What’s the secret to getting cheap renters insurance coverage?
For the best insurance premium, you have to understand how the coverages work. Once you have several quotes, you can compare different coverages to see which plan will meet your needs and budget. Often renter’s insurance policies with thousands of dollars in coverage cost less than $20 a month!
What type of rental coverage is the most important? Read on to find out!
Renter’s Insurance Coverage for Belongings
The most important coverage is your personal property coverage. Get a high coverage limit, and set a reasonable deductible.
You might be wondering if your landlord owns the building, why do you need insurance? The truth is that your landlord’s policy probably isn’t going to cover most of your personal belongings. That’s why personal property coverage should be the main focus of your policy.
Covered Perils
Your personal property renters insurance coverage will pay for the things you own if they’re damaged in specific events. For instance, there are over 1.4 million lightning strikes a year. Lightning is almost always a covered peril (type of coverage) that renter’s policies offer.
However, negligence isn’t covered. If you break your items on your own, your policy probably won’t help.
The only exception to this would be remarkable insurance riders. Ask insurance agents about special coverage for your phone, electronics, and jewelry.
How Much Property Coverage Is Enough?
At first glance, you might not think you have enough property to warrant taking out a renters insurance policy. However, if you take a few minutes to write down a full inventory of everything you own, you’ll start to see that you have quite a few items.
Clothing, furniture, electronics, jewelry, and sporting equipment; you can protect all of these items with a renters policy. Not sure what limits to set?
You can use sites like insurancehub.com, to help you see the different recommended property limits. You’ll discover that even if your belongings total less than $10,000, that’s still enough to need a policy.
Personal Liability Coverages
Don’t skip your liability coverages. Suppose you have a guest over, and they hurt themselves in your apartment. In that case, your renter’s insurance can help cover liability damages.
If you wind up in a personal injury lawsuit, you’ll have a team of insurance lawyers. Many landlords will require that you carry liability coverages before they let you sign the lease.
Standard liability amounts include anywhere from $25,000 or as high as $1 million. Don’t worry, though, liability coverages are affordable, and increased coverage limits don’t always come with high price tags.
Get the Best Renters Insurance Coverage
You owe it to yourself to take get renters insurance coverage. Even if you don’t have a ton of belongings, it’s wise to have some type of liability coverage. Remember, your landlord might require that you carry a policy just to prove that you have liability protection.
Give yourself peace of mind knowing that you have a backup plan, for whatever might come your way. Contact insurance carriers now, and closely compare the coverages. Don’t be afraid to hold out for a rate that makes your bank account happy.
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