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Tips for Finding the Right Renter’s Insurance

Learning how to protect yourself with renter’s insurance should be priority number one when you move into a rental home. Many renters are under the assumption that their landlord’s insurance providers will protect them from losses due to things like fire or theft, but nothing could be further from the truth.

Renters need to work with insurance companies to get their own insurance policies for their apartments or rental homes. In this article we will outline a few of the reasons why renters would benefit from working with insurance companies to get proper protection for their belongings.

Different Types of Protection

If your rental is damaged by fire or you’re a victim of theft, a rental insurance policy can reimburse you for your losses. Many people underestimate just how many items they amass during their time in their homes. It’s not until they lose everything that they realize how much money they’ve missed out on by not having renter’s insurance. A good insurance policy can help them replace everything with minimal out-of-pocket costs. 

If you take covered items like jewelry on the road with you, they’re most likely protected by your policy. This means that even if you’re visiting Paris and your jewelry is lost or stolen, you will most likely be reimbursed for it. Check with different insurers to compare coverage options to see which works best for you. 

Always Compare Coverage Options

Figuring out how to compare prices when determining which insurance company to choose is relatively simple. When deciding which insurance company to go with, you simply need to look at the options that they offer.

By looking at the plans and pricing offered by different providers, you’ll be able to determine which one works best for you, your financial situation, and your home setup. 

Monthly Payment Options

You can determine your monthly payment based on the plan and deductible you choose. Higher monthly payments usually mean lower deductibles, while higher deductibles are usually associated with lower monthly payments.

Figure out which is more important to you. Remember to keep in mind that if there is an incident, you’ll have to pay off the deductible before the insurance company pays out. 

Cash Value or Replacement Value?

You can decide whether your insurance policy will cover the actual cash value of your belongings, or what it will cost to replace them (also known as replacement value).

Actual cash value policies are cheaper, but they’re cheaper for a reason. Actual cash value simply means how much the item was actually worth at the time it was damaged or stolen. This type of policy won’t let you buy a brand new version of the items that was destroyed.

If you need your item to be fully replaced, opt for a replacement value policy. 

Floaters Offer Additional Coverage

If you’ve got expensive items like jewelry or furs, you can add a floater to your insurance policy to protect against damage to, or loss of, these costly items. A few extra dollars per month can save you thousands of dollars in case of an incident. 

Learning how to protect yourself with renter’s insurance is one of the most important things that you can do to protect your and your family’s belongings. The difference between having renter’s insurance and not having it can mean the difference between being able to start over in case of a loss and being financially devastated.

Speak with a broker to find out how to compare prices between policies so that you can find the perfect option for your situation.