How to choose the right level of renter’s insurance for you

If you rent your home you know the importance of renter’s insurance. Do you know however, whether you are properly covered? Renters should not take a ’one size fits all’ approach to buying insurance. Levels of coverage are as varied as the renter’s who need to be insured. Seek the level which is right for your family, so you will have no coverage related regrets in the event of an emergency.

•Assess your needs to determine the level of coverage.

Take a moment to think about the possibility of loss or damage to the contents of your home. Make an extensive list of items you would replace in each room. Honestly, and methodically evaluate the cost of each item to be replaced. Arm yourself with a pencil and paper and jot down items, along with their estimated replacement cost. This is of course a preliminary appraisal. Your insurance agent will go over the list with you later.

•The contents of your home and what you wish to cover will determine the level of insurance you require.

If you have an expensive art collection, or nearly irreplaceable antiques this should be reflected by the level of insurance required. Proof of these irreplaceable items should be submitted to the insurance company. Pictures and videos of the items are helpful, as well as a professional appraisers receipt.

•You have heard location is important when buying real estate. Location can also play a significant role in determining the needed level of renter’s insurance.

If there have been a number of break ins in your neighborhood, this will affect what you will cover, and for how much. If bicycles are a hot item (no pun intended) for thieves to steal in your development, then insuring your bike makes sense.

•Owning a business which is operated from your home will possibly add to insurance coverage.

Keeping money in your home, valuable papers or securities affect the level of insurance essential to coverage.

•Owning an exotic animal will increase your level of coverage needs.

Even owning a dog can affect your level of insurance. Cover yourself in the event your dog destroys the carpet in your rented home. A worse scenario is if your dog should bite someone. Most insurance companies require more coverage for people who own certain breeds, such as Rottweilers, Doberman, and German Shepherds. It is also possible that a company will consider owning these breeds as a greater liability.

•Don’t forget to adequately cover yourself for liabilities.

If someone is injured in your rented home you could be sued. The average personal liability coverage is about $ 100,000. Depending on your circumstance you may choose to increase that amount adding to the level of coverage.

Water seeks it’s own level. Renters purchasing renter’s insurance are similar to this. Each renter has to determine a comfortable level for their situation. Talk to an insurance agent. He will walk you through the process of determining the level of renter’s insurance which is just right for you.