for your personal property would also mean an increase in the premium cost that would be charged to you.
Security System – How sophisticated is your security system or do you even have one? Normally, you would choose from “no alarm,” “alarm sounds in the home only,” “alarm signals monitoring company.”
Credit History – Do you pay your bills on due? Do you have a bad track record? So please tick “Poor,” “Average,” “Good” or “Excellent.”
Deductible – how much of a deductible to you want to pay in case of a covered loss? Most renters select a $1,000 renters insurance deductible.
Claims history – Currently insured or have you filed any claims for the last 3 years? Renters Insurance Comparison sites also ask these questions to determine your history with your previous insurance companies.
Thinking of getting low-cost home renters insurance in Washington? Protecting your personal possessions is a great idea, taking into account the fact that you aren’t insured under your landlord’s home insurance.
This is your guide to cheaper renters insurance:
- Do you want the cheapest renters insurance in Washington?
- Who has the lowest Washington renters insurance?
How to Determine the Cheapest Renters Insurance in Washington?
The total amount you would like to insure your possessions for plays an essential part when insurance rates are calculated. All valuable items in your property should be listed in inventory for future reference. When you renew your policy take into account the increased or decreased value of some items.
The following advice can assist to determine which renters insurance company is the cheapest and importance:
1. Choose higher deductible – Your rates are going to be cheaper if you have a higher deductible. The amount you pay might be lowered by 12% if your deductible is $500. Remember to limit your insurance deductible at a figure you’re comfortable with, and you can pay in the even of a claim.
2. More protection against fire – Having safety devices like smoke alarms, a fire extinguisher of even a sprinkler system in your home will score you big points with insurers. Thoughtful renters are seen as less of a risk.
3. Security – very inexpensive way to increase security is adding features like deadbolts. Burglar alarms and motion sensors are very useful too. You will feel safer and pay less for renters insurance at the same time
4. Check for discounts – asking costs you nothing. Combining insurance policies or insuring long term will mean big savings. To win new customers, many insurance companies offer discounts.
5. Compare quotes – home renters who want to save on insurance must compare their rates. Getting quotes from at least 3 different companies is what insurance expert recommend. By doing it online, you can save a lot of time and money.
Look after yourself and your valuables by purchasing cheap home renters insurance that will cover the contents of an apartment or home that you’ll be renting. It’s quick and easy to compare the cost and coverage with leading home insurance companies across the country.
Make sure to go with a low cost and established Washington renters insurer when choosing an insurance policy. This protects you against any surprises should the unfortunate need arise.
Are you searching for a Washington renters insurance quote? And you require knowing how to get cheap renters insurance quotes online quickly and easily?
This is what you should consider before getting an online quote:
- The secrets to securing the best online renters quote in WA.
- Buying Washington renters insurance do’s and don’ts.
How to Compare a Washington Renters Insurance Quote
The following are the steps and questions you should ask yourself when looking for a Washington renters insurance quote online.
What is renters insurance?
Renters insurance pays for loss or damage to your personal property such as jewelry, clothing, electronic equipment, collections, and furniture. It covers losses caused by vandalism, water damage, fire, theft, and acts of nature excluding floods and earthquakes.
Your policy will pay your living expenses if you need to live somewhere else when your home becomes uninhabitable due to fire, water damage, or other reasons.
It also pays for a visitor’s medical expenses if they hurt themselves in your home, and pays for judgments and legal expenses if they sue you.
How much property do I want insured?
To find out how much renters insurance coverage you need, take inventory of all your personal possessions.
Make a list of each item, and it’s value. Include serial numbers and save receipts if you have them. Take pictures of your possessions and keep them with your inventory list in a fireproof place.
Sum up all the total value of all your possessions to get the amount of coverage you need to replace them.
Where can I get cheap renters insurance quotes online?
The difference in premiums for renters insurance can vary by hundreds of dollars from one company to the next, so it pays to use our quote form for the best price.
The easiest way to shop for renters insurance is to use our insurance comparison website where you’ll get quotes from multiple insurance companies. All you do is fill out a simple questionnaire and wait to get quotes.
You can even call us to ask an insurance expert any question you may have about renters insurance.
Renters insurance is not required by Washington State law but can apartment landlords require renters insurance?
This chapter will help you identify which apartments require renters insurance:
- Is renters insurance required by law in Washington State?
- What are renters insurance requirements?
- Can a landlord require renters insurance in WA?
