Call Us (915) 562-0009 ☰ ˟
Logo
Call Us Today! (915) 562-0009
  • Home
  • Get A Quote
    • Auto Quote Form
    • Mexico Travel Quote
    • Bond Request
    • Commercial Auto Quote Form
    • General Liability Quote Form
    • Flood Quote Form
    • Homeowners Quote Form
    • Motorcycle Quote Form
    • RV Quote Form
    • Renters Quote Form
    • Trucking Insurance Quote
    • Business Owners Policy (BOP)
    • Workers Compensation
  • Coverage
    • Auto
    • Home
    • BusinessImage of right arrow
      • Commercial Auto
      • General Liability
      • Business Owners Policy (BOP)
      • Workers Compensation
    • Flood
    • Motorcycle
    • RV
    • Renters
    • Trucking
    • Mexico Travel
  • Claims
    • Auto Accident Claim
    • Motorcycle Accident Claim
    • Renters Property Loss Claim Form
    • Other
  • Blog
  • Resources
    • Secure File Area
    • Refer a Friend
    • Free Reports
    • Insurance Glossary
  • About Us
    • About Pan American Insurance
    • Our Locations
    • Employee Directory
    • Customer Testimonials
    • Privacy Policy
  • Contact
Icon

Auto

We browse through a wide variety of coverages and find the right one for you.

Get a Quote
Icon

Home

We browse through a wide variety of coverages and find the right one for you.

Get a Quote
Icon

Business

We browse through a wide variety of coverages and find the right one for you.

Get a Quote
Icon

Renters

We browse through a wide variety of coverages and find the right one for you.

Get a Quote
Icon

Flood

We browse through a wide variety of coverages and find the right one for you.

Get a Quote
Icon

Recreational

We browse through a wide variety of coverages and find the right one for you.

Get a Quote
Home > Blog > Does Credit Affect Renters Insurance?
MONDAY, MAY 24, 2021

Does Credit Affect Renters Insurance?

Moving into a new apartment can be nerve wracking. It’s notoriously expensive, and there are a lot of things to straighten out before you are approved for a lease. One of the several factors that affect your likelihood of getting an apartment is your credit. What some people don’t know is that credit also affects the cost of your renters insurance. a view of a living room

Renters insurance provides coverage for you, your belongings and your neighbors. This includes: 

  • Liability: Liability insurance covers bodily injury and property damage that you or a pet may cause to someone else. It can pay for medical bills and legal expenses in case of a lawsuit. 

  • Personal Possessions: Personal possessions coverage compensates for loss or damage to your personal possessions due to fire, smoke, lightning, theft, vandalism and more. This coverage does not cover floods or earthquakes. Depending on where you are, you can purchase additional coverage for both. 

  • Additional Living Expenses (ALE): If a disaster makes it impossible to live in the rented property, ALE helps with the cost of temporarily living elsewhere while repairs are being made. 


Liability insurance is required by most landlords, and you must provide proof of carrying this coverage by the time you’re ready to move in. Besides the amount of coverage you purchase, things that influence your renters insurance rates include: 

  • Location 

  • Deductible 

  • Credit score 


Certain locations charge more for renters insurance. If you live in or are moving to an area that’s prone to bad storms or high crime rates, you will likely pay more for renters insurance. You can also use your deductible to affect your monthly premiums. A higher deductible typically means lower premiums, but it also means that you will owe more if you ever have to file a claim. 

Can You Be Denied Renters Insurance? 

There are rare circumstances in which you can be denied renters insurance. When you apply for renters insurance, an underwriter will review your personal data. They will be able to view your past claims and credit history. If you have a long list of past claims, you could face higher premiums or even be denied insurance. Before signing a lease on an apartment that requires renters insurance, review your credit. If your credit score is low, make sure you take measures to raise it. You can do this by paying bills on time and paying off debt, such as credit cards. To help you stay on time, you can set up auto draft for your utility, car and cell phone bills. 

Also make sure that the information you provide is completely accurate. It’s important that no claims are incorrectly placed on you. 

Do All Insurance Agencies Consider Credit? 

Not all insurance is credit-based. Some insurance agencies don’t consider credit scores when underwriting, and others have more leniency with lower credit scores. If you have a low credit score or a long claims history, you should shop around for insurance companies that specialize in nonstandard clients. Some apartments will offer renters insurance through them, but this may not be the best choice if you’re not sure your credit will be approved. 

The good news is that if you have credit that is approved by the landlord, your credit will typically be approved for renters insurance. 

How Much is Renters Insurance? 

The national average of renters insurance is around $16 a month. In Georgia, the average is a little higher at about $18.83 a month. 

Shop around between insurance companies in your area. Some will offer lower rates, while others specialize in clients who have a spotty credit history. 
Posted 11:34 AM

Tags: renters, insurance, coverage, belongings, credit
Share |


No Comments


Post a Comment
Required
Required (Not Displayed)
Required


All comments are moderated and stripped of HTML.

NOTICE: This blog and website are made available by the publisher for educational and informational purposes only. It is not be used as a substitute for competent insurance, legal, or tax advice from a licensed professional in your state. By using this blog site you understand that there is no broker client relationship between you and the blog and website publisher.
Blog Archive
  • 2023
  • 2022
  • 2021
  • 2020
  • 2019
  • 2018
  • 2017
  • 2016
  • 2015
  • 2014
  • 2013

  • insurance(121)
  • el paso(101)
  • texas(89)
  • auto insurance(41)
  • home insurance(31)
  • renters insurance(23)
  • homeowners(16)
  • commercial insurance(14)
  • tips(14)
  • business owners(13)
  • flood insurance(12)
  • business insurance(12)
  • bonds(10)
  • safety(10)
  • motorcycle insurance(9)
  • coverage(9)
  • surety bonds(8)
  • car insurance(8)
  • rv insurance(6)
  • workers compensation(6)
  • contractors(5)
  • mexico travel insurance(5)
  • safety tips(5)
  • commercial auto insurance(4)
  • el paso auto insurance(4)
  • teen drivers(4)
  • el paso home insurance(4)
  • tx(4)
  • liability insurance(4)
  • savings(4)
  • recreational vehicle insurance(3)
  • policy(3)
  • traffic safety(3)
  • performance bonds(3)
  • driving safety(3)
  • general liability insurance(3)
  • independent agent(3)
  • business(3)
  • commercial(3)
  • trucking insurance(2)
  • motorcycle(2)
  • state minimum requirements(2)
  • el paso car insurance(2)
  • liability(2)
  • property insurance(2)
  • car(2)
  • car insurance el paso texas(2)
  • travel insurance(2)
  • personal property(2)
  • small business(2)

View Mobile Version

Contact Us Today!
(915) 562-0009

Facebook Twitter Google
Field background

Resources

  • Get a Quote
  • Payment Options
  • Report a Claim
  • About Us
  • Refer A Friend
  • Blog
  • Contact Us

Contact Us

4675 Montana Avenue
El Paso, TX 79903

P: (915) 562-0009 | F: (915) 562-8905 | E: insurance@panamsaves.com

Office Hours

M-F | 8:30AM – 7PM
SAT | 9AM – 4PM
© Copyright. All rights reserved.