Important things to think about when securing renters insurance.
If you are living in a rented home or apartment, then you need renters insurance to protect your personal belongings and personal liability. When you secure this coverage, there are several factors that you should weigh. Here are some of the important things to think about when securing renters insurance.
- How Much Your Belongings Are 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 work, taking this step is better than finding out that you do not have coverage for major loss events.
- Whether You Want 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, because replacement cost policies offer more coverage, they will be more expensive than their cash value counterparts.
- Your Personal Liability Risks
In addition to protecting your possessions, renters insurance also provides personal liability coverage. Personal liability issues can arise when someone is injured while in your rental property, when you or a member of your household accidentally causes losses or injuries to another party, or when a pet causes harm to another party. Because personal liability suits can be very costly, it's important that you have enough coverage in place. To secure an adequate amount of personal liability coverage, speak to a trusted agent so they can get a better understanding of your personal risks.
These are some of the important things to think about when securing renters insurance. Do you need help with your renters coverage? If so, then contact
the experts at Fuller Insurance Agency in Southern California. We are ready to assist you with all your insurance needs today.