Epremium Insurance – Types Of Insurance Policies And Their Manifold Benefits

This article explains the renters insurance policies Epremium provides and their benefits and coverage limits to educate insurance seekers.

A comfortable space, free of worries, is essential for a peaceful life for everyone. A cozy place gives a feeling of ease and alleviation. People can leave all their tensions, concerns, and fears outside and be who they are. This place is usually home. Home is the ultimate cocoon of happiness in which a person finds solace. Thus, it is not wrong to say that the place he stays, lives his unforgettable moments, makes memories, and grows is undoubtedly essential in any person’s life. A comfortable space makes people happy, and happiness is the ultimate driving force that pushes a person to show his full potential in anything he gets involved in. Happiness also serves as motivation so that a person can be highly productive in his work.

Every person cannot afford a comfortable space or own the luxuries he wants in life. People have to get to this comfort level by working hard enough to afford the wishes one holds. Till then, they rent places and try to progress every day to reach their ultimate goals. The journey towards one’s own home is full of obstacles, sleepless nights, hard work, and difficulties. Staying on someone else’s property comes with its own risks. Paying for rent is already too expensive, and if, due to some reason, you lose your belongings, how are you going to afford it all? What happens if your building or your apartment catches fire? How are you going to cope with the expensive bills?

The answer is quite simple; with the help of a renters insurance program. Renters insurance policies and programs are available in all states of the United States. These policies and plans are for the convenience of the tenants in times of need. Your landlord’s insurance will probably cover the damage repair cost of the building, but it will not pay for your loss. Moreover, some landlords require their tenants to have renters insurance policies. This demand makes it a mandatory thing to carry.

A renters insurance policy can help with the repair or replacement of your belongings and property after loss due to many types of damage or theft. It can also provide coverage for an accident that took place at your residence. Policies usually have very affordable annual premiums. It is safe to say that anyone can easily afford to purchase this insurance program according to their budget and benefit from its coverage limits.

Several companies in the market provide renters insurance programs at different rates depending upon the coverage limits. Some companies operate in all states. However, some work in specific states. Among these companies is a worth-mentioning name called ePremium. ePremium insurance company has made a good market name in a brief period. This is why many clients consider its policy packages and benefit from them.

What is ePremium insurance?

ePremium is a renters insurance company that provides renters insurance programs and policies across all 50 states of the USA and Washington DC. This insurance agency is based in Cincinnati, Ohio, and has been operating since 2015. Today, the ePremium insurance agency has gained enough popularity in the insurance world. The insurance world is already highly competitive. All existing agencies and companies are improving their policy programs to attract more potential buyers. This fact provides enough choices for policy finders but makes it hard for companies to maintain a dominant market presence.

There is a wide range of benefits that the renter’s insurance programs provide to their holders. From damage coverage to all other types of financial coverage, these insurance programs have become the ultimate support system for tenants. Even if a person thinks he does not need an insurance program, he must consider possible hazards that he can face. If nothing happens, a person can save his monthly premium installations and collect a handsome amount. So there are no apparent drawbacks or disadvantages of purchasing renters insurance programs.

ePremium insurance is a company that mainly focuses on renters insurance and covers all essential aspects for any policyholder. Although in comparison to other companies, this insurance company has a premium pricing that is higher than many others. But, its plans provide extensive coverage to its purchases. For instance, the average pricing for an ePremium company ranges from $11 to $22. Several factors also affect the price rates. These factors include state of residence and other additional factors.

Without a renters’ insurance policy, a person is always at risk of bankruptcy. Sudden troubles can leave any person helpless. A renters insurance program can work as a blessing in distress. By covering all financial costs and damage related to a person’s belongings and possessions, this insurance program facilitates a person in dealing with the aftermath of every trouble. With the help of epremium insurance programs, tenants can stay on the safer side and be prepared for the unforeseen emergencies they are bound to face.

Why is renters insurance necessary?

