Renters insurance can be an important part of securing your personal property when renting a place. However, balancing comfort and necessary living expenses isn’t always possible. And so, if you are facing financial insecurity and need emergency cash to pay for renter’s insurance you may be wondering where to begin.
The good news is that there may be several options you can consider. Options such as adjusting rental insurance policies and coverage, financial assistance programs, and emergency loan options can all help when your emergency fund won’t cut it.
How Your Rental Insurance Policy and Coverage Options Can Influence the Cost
Just like any other insurance type, there are a few ways that you can save by adjusting your policy, working with your fellow tenants, or switching insurance companies altogether. Here are a few ways to cut renters insurance costs:
Ask for the Minimum Coverage to Save Monthly Costs
Sometimes when you get insurance, there may be add ons for additional coverage that increases the amount of coverage however may mean a higher cost. If your finances have changed from when you first got your renter’s insurance policy, then it may be a good idea to talk to your insurance company about what your policy covers. From there you can update and change coverage options—even if temporary—to cut down the monthly cost of keeping your insurance policy.
Increase Deductible to Lower Monthly Payments
Your deductible amount will be the amount you will have to pay in order for the insurance to kick in. If you are trying to lower the monthly cost of renters insurance, then increasing that deductible could be the right option. Talk to your insurance agent about increasing the deductible to lower the monthly cost, so you can take care of additional living expenses like rent payment that may be a priority at the moment.
Switch to a Different Insurance Provider
Every renters insurance company may work a little differently, and some depending on your situation and coverage needs may be cheaper than your existing renters insurance. And so, look into other options, ask about coverage limits, deductibles, and monthly payments to find the most affordable option for you.
Bundle Your Renters Insurance
Another easy way to lower the monthly payment for your renters insurance is to bundle your other insurance policies such as life insurance or car insurance. When a policyholder bundles all their insurance types you could save on all your insurance plans, so something to definitely consider.
Talk to Other Tenants About Splitting Renters Insurance Costs
Other tenants on the leases may want to have renters insurance. Or they may also want to protect their belongings. If this is the case, you can ask to split the costs that come with renters insurance, while having all the belongings in the home on one policy. Sharing insurance coverage is not often recommended by most insurers, but in many states, as long as a tenant is on the lease they can be added to a renters insurance policy.
Assistance Programs for Emergency Cash to Pay for Renters Insurance
For those who are struggling to make ends meet. Or may be facing eviction, there may be a help, here are a few options:
- TANF (Temporary Assistance for Needy Families)
- HUD (The United States Department of Housing and Urban Development)
- Your Local Social Services Office
Loan Options for Emergency Cash to Pay for Renters Insurance
Another option to look into for emergency cash are loan options. There are many loan types out there, which could make getting the extra funds you need possible. Here are a few loan options to consider:
- Personal Loans —personal loans can be used for all kinds of expenses. You can find them with all kinds of lenders, like your bank, credit union, or through a private lender. However, keep in mind that you’ll have to have good credit history to qualify, and get good interest rates.
- Credit Cards—credit cards can be used for all kinds of emergencies, and most people have at least one they can use. If you already have a credit card, consider using to pay for insurance.
- Payday Loans—payday loans are secured with the borrower’s paycheck. In general, these loans are for about a few hundred dollars, and are expected to be paid back in a fairly short amount of time (about a few weeks). When you don’t have the best credit history and can pay back a loan quickly and payday loan may be a good option. Keep in mind that the interest rates for these loans can be extremely high!
- Auto Title Loans —auto title loans are a type of secured lending that uses the borrower’s vehicle as collateral. When the loan is taken out, the lender will add themselves to the car’s title. Because of the role that a car plays, credit history is not a huge factor for eligibility. For title loans, it is to find a lender that is flexible, as an important asset is involved. If you need a title loan let Max Cash Title Loans, guide you through the search process!
Why Start with Max Cash Title Loans for Emergency Cash to Pay for Renters Insurance?
At Max Cash Title Loans, we do all the hard work of searching for flexible and affordable title loan lenders.4 Instead of giving out title loans ourselves we are a nationwide title loan marketplace. In addition to doing the time-consuming search work for you, the lenders we work with could offer tons of benefits:
- Low interest rates 4
- No hidden fees 3
- flexibility with repayment 4
- transparency throughout the process
- pay back your loan early without any fees or penalties 3
Is Renters Insurance Worth it?
Like many people who are facing the effects of the coronavirus pandemic, you may also be cutting costs everywhere you can. If you are a renter you are probably wondering if the monthly cost for renters insurance is worth it.
You may be required as a tenant to have renters insurance from your landlord/property owner. The lease on the rental property should provide that information. Keep in mind that even if your landlord has homeowners insurance, that is a separate type of coverage for the owner, not the tenants!
Renters insurance can be extremely useful, here are a few of the things renters insurance provides/protects against:
- Liability Insurance— protection from personal liability (known as liability coverage) — your renters insurance covers medical bills. In the scenario, if a person is hurt in your home.
- Personal property coverage—damaged (loss of use), destroyed, or stolen possessions—insurance will cover the replacement cost.
- Property damage both inside and out including vandalism.
- Relocation (short-term or loan term) costs due to natural disasters, or because of other emergencies.
- Landlord negligence.
- Can protect a security deposit
For more information on whether renters insurance is the right option for you, check out the Insurance Information Institute. They can also help explain all the other types of insurance that are out there.
Apply for the Emergency Cash You Need to Pay for Renters Insurance
Renters insurance is sometimes required for tenants, while in other cases, tenants may feel much more secure with protection in place. If you are struggling to pay your renters insurance, there are options available! Look into cutting your costs by adjusting your policy, check out assistance programs, or look into an emergency loan. You can also think about if you’ll want to keep your renters insurance going in the first place.
If a title loan seems like the right option for you, start with the experts at Max Cash Title Loans. In just a few simple steps we could connect you with a title loan lender, and the emergency funds you need. 5 Head to our website and apply for an online title loan or give us a call at 855-561-5626.