Shopping for Renters Insurance

When shopping for renter’s insurance, there are a few important things to look for and consider. Renter’s insurance should cover your losses in the event your belongings are damaged at your rented residence. But a good renter’s insurance policy should cover much more. By looking carefully at the policies and options available, you can be sure to get the right policy and coverage for your household.

Purchase a renter’s insurance policy that covers the full value of your personal property, so you’re protected in the event of a total loss. Make a list of your replaceable items and their values. Look for a policy that will cover the total value of the personal property on your list, then save the list so you have a record of your personal property in the event you need to make a claim. Renter’s insurance is very affordable, so under-insuring your belongings should always be avoided.

Select a renter’s insurance policy with a deductible that you can afford in the event you need to make a claim. Policies with high deductibles usually cost a little less, but renter’s insurance is very affordable. So select the policy with the lowest deductible that you can afford to purchase. If the worst happens and you need to make a claim, a low deductible will help mitigate your expenses.

Look for a renter’s insurance policy with liability coverage. Remember that you will be responsible for any damage that you cause to the house or apartment that you rent. The rental property itself can be substantially more expensive to replace than your personal property. Because renter’s insurance is so affordable, try to purchase a policy with liability coverage as close to the actual value of the rental property you live in. That way, in the event that you accidentally damage or destroy the house or apartment you rent, you will be covered. Liability coverage is especially important if you live with roommates or children.

A good renter’s insurance policy can also provide coverage for medical expenses if a member or guest of your household is injured there. It’s impossible to put a value on a person’s well being, so look for a policy with as much medical expense coverage as you can afford. Even if you have medical insurance, a renter’s insurance policy with medical expense coverage can help mitigate the costs of medical treatment if necessary.

Finally, look closely at the renter’s insurance policies offered, know what kinds of losses they specifically cover, and select the policy with the most coverage that you can afford. A good renter’s insurance policy will cover against losses caused by fire, weather, vehicle collision, theft and structural failure, among others. In areas with specific dangers like earthquakes, tornadoes or heavy snows, make sure your policy covers or allows optional coverage against such damages.

Renter’s insurance is very affordable. Considering the protection and peace of mind a policy provides renter’s insurance is an excellent value. However not all policies are equal. By knowing what you need and what to look for, and looking closely at the policies you’re considering, you can be better equipped to select the best renter’s insurance policy for you and your household.