Important Considerations for Your Renters Insurance

home with rental sign in front, ask yourself these questions when purchasing renters insurance

Ask yourself these questions when purchasing renters insurance.

If you are renting a home or an apartment, then you need to secure renters insurance to protect your possessions and your personal liability.  However, it’s important that you don’t simply choose the cheapest policy that you can find.  Ask yourself these questions when purchasing renters insurance to ensure that you are making an informed decision.

How much are my belongings worth?

As mentioned, renters insurance is designed to protect your belongings.  To ensure that your policy is offering the comprehensive coverage that you need, you need to determine the value of all your possessions.  While itemizing your possessions is tedious, taking this step is better than finding out that you do not have coverage for a major loss event.

Should I secure cash value or replacement cost coverage?

Actual cash value refers to the cost if an item with depreciation taken into account.  Replacement cost refers to the actual purchase value of an item without depreciation.  When you secure renters insurance, you have the option to secure coverage for your belongings’ cash value or replacement cost value.  Please note that replacement cost policies offer more coverage, which means that they will be more expensive than their cash value counterparts.

What’s the worst-case scenario?

Many renters rely on basic policies as a way to save money.  However, if disaster does strike and you do not have sufficient coverage, then you will be left paying for losses all on your own.  To ensure that you are ready for anything, you should imagine the worst-case scenario and ensure that you have the right renters insurance to deal with this situation.  While this might mean securing flood, earthquake, or other supplemental coverages, it’s worth it to be completely protected.

To ensure that you are making smart coverage decisions, ask yourself these questions when purchasing renters insurance.  Do you need help securing the right renters coverage?  If so, then contact the experts at Udell Family Insurance.  We are ready to assist you with all your insurance needs today.

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