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Top Reasons Why Renters Insurance is Important

First, renter’s insurance is extremely affordable. The average policy costs just $190 per year, according to the National Association of Insurance Commissioners.

Renters insurance can cover the loss of your possessions, the cost of temporary accommodation if your home becomes uninhabitable, and liability for accidents in your home.

Fires, theft, water damage occur, and they’re just as likely to happen in an apartment as they are in a house.

What renter’s insurance can cover:

  1. Personal possessions – covers clothes, furniture, electronics, jewelry, material items (up to your coverage limit.)

  2. Personal liability – covers legal responsibility for accidents in your home or property damage.

  3. Medical payments – coverage in case someone gets injured in your home and requires medical attention.

  4. Additional Living Expenses – covers temporary living costs in the event that your home is uninhabitable.

Be smart about choosing your plan:

  1. Understand what the policy covers – before you purchase, look over all the fine print of what your policy will cover. Does it cover all of the above? Or just parts of it?

  2. Pick your coverage limit – consider how much all your possessions added up would cost. The biggest distinction in coverage is replacement cost of property or its actual value. The first takes into account the actual cost to rebuy all your possessions (a higher premium, but often worth it) vs. the second takes into account that items will have lost value overtime.

  3. Does your policy cover high ticket items? – read the fine lines on exactly how much insurers will pay for high value items such as (jewelry, watches, fur, art or cash). Decide if you want to add more coverage for these types of items.

After studying your options, and assessing what’s best for your situation, it’s very easy to get a price quote online for your renter’s insurance.

I have a couple of great companies that I work with and can give you a couple of referrals. Let me know if you’re currently shopping around for Renters Insurance - Happy to help!

If you need a consultation please schedule one here:

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