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Understanding Renters Insurance Deductables In Phoenix Rental Homes

by weRentAZ | 11th December, 2014

renters insuranceWhile it’s not a legal requirement, it’s highly advisable to look into renter’s insurance when you’re investigating Phoenix rental homes.   If any sort of accident, theft, or other mishap occurs in your rented house, your renter’s insurance will be the only thing standing between you and potentially large liabilities.

When buying renter’s insurance, you have numerous options including theft coverage, health care, and other damage done to the property.  So where does the deductible come into play?

Insurance Deductibles And Phoenix Rental Homes

Renter’s insurance deductibles work in much the same way as deductibles for other insurance:  The smaller your deductible, the more you pay in monthly payments.

A $250 deductible would mean you have very few out-of-pocket expenses in the case of any accident, even a severe one – but it would have high monthly fees.  A deductible of $1000, on the other hand, would have much lower monthlies… but would be more costly if an accident happens.

It’s generally a good idea to research an area before moving there, to see what sorts of incidents are common, and how often.  That’s good information to know when deciding how much of a deductible to carry.

Broadly speaking, we suggest a large deductible for short-term stays and a smaller one for longer stays.  There’s little point in paying huge amounts for a week of insurance, whereas a long-term visitor will likely want the peace of mind that comes with a low deductible.

Ask Your Landlord About Their Insurance Options

Of course, all this is an abstract discussion.  Many rental landlords in the Phoenix area have an insurance company they recommend, or already work with.  They may be able to get you better rates if you talk to them before getting your own insurance.  Other landlords may offer discounts if you’re carrying insurance.

Either way, we strongly recommend renters pick up insurance when renting Phoenix rental homes.  It’s a small price to avoid huge costs if disaster happens.

Do you have any questions about renting a home in the Phoenix area?  Contact WeRentHomesAZ for anything you need to know!   Copyrights 2014. All rights reserved.