Renting has its perks – no mortgage, no maintenance, and no long-term commitments to name a few. While you focus on paying your rent each month, though, don’t forget to protect yourself against potential risks with a renters insurance policy from Awesome Insurance Consultants. With renters insurance, you gain coverage that protects your belongings against damage and loss, as well as your family income and assets against potential liabilities. It is affordable and complete protection that can give you peace of mind even in the most devastating of circumstances.
Types of Coverage in a Renters Policy
Your landlord’s insurance covers his or her risks associated with owning and leasing the property you live in. It typically excludes protection for your belongings, your displacement costs, or incidents for which you are liable. When you purchase a renters insurance policy, you are purchasing coverage for the risks you face as a tenant. This typically includes several different types of coverage, some of which may include:
Personal property coverage is protection for the things you own wherever you may take them. This may include coverage for items that are stolen from your home, vehicle, or even your gym locker. It can also cover damages caused by certain types of loss events, such as fire, explosion, high winds, and more. Claims against your personal property insurance are subject to your deductible, but having the right coverage could save you tens of thousands of dollars in losses.
When selecting your personal property coverage limits, we recommend taking inventory of your possessions. Room by room, account for each item you own, from your clothes and shoes to your electronics and furniture. Then, consider whether you prefer the standard, actual cash value coverage, which compensates you for losses based upon the depreciated value of your items, or whether you prefer full replacement value coverage, which reimburses you for the cost of purchasing brand new items.
Note that certain categories of items may be subject to additional coverage limitations in your policy. Talk to your agent if you have high-value items, such as fine jewelry, expensive collections, or firearms, as these items may require additional scheduled coverage.
When properties are damaged or destroyed, the people living inside them are often left temporarily homeless. For example, if smoke damage leaves your apartment uninhabitable, it could take several days to remediate and restore the property. During that time, displacement coverage can help you pay for the cost of temporarily relocating to a hotel, as well as other costs like feeding your family and doing laundry without access to your home kitchen or laundry room.
Lawsuits are common in today’s litigious society. If your dog attacks a child at the dog park or a guest slips on a spilled beverage in your home, could you afford to hire a lawyer and defend yourself in court? Moreover, could you afford the cost of medical expenses and other damages associated with any judgments or settlements against you?
When you purchase renters insurance, your policy will likely include liability protection for third-party injuries and property damages both on your premises and away from it. It usually extends to all members of your household, including your children and pets. Although there are some exclusions, including for damages caused in a car accident, renters liability insurance offers broad protection that could save you tens or even hundreds of thousands of dollars in damages up to the limits of your policy.
When selecting your coverage limits, consider that any damages in excess of your policy limits may still be your responsibility to pay, even if that means liquidating your assets, dipping into your savings, or making payments from future income and inheritance. One of our helpful team members can help you determine the amount of coverage than may best reduce your liability risk exposures.
Making the Most of Your Renters Coverage
At Awesome Insurance Consultants, we help you walk through the process of choosing limits, deductibles, and other coverage details for your renters policy according to your unique needs. We can answer any questions you may have about your coverage and offer recommendations for how you can maximize the benefits of your policy. For example, you may prefer low deductibles if you want to ensure a minimal cost burden after a loss. On the other hand, you may prefer high deductibles if you wish to reduce the cost of your coverage without sacrificing your limits or the quality of your protection.
Although renters insurance is typically very affordable, we can show you additional ways of increasing your savings without reducing your coverage. As an independent agency, we shop and compare rates from multiple insurance companies on your behalf. You can choose the insurer and policy that offers the coverage you want at the most competitive rates. We will also look for any available discounts you may qualify for to increase your savings. Examples include discounts for:
- Remaining claims-free
- Implementing a monitored security system in your apartment or rental property
- Paying your premiums in full
- Purchasing other lines of coverage from the same company, such as auto insurance
Do not wait until it’s too late to purchase renters protection. For more information about renters insurance or to find out how an independent agent can help you save money on the coverage you need, contact Awesome Insurance Consultants for your free quotes today. We look forward to serving you soon.