If you do not own a house yet, you may think that you do not need renters insurance. However, that is not true. Most establishments will require you to have a certain amount of renters insurance.
Below are a few things you might not know about this coverage:
- Your landlord’s policy will likely protect the building you live in, but it will not protect any of your belongings. Most renters do not realize that a landlord’s insurance policy only benefits the landlord. You cannot rely on your landlord’s policy to also cover you.
- Most policies come with extra protection. Some insurance companies may offer to help you with displacement costs if you have to stay somewhere else for a little while or they may give you a sum of money when you have to replace a damaged item.
- Renters insurance policies will not cover everything. Often, renters insurance will not cover damage caused by natural disasters. This is important to know if you live in an area that is prone to natural disasters.
- Home inventories are crucial. A home inventory is a master list of your personal items and what they are worth. Make sure you keep it within reach in case you need to quickly grab it.
- Getting insurance is cost efficient in the long run. If you are worried about spending money on renters insurance today, think about how much you would have to pay if you have an accident or robbery. In that case, renters insurance can save you money in the long run.
- Insurance does not have to cost you that much. Most insurance companies have multiple discounts and premiums that you will be able to take advantage of. These discounts depend on your location, amount of children or pets, what you own, or your building’s features.
- Understanding the claims process is crucial. You need to know exactly what will be expected of you during the claims process. A basic understanding of this process will help things run smoothly and it will also speed up the process.
Do not hesitate to contact us. We will make sure that you get the renters insurance you need and the peace of mind you deserve.