- Personal Loans
- Personal Loans
- Home & Auto
March 9, 2023
Protect Yourself and Your Stuff With Renters Insurance
A lot of people who rent their housing don’t think they need renters insurance. In fact, only 55% of renters have coverage, even though 75% of residential leases require coverage.1 You don’t want to be in violation of your lease, and you definitely don’t want to be without this important coverage should you ever need it. The good news? Renters insurance is generally affordable as far as insurance is concerned — around $23 a month for a typical policy, depending on where you live, coverage selected and other variables. Here’s what you need to know about renters insurance.
What does renters insurance cover?
If a pipe bursts and floods your place, your landlord is covered by their own insurance for any damage to their property, like ruined floors or drywall. But damage to your personal possessions? Your landlord is off the hook. That’s where your own renters insurance policy would step in. It provides coverage for:
- Your personal property: Basically, almost everything you own which is damaged or lost as a result of water damage, fire, theft and vandalism would be covered by renters insurance. Coverage may also extend beyond your place to your bicycle and items you keep in your car.
- An emergency rental: Remember that burst pipe? Well, your landlord says you can’t stay while your apartment is undergoing repairs. No worries. Renters policies can cover some or all of the cost of your temporary stay at a hotel.
- Personal liability: Let’s say you cause the damage. Maybe your sink overflows and soaks the downstairs neighbor’s place. Your neighbor can sue you for his damaged stuff, but a renters insurance policy can take care of it. You’re also covered if a visitor has a slip and fall in your place. (You hope to never be sued by a friend or visitor, but you never know what can happen.)
Wondering what renters insurance doesn’t cover? It typically doesn’t cover intentional acts, existing damage, pest infestations, such as roaches or bedbugs, or the possessions of anyone not named on your policy.
Do you need renters insurance?
If you’re thinking about insurance but hate shopping for it, give Quorum Insurance a call.2 Quorum has a team of independent agents who can walk you through all your coverage options and get you the best policy for your needs and budget.2 Call 800.714.1447, option 2 today or visit quoruminsurance.com.
12022 Renters Insurance Industry Report. SafeHome.org. Accessed February 28, 2023.
2Quorum Insurance, LLC is an affiliate of Grow Financial. Insurance products purchased through Quorum Insurance, LLC are not deposits of Grow Financial and are not protected by NCUA. They are not an obligation of or guaranteed by Grow Financial and may be subject to risk. Business conducted with Quorum Insurance, LLC is separate and distinct from any business conducted with Grow Financial. Grow Financial is in no way responsible for the services provided through this program.
How to Find Your Routing & Account Numbers
When you make a payment online, by phone or on a mobile device, you may be asked for our routing number and your checking account number. Credit unions and banks use these numbers to identify accounts and make sure money gets where it’s supposed to be. You’ll also need to provide your routing and checking account numbers for:
- Direct deposits
- Electronic checks
- Military allotments
- Wire transfers
Where to Find Your Routing & Checking Account Numbers
Your personal checks include both our routing number and your account number, as shown on the Grow check example below.
Don’t have a Grow check? No worries.
Visit any Grow store and ask for a Direct Deposit Form. It lists both your routing number and checking account number.
Making a Loan Payment
When it comes to making payments, we try to make it as painless as possible to pay your loan every month. We have several different ways to pay, including convenient online options.
You have two ways to pay online by transferring funds from another bank or credit union.
- Grow Online Banking (Preferred payment method for any loan)
This is the simplest way to pay your loan. You can make one-time payments or set up automatic recurring payments in Grow Online Banking. Once you log in, select “Transfer/Payments” from the menu. If you’re not enrolled in Grow Online Banking yet, you can set up your account in just a few minutes.
- Debit Card or ACH (Available for auto, personal loans and HELOCs)
Note: ACH and debit card payments are not available for credit cards or most mortgages, except HELOCs.
We accept ACH payments with no additional fees or Mastercard® and Visa® debit cards with a convenience fee of $4.95. To get started with an online ACH or debit card payment, select Pay Now below.
Pay by Mail
You can also pay any Grow loan by check through the mail. Please remember to include your account number and Grow loan number on the check. (For credit card payments, please do not write your 16-digit credit card number on the check, which can cause a delay in processing the payment.)
Address for auto, credit card, personal loan and HELOC payments:
Grow Financial Federal Credit Union
P.O. Box 75466
Chicago, IL 60675-5466
Address for personal first or second mortgages and home equity payments:
Grow Financial Federal Credit Union
P.O. Box 11733
Newark, NJ 07101-4733