According to recent studies, only 30 percent of renters in the United States consider purchasing renters insurance. The most common reason people don’t purchase renters insurance is that they think it’s too expensive or they won’t need it.<\/p>\n
Unfortunately, both of these assumptions are wrong.<\/p>\n
Landlords are not liable at for any damages to your furniture or personal belongings and if your stuff is stolen no one will reimburse you for that either. If you’re in the market for renters insurance here are 8 questions you need to ask yourself before signing the contract:<\/p>\n
<\/p>\n
Most renters insurance includes appliances, electronics, clothing, electronics, and even your furniture as part of its coverage. However, it’s your job to take into account all your belongings’ value so you’ll have sufficient coverage on your renters’ insurance<\/a>. You may want to create a home inventory, taking note of the estimated values of their possessions.<\/p>\n Some of the items included in standard renters insurance policies may be subject to a certain coverage limit. If you have anything that’s extra expensive like a wedding ring or valuable collectible items, you need it?to ask about adding supplemental coverage as well.<\/p>\n Typical renters insurance cover<\/a> incidents such as smoke, water damages brought by overflows and leaky pipes, and also losses due to burglary. Not all policies include damages due to flood, storm, or other occurrences considered as “Acts of God.” Make sure you ask your agent about what’s not covered.<\/p>\n This is the most vital part when buying renters insurance if you ever need to file a claim later. You have to choose how the insurance company would replace your lost or damaged possessions. For example, you had your last year’s TV model stolen. If you can settle with replacing it with a used model from the same year or paying extra out of your own pocket for a new one then you can sign up for a cash value policy.<\/p>\n However, if you’d want to replace it with the current year’s model instead you have to get a replacement cost coverage. The premiums are often 10 percent higher compared to the cash value coverage but it’s worth the price. With replacement cost coverage, the company will reimburse the expenses of getting a new item at its current market price.<\/p>\n Standard policies offer at least liability coverage of $100,000. It includes all the expenses for the damages and even court costs if the situation calls for it. If you have a high net worth or high future earning potential you should consider adding more liability coverage for your policy.<\/p>\n Your spouse and immediate family members are automatically included in the coverage as long as they live with you. However, roommates that aren’t named on the policy will probably not be included. As for pets, better ask your insurance agent regarding the coverage that they have for your furry friends.<\/p>\n Most policies will cover the expenses for your temporary rentals, restaurant meals, or even hotel bills if you need to move out of the house while it is being rebuilt or repaired. Confirm with your agent about the duration and financial limits before transferring to another home.<\/p>\n If you’re not sure whether you’re getting the most affordable renters insurance with the coverage you need to reach out to us here at Velox Insurance. With several carriers to choose from and agents who know all the discounts you can get backward and forwards you’ll know you’re getting every discount you deserve.<\/p>\n With the help of the right renter’s insurance coverage, you can minimize your worries. Here at Velox Insurance, we will give you the right insurance coverage to suit your needs as a tenant. Get in touch with us! Give us a call at 1-855-GO-VELOX or click here to find a local agency near you <\/a>to get a quote today<\/a>!<\/p>\n","protected":false},"excerpt":{"rendered":" According to recent studies, only 30 percent of renters in the United States consider purchasing renters insurance. The most common reason people don’t purchase renters insurance is that they think it’s too expensive or they won’t need it. Unfortunately, both of these assumptions are wrong. Landlords are not liable at for any damages to your […]<\/p>\n","protected":false},"author":1,"featured_media":9483,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"inline_featured_image":false,"footnotes":""},"categories":[10],"tags":[],"acf":[],"_links":{"self":[{"href":"https:\/\/veloxinsurance.com\/blog\/wp-json\/wp\/v2\/posts\/823"}],"collection":[{"href":"https:\/\/veloxinsurance.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/veloxinsurance.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/veloxinsurance.com\/blog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/veloxinsurance.com\/blog\/wp-json\/wp\/v2\/comments?post=823"}],"version-history":[{"count":1,"href":"https:\/\/veloxinsurance.com\/blog\/wp-json\/wp\/v2\/posts\/823\/revisions"}],"predecessor-version":[{"id":9527,"href":"https:\/\/veloxinsurance.com\/blog\/wp-json\/wp\/v2\/posts\/823\/revisions\/9527"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/veloxinsurance.com\/blog\/wp-json\/wp\/v2\/media\/9483"}],"wp:attachment":[{"href":"https:\/\/veloxinsurance.com\/blog\/wp-json\/wp\/v2\/media?parent=823"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/veloxinsurance.com\/blog\/wp-json\/wp\/v2\/categories?post=823"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/veloxinsurance.com\/blog\/wp-json\/wp\/v2\/tags?post=823"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}2) Do I Have Any Expensive Things That Might Need Special Coverage??<\/em><\/h3>\n
3) What Events are Covered?<\/h3>\n
4) Do I Want Replacement Cost or Cash Value Reimbursement?<\/h3>\n
5) How Much Liability Coverage Should I?Buy?<\/h3>\n
6) Do I Need Coverage for Other Tenants?<\/strong><\/h3>\n
7) Do I Need Temporary Living Expense Coverage?<\/h3>\n
8) Am I Getting Every Possible Discount?<\/h3>\n