When someone starts out, initially, they get a job and rent their first apartment. They are so busy enjoying their newfound independence. They often forget the basic housekeeping steps they need to take care of to ensure their financial security. After signing the lease on your new apartment, the first step should be to find a good renter’s policy to protect your belongings. Here’s a comprehensive guide to what’s covered and what isn’t under renters insurance.
What Is Typically Covered Under a Renters Policy?
A good renter’s policy will cover your personal property as well as any general liability claims that may be filed if someone is injured while visiting your home. A renter’s policy will also cover damages caused to their property. Renter’s insurance will also cover alternative living expenses if you are forced to leave your apartment while it’s being repaired. Basically, your renter’s insurance will cover the same types of things as a homeowners’ policy without the coverage for the home.
How Much Renters Insurance Coverage Should I Purchase?
The best way to determine how much coverage you need is to make an itemized inventory of everything you own. It’s also a good idea to know the approximate value of each item. Once you know how much coverage you need for your personal property, you can determine how much general liability protection and alternative living expenses you need. These can be more difficult to figure out, so working with your insurance provider is recommended.
What Isn’t Covered?
When you buy your renter’s policy, make sure to ask about what will not be covered. It’s important to remember that your possessions will be covered, but the building you live in will not. It also won’t cover any damage to the property that is caused by you or your family. These include events and damage to the building caused by natural events like tornadoes, floods, hurricanes, and earthquakes.
Before you choose a policy, shop around a little. Analyze the different insurance plans offered by insurance providers. Agencies will work with many different insurance providers. This can work to your advantage, especially if you have an insurance expert you trust. Don’t be afraid to ask questions and ask to have your policy reviewed occasionally. You may want to look into additional coverage if you have specialty items like antiques, collectibles, or expensive jewelry.
A renter’s policy is your key to securing your financial health. It is just one way for you to protect yourself from financial hardship if something unexpected should happen. Our insurance professionals at Weaver & Associates can work with you to find a policy that will provide you with the level of coverage you need at a monthly premium you can afford. If you already have a policy in place, you can ask for a review to evaluate your current coverage. Our insurance experts can help you adjust your coverage to make it more in line with your needs. Schedule your appointment today to get the answers you need.