Often people renting apartments or houses forget about the insurance coverage they need to protect themselves and their belongings. While the owner insures rental properties, usually, the insurance only covers the building and not the tenant's items, but rental insurance is relatively inexpensive and will cover most of what you own.
Finding The Right Coverage
There can be differences in renters insurance between providers, making one a better option for you. You need to look closely at each of the policies you are considering to see what the coverage is and how much coverage is available.
Often the insurance policy can be tailored to your needs, so if you have a lot of expensive furnishings, you can opt for a higher replacement amount than a standard policy offers. If you work from home, it is essential to check with the insurance company about any computers or other equipment that you use to do your job. In some cases, they may not cover that under a rental policy but would require business insurance for the items you use to make a living.
If the same items are used for hobby purposes only, they will likely be covered, so be sure to ask before assuming that could result in an expensive loss later. Your insurance agent can help sort out the coverage and go over the items in your apartment or rental house that will be covered and which items you need to have riders on your policy.
Cost Versus Coverage
When considering renters insurance for your property, you will find that as you increase the coverage, the cost of the policy will also increase. While many basic coverage plans are available for budget-minded renters, they can leave you stretching to replace items after a disaster.
The best option for determining the coverage you need is to catalog your valuables and add the replacement costs up to buy an insurance policy that has enough value to cover everything on the list. If you have older items, look for equivalent replacements and use those prices to ensure you can replace a TV, couch, or appliances that you own at today's prices.
Your insurance agent can go over the list with you and suggest a policy that offers enough coverage to ensure you are well protected. If you are using the same insurance company that you buy auto insurance through, you can often get a multi-policy discount, so be sure to ask when discussing the costs. In some cases, the discount may only be ten or twenty percent, but reducing the price will make the insurance coverage more manageable month to month and keep your belongings protected no matter what happens.