Renters insurance policies and programs are mandatory for various reasons. This insurance program firstly provides financial stability and offers many other benefits as well. One always has to be extra careful when living on someone else’s property. Personal property and liability coverage are two of the significant benefits of a renters’ insurance plan. However, many other reasons for investing in such insurance policies include the following factors:

A means of backup plan

Insurance policies are dependable saviors that support a person in times of need. Similar is the case with renters insurance. This plan saves you in hours of need because when a building catches fire, or if a person has to deal with theft and loss, it is all a big bummer financially. Landlords do not provide coverage for damage or loss and require tenants to have renters insurance already so that if in the future, an emergency happens, the renter can deal with things himself.

The landlords or property owners can deal with building damage using their insurance policies, but they are not responsible for anything regarding their belongings. There is a common misconception that if a landlord holds an insurance policy, he will cover all the costly bills for damage repair and pay for damaged or lost items of the tenants. The insurance programs that landlords hold cover for damage to the building structure. If any of your electronic devices are lost, your property owner will not take responsibility for it. Hence, investing in renters insurance programs can alleviate financial problems.

A standard renters insurance policy includes liability coverage starting at $100,000, which can pay damages and legal expenses if you end up the cause behind damage to someone else’s property or if you injure someone at your property.

Your belongings may be worth more than you think

Whatever possessions people have, they have their importance in the everyday lives of people. If a person loses everything he once had in an unfortunate situation, only then can he understand the worth of it all. Staying without your belongings is a challenging task, and people usually only have to do it when they are forcefully compelled to do it. Living as a tenant is in itself very expensive. In addition to monthly rents, a person has to take care of electricity bills and whatnot. It all adds up to make a handsome amount that anyone pays for their comfortable space.

Damages to the building cannot only take your comfort away, but they can also leave you empty-handed. If need be, buying everything from scratch and finding a new place is nothing but a financial burden that many have to face. In such situations, people with renters insurance can seek the financial aid they need to cope with costly bills. Moreover, some insurance programs also cover temporary living expenses if a person’s home is under repair.

Similarly, buying dishes, electronic devices, clothes, and everything essential can cost many dollars. A renters insurance policy is the perfect solution to these issues as it allows people to relieve some stress and plan things for the future. Making a list of all your valuables should be the initial step people need to take before buying renters insurance. ePremium insurance company helps you find the most suitable insurance policy with appropriate coverage limits.

Manage after-disaster living

Most insurance companies also offer a service of “additional living expense.”  This coverage helps a policyholder with temporary living expenses after his building surfers extreme damage that it stays unlivable. When a building is repaired, insurance companies help their policyholders temporarily find a place to live with financial aid. These situations include fire or water drainage or any other situation that forces people to move out of their homes. This service also pays for meals or other mandatory expenses that are associated with living away from your own home.

But the question that appears here is how long does this coverage last? The duration for this financial aid varies from one insurance company to the other. ePremium insurance company provides its clients with suitable policies and additional living expense services. The average time to cover “use of loss” or “additional living expenses” is around 12 months. However, some companies have extended this duration up to 24 months.

But it all depends on your policy type and the coverage limits it carries. Regardless of which insurance company a person chooses for himself, looking at details such as premium rates and coverage along with the duration for “use of loss” can help find suitable programs.

Protect your financial status

One of the most beneficial key points of using renters insurance policies is financial stability. A person can rely on these plans to secure all his money and possessions. Paying for sudden and costly bills can prove highly burdensome. Renters insurance policies alleviate this pressure and provide all necessary aid to people. On top of finding a place to live, a person must deal with other cost-demanding situations if the existing home becomes unlivable. Renters insurance helps its holder stay safe and plan things ahead of time.

ePremium insurance is the ultimate solution to all your current problems as its renters’ insurance programs will protect you against all unexpected catastrophes and troubles, all through affordable monthly installments. Moreover, other situations where these programs can prove helpful include accidentally damaging someone else’s property. People can sue you and get lawful claims if you end up damaging anything that belongs to them. But if you have a renters insurance policy, you can easily deal with all legal costs and expensive court trips.

