A guide to Renter's Insurance

These days, it seems like we hear the phrase “unprecedented times” everywhere we turn. The coronavirus pandemic has definitely impacted us all in ways we could not have predicted. For those who are healthy and safe, there were still major financial and lifestyle impacts. Many individuals and families were forced to relocate due to significant changes to income. Suddenly, with job losses and furloughs, many people found themselves unable to pay mortgage and rent payments. This meant either moving to a less expensive location or moving in with family or friends. In fact, a recent survey by the Pew Research Center shows that “around one-in-five U.S. adults (22%) say they either changed their residence due to the pandemic or know someone who did”.

Ending a Renter’s Insurance Policy

So, with the millions of Americans who relocated out of financial necessity this year, how do they avoid monetary losses? For example, if they are no longer renting, are they able to cancel their rental insurance and save some money? It is possible that you might be able to end the policy early for a fee. Contact your insurance company to find out about any potential forgiveness options if your situation has changed.

Finding Someone to Take Over Your Lease

Another option that many people have had to explore is finding someone to sublet their home or apartment. Of course, one’s ability to do this depends on the terms of the lease. If you do find someone to sublet, it is a good idea to keep your renter’s insurance for the property active. Even if the new tenant secures a policy, you are the one on the lease. Keeping the policy protects you in the end.

Transferring Your Renter’s Insurance Policy

If you have moved recently and are renting in a location, you might think you have lost out on a renter’s insurance policy you already purchased. Good news! You can transfer your policy to a new rental location. It is a process that can be completed simply “by calling your insurance company and changing addresses”.