Renter’s insurance tips for an uneventful tenant experience
The purpose of renters insurance is to keep us protected when something bad happens. And the risks we’re all subject to as apartment dwellers are not too few to ignore. Whether it’s fire, water damage, burglary or lightning, these are all unfortunate events that can cause partial or total loss of personal property, computers, furniture, TVs and other valuables. Also referred to as apartment insurance, renter’s insurance provides you with the comfort of knowing you’re protected in case of all of the above.
Here are a few aspects to consider before purchasing an insurance policy.
Coverage. Your insurance policy will state exactly what you’re shielded against and may include some “named” perils including fire, windstorm, explosion, smoke, glass breakage, theft, vandalism and hail.
Costs. The costs of renter’s insurance differ a great deal from case to case and are usually influenced by a variety of factors including the policy holder’s age, location and protection needs. Generally, you can acquire a solid rental insurance plan for as little as 43cents/day. Bear in mind that some expensive items that you own such as collectibles, jewelry, paintings or furs may need additional coverage so make sure you check with your agent before acquiring the policy.
Possessions. Once you’ve selected the type of protection that best suits your needs, the next step is to develop a value estimate and an inventory of your belongings. Tenant insurance costs vary depending on the total value and replacement value of your assets so it’s important to have an accurate estimate of your possessions. You can use a renters insurance calculator to find out exactly how much personal property coverage and how much liability coverage you need.
It’s a good idea to take pictures of your possessions and hold on to receipts, bills or any other papers that might attest an item’s value. Such documents will come in extremely helpful should you need to file a claim.
Additional coverage. Most policies also provide liability coverage which gives you financial protection if a guest for example is accidentally injured while at your residence. With ResidentShield, you can receive up to $100,000 of coverage against common personal liability claims such as slip-and-fall injuries.
Moreover, ResidentShield can provide you with temporary living expenses over and above your normal living expenses if your abode becomes uninhabitable due to a covered loss.