How to get the right renters insurance coverage.
When you rent a home, renters insurance generally isn’t required by your landlord. However, coverage is cheap and important. It helps to protect all of your belongings and finances in the event of a disaster. If something happens to your rental property, your landlord isn’t responsible if your personal possessions are lost or damaged. Having renters insurance gives you the protection you need but there are a few things you should keep in mind when buying a policy.
Choose the right coverage amount
Renters insurance is designed to cover the cost of replacing your belongings in the event of an accident, theft, or natural disaster. To help understand how much coverage you need, take a home inventory of your belongings. Totaling up the value of all of your precious possessions will give you a better indicator of how much coverage you need to purchase.
Understand what isn’t covered
Generally, renters insurance covers a wide range of circumstances but there are certain situations where you may be out of luck if you need to file a claim. For example, many standard policies don’t include coverage for damage caused by earthquakes or floods. If you have items of high-value, such as jewelry or art, you may need additional property coverage.
Know the different types of coverage
When getting renters insurance, you’ll need to decide whether to get an Actual Cash Value policy or a Replacement Value policy. An Actual Cash Value policy takes into account depreciation and everyday use when determining the value of damaged property. However, a Replacement Value policy doesn’t consider depreciation and wear and tear. The insurance will pay the claim based on what it would cost you to buy a similar item at the current market value.
is incredibly valuable to protect your pocket from disasters. When you need to find quality coverage to suit your budget, talk to the team
at C.V. Mason Insurance Agency.