Belongings lost or damaged away from home

Another essential aspect with which this insurance plan helps its holder is covering the cost for damaged or stolen belongings that you add to your coverage list. For instance, suppose you feel like going to a nearby cafe to work on your laptop and enjoy a cup of coffee. But you end up losing your laptop because someone steals it. Who can cover your loss?

Your insurance company will cover all the belongings that you add up on your claim list even if it gets damaged off the property. The coverage can be partial or full depending upon your company’s policy settings. But the main thing is financial aid, even if it is partial. Your mobile phone is also a device for which you can ask for a claim, and the company has to pay according to coverage limits. ePremium insurance company provides a wide range of coverage to its policyholders and offers additional coverage that pays for a person’s belongings.

Affordable rates and packages

One of the biggest misconceptions people usually have is that renters insurance is costly. There are several affordable options for people to avail. A person can find multiple choices and gain benefits and necessary coverage limits he wants. The average cost of renters insurance programs and policies is $168 annually, and on a monthly basis, a person has to pay around $14. Another feature that can make a person eligible for discounts is the inclusion of more than one insurance program.

If a person carries more than one insurance policy, he can ask for a discount from his insurer. You may also be competent for discounts if your apartment has smoke detectors, burglar alarms, or other safety and security devices. This showcases the possibility of fewer claims, and insurance companies like to provide insurance programs to clients living in rather safe places. ePremium Insurance offers special discounts to its policyholders to renew their insurance programs after completion.

What are the features that ePremium insurance offers to people?

Many factors make ePremium a client-deserving insurance agency. The need for insurance coverage is evident and strong. A person cannot save himself or his belongings when a fire appears, or someone breaks in and steals a person’s possession. This is why an insurance program is mandatory for future financial protection and stability. Certain features can increase premium rates or decrease them. These aspects, in the case of ePremium insurance, are as follows:

  • Claims and credit history of a person
  • Type of insurance coverage
  • Your policy deductibles
  • Your valuable possession and belongings

Claims and credit history

Your history with insurance programs and your utilization of claims is an important aspect determining the pay rate for your monthly and annual installments. Insurance companies pay attention to your history with other insurers, if any. Every insurance agency considers people and if they have a history of claims and credit scores. A person who is most likely to make future claims is more eligible to get quick quotes and suitable programs, judging by his credit history. For instance, suppose a person comes to buy renters insurance and has a complete history of several insurance claims in the same year.

This aspect indicates that a person will ask for frequent claims, and thus the company charges more monthly and annual premiums. But, if you happen to have fewer claims history or are new to insurance programs, you may get affordable rates that are easy to pay on a monthly and annual basis. The insurance history for renters insurance can stay on your record for around five to seven years. On converting to a different insurance program or a completely different agency, insurance providers double check a person’s history and then decide premium rates and costs.

ePremium insurance company offers premium rates between $11 to $22 every month. But it sure is a little more expensive than State Farm and Lemonade. This does not mean that the insurer will provide less coverage or their service is not worth the cost. The coverage limits of ePremium are also according to the premium rates they charge. So it is not a total loss for people who avail their insurance policies. Claims have different nature, and thus companies perceive the claims history differently. Extensive and costly claim amounts are the cause for higher premium rates. But if a person holds a record of claims that have not been too costly, then companies may also offer considerable pay rates for premiums.

Having no credit scores or record of claims is also a drawback in some situations. A person may ask for more claims regardless of having a low claim record or no history at all. This is why companies stay careful when dealing with such clients and offer rates that fit according to their situation and history.

