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Hey everyone, I’m trying to figure out renters insurance and keep seeing really low monthly rates, like under $15. While saving money is great, I’m worried about getting stuck with a company that won’t actually help if something goes wrong. If you’ve had a very cheap renters insurance policy, did it come through when you needed it? Or did you regret going for the lowest price? Share your experiences, especially if you had to file a claim!
I was paying a competitive rate with Progressive for a few years, but my upcoming annual bill more than doubled to $621, which is over $50 a month. So, even if a policy seems cheap initially, the price can change significantly, and it’s important to shop around regularly.
I use Assurant and pay around $20 a month. When my apartment complex caused damage, my claim was processed in barely a month, and I got my money. While not the absolute cheapest, their good claim handling makes it worth the cost for me.
My apartment complex offered renters insurance for $13.75 a month, but I decided to get a quote from Nationwide and found a policy for under $20 a month with $100,000 coverage. I read online that the insurance offered by complexes sometimes only protects the building, not your personal belongings.
I initially went with a cheap policy for $15 a month, but I learned the hard way that they didn’t cover theft that happens off-property. My bike was stolen, and they denied my claim, so now I’m looking for a new insurer with better coverage for my specific needs, even if it costs a bit more.
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