HO-4 Insurance Quotes
Also known as renters insurance, HO4 insurance is a financial cover for loss or damage of your personal stuff, legal fees, medical expenses, and temporary living costs if your home becomes unlivable for specific reasons.
How much does HO-4 insurance cost?
The cost of your HO-4 insurance policy depends on plenty of different factors, such as the location of your home, the condition of the structure, the amount of coverage you need, and your personal insurance history.
According to the Insurance Information Institute, the average annual premium for HO4 insurance in the U.S. was $179 in 2018. Believe it or not, the state you live in plays a large role in the premium you pay. In South Dakota you’ll pay an average of $127 for annual renters insurance, while renters in Mississippi will pay an average of $252. Renters insurance is relatively inexpensive considering the amount of coverage it gives you. So if you are renting your home, think about taking out renters insurance to protect you and your belongings.
What does a HO-4 policy do exactly?
When you buy a HO-4 policy you’re buying an insurance policy for any future disasters or bad things that come your way. It will cover you if your personal property is damaged, destroyed, or stolen as specified in your policy document. Personal property is your personal belongings such as T.V. furniture, clothing, etc. Imagine that you live in an apartment and your neighbor has a small fire that causes your stuff to be destroyed by smoke. This would be covered in a typical renters insurance policy. However, you may have to add specific items like jewelry, art, or other valuable things that might not be covered by the standard policy. The structure of the house is not covered in a HO-4 policy.
How much insurance coverage do you need?
Like all insurance policies, the cost of your HO4 insurance premium depends on how much insurance coverage you need. Most people try to go for the cheapest quote but this could leave them underinsured in the event of an accident or natural disaster. It’s important to know exactly how much coverage you need before making a purchase. Buy too much coverage, and you’ll pay too much, or if you don’t buy enough coverage you’ll end up paying thousands to repair or replace damaged belongings. Speaking with an agent can help during the quoting process. We suggest that you have enough personal property coverage to replace all your items and around $100,000 in liability coverage.
How to compare HO-4 insurance
the old way of shopping for insurance was getting into your car and driving to your nearest insurance broker or agent. You would then spend around an hour answering questions so that they could take a few days to search for a couple of quotes from the carriers they work with. If they work with one carrier, you might not be getting the best level of coverage at the best price.
Today, finding and comparing renters insurance is as easy as buying a book online. Most insurance carriers offer an online quote process. While you still have to answer a few questions on every website to get a quote from each carrier, and, this too can take a lot of time.
Thankfully, there are a number of insurtech websites like us that can offer you multiple quotes from just one set of questions, saving you time and making it easier for you to compare coverage and price in less than five minutes. We work with Lemonade, MetLife (now Farmers Insurance), Nationwide, and more to find you a list of options and hopefully, save you money.
To compare renters insurance quotes from multiple carriers, try our free online Quick Quote tool or call a licensed agent to see how much it costs to protect your personal belongings with Lemonade and other insurance carriers.