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1/30/2012 - Common insurance mistake is skipping renters insurance

Omitting renters insurance may be a mistake.

Occasionally when people make insurance-related decisions, they can make choices that wind up costing them money. In order to help individuals save money responsibly, the Insurance Information Institute recently offered some tips.

One of the more frequent mistakes consumers can make is neglecting to purchase renters insurance. As the III details, a renters insurance policy covers the material possessions someone has in their apartment or condo in the event they are damaged due to a fire or weather-related disaster. But individuals can often forget that these types of plans are available. To save, III recommends looking into multi-policy discounts, as insurance providers that offer renters insurance may also offer auto or life too.

Another blunder consumers can make in an attempt to save money is selecting an insurance company based only on price. Instead, III advises policyholders to look into the financial health of the company by checking with independent rating agencies. They should also talk with friends and family members about their insurance providers and whether they like them.

For other insurance saving tips from III, click here.

Go Back to Most Recent FYI Articles