You are getting ready to move into a newly rented apartment. You have thought of everything and you have planned your move right down to the last detail. But one thing that you might not have thought about though is renters insurance. To know whether you need it or not you must know what it covers.
If you rent your home then you should consider renters insurance as it will provide you with financial protection if things go wrong. You never know when you will suffer damage or theft of property.
Renters insurance coverage will also apply if you have to move out of your rented home on a temporary basis due to the space being damaged by a loss which is covered. If you have a visitor to your rented home and they suffer an injury then your insurance can cover you for this. In some rental agreements or leases, you will find that renters insurance is mandatory.
What does Renters Insurance cover?
Most renters insurance will cover damage to personal possessions. This normally covers theft, damage or the destroying of the item. It can also cover the injury of a person that is visiting your rented home. Then there is cover if you have to move out of your home because of a reason covered by other insurance.
All renters insurance policies will have deductibles and should specify the amounts of coverage provided in dollars. It is usually possible for you to request particular kinds of cover and pay the appropriate premium for this.
Most people do not fully appreciate the value of their personal items. These items can be very expensive to replace if they are damaged or stolen. It is quite likely that your rental agreement will specify that there is no coverage for your personal items if they are damaged or stolen.
For most renters, they only appreciate the value of renters insurance after it is too late. They have to cover the cost of an expensive item themselves after they discover that the rental agreement does not cover them for this.
Will Renters Insurance covers a Laptop?
It is very likely that all computer equipment, including laptops, will be covered by a renters insurance policy. This cover can extend outside of your home too so check with your insurance company on this.
You need to fully understand the coverage for computer equipment. There is normally a limit for the coverage and if you use your computer for businesses purposes then there may be further limits and exclusions.
Talk to your insurance agent about all of your requirements. There is a good possibility that your agent can arrange increased cover for your renter’s insurance if you need this. You should be able to change the amount of cover as well as arrange for coverage of additional items.
Is it possible to save money on Renters Insurance?
You will not be able to save money on your tax bill as there are no exemptions for renters insurance. But often it is possible to save money if you purchase a bundle of insurance policies from your agent such as a renters and auto insurance combination.
If you are new to purchasing insurance then buying a renters insurance policy is a good way to take the first step on the insurance ladder and establish a history. This will put you in a good light when it comes to buying your own home and purchasing home insurance.
How to Get Organized for Renters Insurance
It is always a good idea to maintain a current list of your important possessions and take pictures of these items. When you do this the insurance company will pay you out a lot faster. You are also likely to receive the right levels of compensation too.
Create yourself a home inventory. Use the camera or video function of your smartphone or tablet to record all of your personal items. It is a good idea to save these images and video clips in a place outside your home such as the cloud.
We can assist you with all aspects of renters insurance. You will find more details here.