Renter’s insurance is designed to provide coverage for your personal property regardless if you rent a portion of a home, a condo, or an entire apartment unit. Your landlord or property owner has a policy that protects the physical property structure, including furnishings that they may have provided prior to you moving in. You may be wondering, how do I figure out what is covered and what’s not? Picture this, if you were to nail everything that the landlord provided and you then turned the home upside down and shook everything out, the items that fall out would be what your renter’s insurance policy would cover, your personal property.
Now imagine that all of your personal property is destroyed in a fire or stolen, would you have the financial resources to replace the items by yourself? Also remember that the renter’s insurance policy is designed to protect against the negligence of other tenants. If your neighbor leaves the stove on and burns the entire complex down, your property would be covered under your renter’s policy. Another key feature about a renter’s policy is the liability coverage that is provided in it. This coverage protects you against accidents or injuries that may occur in your unit.
Here are areas to consider when buying renter’s insurance:
- How much coverage do you need?-Do a personal inventory of all of your property and try to put a dollar value on the entire inventory when complete.
- Choosing your deductible- The deductible amount plays an important role in the premium rate of any type of insurance policy. The higher the deductible, the lower the premium and vice versa.
- Discounts- Does your unit have smoke detectors, fire extinguishers, sprinklers, or any anti-theft devices? If so, be sure to tell your agent so that he can apply those discounts to your policy.
If you would like to learn more about a renter’s insurance policy, give us a call and we can help tailor a policy to protect your personal belongings.