Renters insurance is becoming increasingly necessary for today’s renters. There are many reasons this is the case, not the least of which involve the litigious nature of society. But that is far from the only reason you need renter’s insurance today.
What is Renters Insurance Coverage?
Renters insurance coverage is a special type of home insurance product available to people who rent their homes. It offers the liability protection that is so critical today as well as coverage to repair or replace property that is damaged or destroyed in covered events.
Another important thing covered by many renter’s insurance policy is reimbursement for alternative living expenses while your rental property is being repaired for a covered event (fire, tornado, roof collapsed by weight of snow, etc.).
This provides no protection for the costs of repairing the structure of the building itself. Since you are renting, that isn’t your concern or responsibility – it is the responsibility of the property’s owner.
What You Need to Know about Renter’s Insurance Coverage?
Before you buy your policy, there are a few things you need to know about renter’s insurance. First, renters insurance typically excludes damage related to floods and earthquakes. If you feel you need coverage for these events (and most people should consider flood insurance at the very least), you need to discuss your options with your insurance agent.
Second, if you have valuable items, like electronics, collectibles, antiques, art, jewelry, and fur; you might want to consider additional protection for these items. Renter’s insurance for personal property often has restrictions in place related to the value of items.
Third, depreciation is not your friend. It will wreck the value of your possessions making it hard to replace things that were lost or destroyed. Look for policies that offer replacement value coverage so you can have the items replaced without worry over depreciation value.
Saving Money on Renters Insurance
It isn’t as difficult as you might think to save big on your renters insurance policy. In fact, bundling your policy, renting a newer home in a low-crime area, and working to build a better credit score can all help you score big savings on your renter’s insurance without sacrificing coverage.
Another thing you can do to increase your savings is to raise your deductible. This will lower your monthly renters insurance rate while keeping the same coverage. The difference is that you pay more out of pocket when making a claim.
The more you know about the value of renters insurance, the better prepared you will be to make wise buying decisions. Make sure to ask us any questions you may have to make sure you have the protection you’re looking for.
Looking for to compare renters insurance quotes? Fill out our simple online multiple renters insurance quotes form.