Renters Insurance

Renters Insurance is Essential

When you rent a home, you might think you do not have the responsibilities that a homeowner has. This is true to a certain extent, but it is important to note that your personal belongings are not covered under the home or apartment owner’s insurance. If there is a fire, theft, or vandalism, then your belongings will not be replaced by insurance. That is why renter’s insurance meets the needs of a renter.

Renters insurance is similar to any other insurance. You have options based on the value of your personal property, and premiums are based on this amount. More valuable items require a higher premium. Supplemental or specific item insurance is available for items like a wedding ring and original art. You can also add protection for events not covered by a typical policy, including flooding or earthquakes.

You will pay a deductible if you make a claim. The deductible can range in amount, according to your monthly premiums. A lower deductible means a higher premium, but if you see no way to come up with a specific deductible, it may be best to pay a higher premium now to protect your belongings.

You’ll also want to consider how often premiums are due. Yearly premiums cost less, but monthly premiums are often easier to handle.

Fire or flood is an unwanted event in any home. With rental insurance, you decrease the amount of out of pocket expenses you are responsible for. Call an insurance agent to get more information about rental insurance.