Choosing More Coverage

Posted on: 6 October 2020

There are a lot of benefits when you rent a home instead of owning. Things like maintenance and repairs are your landlord's responsibilities, not yours. While your landlord will have insurance for the property you live in, it won't cover your belongings in the event of a natural disaster or theft. Because of this, you will want to make sure that you have a robust renter's insurance policy in place if your belongings are damaged. Here's what you need to know about renters insurance policies. 

What The Policy Will Cover

The first thing you need to know about renters insurance is what it covers. Renters insurance offers a few different kinds of coverage. First, your personal property is protected by a renter's insurance policy. You will also have a set amount of liability coverage, which covers damages you cause to another person. If your rental becomes uninhabitable, your policy will also cover living costs during that time. Before you choose a policy, make sure that you read it carefully to determine whether it will meet your needs.

How Much Coverage You Need

There are also plenty of things that you need to consider when determining how much coverage you need from your renter's insurance policy. You will need to take stock of your belongings and determine how much it will cost to replace them. Another thing to consider is the total value of your assets. This comes into play when looking at liability coverage. In the event of a claim, you want to ensure that your liability coverage is high enough to protect your assets.

How Much It Will Cost

The good news is that if you are looking for a renters insurance policy, it's typically less pricey than a homeowner's insurance policy. The cost of renter's insurance ranges from $15 to $30 per month, on average. Your costs will depend on the state you live in and how much protection you need for your assets. While renters insurance is affordable in most cases, there are still a few ways to save. You can raise your deductible if you want lower premiums. Another way to say this to bundle your renter's insurance with other insurance, such as your auto insurance policy. Having multiple policies with one company also offers some advantages. It makes filing claims and keeping up with your insurance payments a lot easier.

For renting, renters insurance is something that you do need. It protects your belongings and offers liability coverage. If you are seeking out renters insurance, there are a few things you should know. First, you need to understand what your policy will cover. Not a thing to know is how much coverage you need. Finally, it's essential to keep in mind the cost of your policy. The good news is these policies are typically very affordable. Insurance providers like Woodmansee Insurance Inc can help you find the best policy for your budget.