Renter’s InsuranceRenter’s insurance is not required by banks or by law, however it can be a very good idea to have it. If you’re renting from a landlord, it will protect your personal items such as your HD television or new stereo system and also give you temporary housing and liability protection. This protection can be in the form of medical expenses for someone on your property or for a lawyer should you be sued by someone you unintentionally hurt or injured. There are plenty of policies out there for renter’s insurance and one you navigate the several factors you need to take into account, you’ll pick the best one for you.
When shopping and comparing renter’s insurance, you should verify the dollar amount for the amount of coverage. The dollar amount is not placed one each piece of property you have, it’s a fixed amount for all of your possessions. The more coverage you purchase the higher the price of the renter’s insurance policy.
The deductible is another thing to consider. This is the amount you would have to pay out of your own pocket before the renter’s insurance kicks in. Coverage subject to the deductible includes everything except liability coverage such as paying medical expenses.
You have to choose whether you want actual cash value or replacement cost. This means you have to decide if you want your personal items to be replace with the value of the property at time of loss or an actual replacement of the item. Know that expensive items that are prone to theft like jewelry have a limited coverage so you’re better off putting them in a separate policy.
Don’t forget that you’re residence’s location affects your renter’s insurance policy. If you rent in an area that’s prone to theft, you’ll probably pay more for renter’s insurance. If your neighbors have had numerous claims, this will also affect the cost of your policy.
The All My Sons of West Palm Beach hopes this article about renter’s insurance clarifies the process for you. If you’re going to need help to move to your new rental, you can count on the West Palm Beach moving specialists to help you with a hassle-free move. Our family of movers are backed by four generations of movers, so there’s nothing to worry about, you’ll be in good hands.