What Should You Know About Renters Insurance?
4 Aspects of Renters Insurance You Should Consider
If you rent a home, insurance might not be one of your priorities, but even if it’s not your property, having insurance is still highly beneficial. You might not own the place, but you still have valuable things in it. An insurance policy is meant to protect you, not just protect your belongings, but also protect you from a potential lawsuit in case someone were to become injured in your home.
Whether you’ve been renting for a while now or you’re just starting, here are four things about renters insurance you should consider.
Coverage May Be Determined with a Home Inventory
The best way to determine the extent of your coverage is by having a home inventory. This way you can more accurately estimate the cost of replacing your possessions.
Off-Premises Insurance is Included
Typically, renters insurance covers loss or damage of your possessions, even if the incident didn’t happen at home. For example, you’d be covered if your laptop was stolen from your car while you are at the movies.
Additional Living Expense Coverage May Be Provided
If for any reason, you were forced to relocate, most renter policies include additional living expenses. The value of your insured personal property would dictate the coverage, but it is typically between 30 and 50 percent of that.
Options to Reduce Renters Insurance Costs Are Available
There are things you can do to bring down the costs of your renters insurance. For example, you could choose a higher policy deductible, meaning that if your coverage takes effect, there’d be a more significant amount of money that would come out of your pocket at that time, but that would decrease your annual insurance costs by 15 percent. Bundling your insurance policies is also a great way to save money.