What to look for in a renter’s insurance policy

When deciding on a renter’s insurance policy, you want the best at a price within your budget. Any insurance can be confusing and determining what is the most suitable for you can be challenging.

Here is a list of what you should look for in a good renter’s insurance policy.

Replacement Cost

It is always better if your policy can cover the actual replacement cost of your lost or damaged items and not the actual cash value. The cash value only covers the value of your items at that current time. The value of certain items will depreciate over time, so you may not get as much as you thought.

Auto Coverage

Some renter’s insurance will cover the theft or damage of inventory within your vehicle. This usually is not covered by your auto insurance, so having it under your renter’s policy is an added plus.

Temporary Housing

If a serious incident occurs that forces you to live in a temporary place, your renter’s insurance should cover that. Some landlords will cover these expenses, but many will not. That’s why it’s important to check your policy.

Liability coverage

This will protect you if: someone gets injured while in your home or apartment or, if your property gets severely damaged.

Premium Cost

Renter’s insurance is usually rather inexpensive. Look for a renter’s insurance policy that has a lower cost premium. You want to find a policy you’re able to afford, at a reasonable price.

Safety Discounts

Sometimes a renter’s policy will give you discounts if you have certain safety features like smoke detectors or a security system within your home or apartment.

Remember, everyone has different needs when it comes to an insurance policy. It’s important to consider what you need and talk with your agent when deciding on what policy is best for you.

As always, feel free to contact us here or call us today at (410)-742-5111.

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