Coverage choices and claims

A person can never foresee disturbing situations, nor can he evaluate the coverage he may require when in need. This is why the right thing to do before buying an insurance program is to make a list of everything essential that you possess. This factor can further help a person get an idea about which coverage suits his needs. The coverage amount you want basically affects the rate of your premium price. The two major components that every insurance policy covers are:

 

Both these factors are mandatory in every insurance plan. The average insurance coverage for personal property coverage is $25,000, and for personal liability insurance, the policies cover up to $100,000. It all depends on the nature of coverage a person requires. Moreover, many companies also offer customization of insurance plans to include every feature a person wants and pay according to that only. Landlords can ask tenants for specific coverage, including a particular liability coverage baseline.

The more coverage a person wants, the more his premium rates. Increasing your liability coverage also increases a specific percentage in your annual premiums. According to a report of ValuePenguin.com, the yearly premium according to personal property and liability insurance are:

Personal property limit

 

Personal liability limit

 

Annual renters insurance premium

 

$15,000 $100,000 $124
$15,000 $300,000 $132
$25,000 $100,000 $153
$25,000 $300,000 $161
$50,000 $100,000 $224
$50,000 $300,000 $236

 

Depending on the above statistics, insurance coverage and premium rates depend on each other. The above table shows the change in annual premiums with respect to policy coverage and provides the average prices of insurance programs in New York that different companies offer. ePremium insurance plans help their clients in choosing effective coverage claims.

The deductible amount

Another key factor to affect the rates of monthly and annual premiums include the deductible amount. Deductibles are roughly the amount a person has to pay before compensation for any claim that his policy covers. In times of need, the amount that a person has to pay before the policy states working is the deductible amount. On average, a typical renters insurance program or policy has an amount between $500 to $1000 as the deductible amount. According to the coverage type, i.e., partial or complete, a person must pay the first amount himself. This amount is one type of threshold for insurance companies’ policy payments.

The higher premiums a person pays, the lower deductible rates he has to pay. Premium prices and deductible amounts have an inverse relation, and the other decreases on one’s increase. A deductible amount in a renters insurance policy is the amount your insurer will subtract from your claim bills before you start receiving coverage for your damage or loss.

Your possession and valuable belongings

The main aim of any renters insurance policy is to cover the financial loss that a person may face in difficult situations. It provides financial security and stability after losing all your belongings and valuable possessions. Your belongings, including your furniture, jewelry items, electronic devices, etc., are your valuable possessions.

Usually, all renters’ insurance policies help with all belongings, excluding high-worth items. In case of theft or sudden damage to a building or apartment, the policy covers things present in the coverage list of items. When a person purchases insurance programs, he can add everything he wants to include in his claim coverage.

ePremium insurance, with its extensive insurance policies, has managed to win the hearts of clients all over the USA. It also provides the inclusion of several endorsements, but the cost for premium rates also increases with changes in policy plans.

The most suitable way is to consider essential factors that, in any way, can impact the pay rates and then choose the most appropriate insurance package.

Conclusion

Today, there are many companies that are operating in the market as insurance providers. All offer certain features that make them different from all other existing options. But when it comes to ePremium Insurance, many features play their role in evident differentiation. ePremium helps its clients save time and find its programs online.

Clients do not have to apply manually, nor do they have to deal with other stressful situations. The customer services of ePremium are what differentiates it from its competitors. It guarantees acceptance for all applicants, which means they will be present for you if you reach out to them. You can get coverage limits and premium pay rates beforehand to decide whether or not you want to buy the insurance policy.

EPremium works exclusively with rental properties, and It is not an option for homeowners. But, renters and tenants can be sure to rely on its beneficial policies holding manifold advantages.

Tony Bennett

Tony Bennett

Tony Benett makes his living in the insurance industry by teaching and consulting. He is also recognized by the legal profession as an expert on insurance coverages. His insurance experience includes having worked at the company level, owned an independent general agency and having worked for an insurance association. He has received various certificates over the past few years and helps his clients and readers by giving them a realistic outlook on what they can expect to achieve within their set targets. At Insurance Noon, he is known for his in-depth analysis and attention to details with accuracy. He has been published as one of the most referred agents by his peers in the insurance community. Tony loves the outdoors and most sport events. His passion other than providing excellent advice is playing golf.

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