Washington Landlords that Require Renters Insurance
Have you bought a new car and are looking wondering if bundling it with a renters insurance policy will save you money? One possible way to save money on your insurance is to consider bundling your policies through a single company.
This chapter will help you identify the savings possible by bundling:
- Is auto and renters insurance bundle quotes worth it?
- Where can I get car and renters insurance quotes?
Washington Auto and Renters Insurance Bundles and Other Discount Startegies
Many insurance companies now offer considerable savings to people who choose to purchase their car insurance coverage from the same company as their renters insurance policy. It makes sense that companies should offer discounts on additional insurance coverage for customers that have established long-term relationships with the company.
The advantages to bundling your insurance policies through a single provider are similar to the combination services offered through many cable service companies today. If you buy Internet service, phone service, and cable television service all separately, you are likely to be paying much more than someone who choose to get all three through a package offered by the cable company.
Aside from the savings you will get by holding all your insurance policies with a single company, there are several other advantages to doing this as well. The convenience of paying just one monthly bill for your insurance versus several to different providers is also a compelling reason to go with one provider. Also, with just a single bill, it is far less likely that you will overlook paying one in any given month.
Now that you have a better idea on how to get your ride insured, let’s move on to what renters insurance is and how you can choose the most suitable option for you.
You can find the lowest renters insurance rate if you shop around for several different insurers. Comparing quotes from several companies is a guaranteed way to find the lowest renters insurance rate. Hundreds of people shop around for the lowest prices every day, which has led to this being a fairly simple task. Insurance companies know that the public is concerned with finding the lowest rates, so they make sure that their deals and discounts are highly publicized and easily accessible. After spending a short while on the web and/or on the phone, you can be sure to find the lowest renters insurance rate.
If you are a student living on your own, you should consider Renters insurance for students, which is important for young adults in college that are living away from home. It can cover things like laptops, textbooks, and other personal belongings that are important to a student’s life. Parents can have peace of mind knowing that their student’s belongings are covered. Before purchasing renters insurance for students, you should asses the value of belongings in the rental property so you end up with the best possible policy.
Renters insurance policy will help protect your home valuables. There are many reasons that may force you to file a renters insurance claim. Irrespective of the reasons behind it, it’s important to carry out the process perfectly.
This chapter will help you file a Washington renters insurance claim:
- Do you want to understand the renters insurance claim process?
- Do you have a renters insurance claim?
Washington State Renters Insurance Claim Process Guide
Just remember that if your renters insurance claim isn’t filed properly, it may be denied or you may get a mount that is far less than what you are actually entitled to. The tips discussed below will help you any time you want to file a renters insurance claim.
- Report This Incident to the Relevant Authorities
This is the first step for fire, vandalism, burglary among other trauma. In case you HVAC isn’t working or roof is leaking, reporting to the police may not be necessary but some insurers may send them to your resident. You will have to provide them all the necessary details and later keep a report they leave you after their investigation.
- Inform Your Insurance
You will have to give a call to your insurance company within the time frame set in your policy statement. Have your policy number and all the other details of the entire incident prior to making this call.
- Fill a Claims Form with Your Given Agent
You have to be thorough during this step. Provide all details including what was damaged, how and when. If your claim is small, a filled claim form is just enough. On the other hand, claims involving larger losses may force your agent to send a professional adjuster to thoroughly inspect the damage.
- Document All the Damages
This has to be done before you commence the cleanup process. Either video record or take photographs that depict this damage and include these images in your claim. To be safe, visually document your belongings and home before any eventuality. With this, you can provide your insurer with images of before and after the loss.
- Make Temporal And Minor Repairs To Make The Home Habitable Again
This has to be done based on the guidelines set in your policy statement. Keep all the receipts during this process. Major and permanent repairs can only be done after the completion of your claim and confirmation of your compensation.
- Keep All Receipts Used In Case Of Any Temporal Relocation
You have discus with your agent on the exact ways you will be able to submit all this receipts for reimbursement.
- Be Available
After filing the claim, you not only need to be reachable, but also ready to talk with your claims adjuster and insurance agent. The rate at which your claim is processed depends on your ability to quickly answer questions and provide any additional information.
In a nutshell, all of the steps above must be adhered to strictly. Also, you need to ensure that the claim is filed in a complete and timely manner. All these put together will guaranteed compensation in case you incur any losses.
Now It’s Your Turn
I hope you enjoyed my guide to renters insurance in Washington State. What did you think of the guide?
Or maybe you have a question.
Either way, let me know by leaving a quick comment below right now.