After weeks of searching, you’ve finally found the apartment of your dreams. Everything you’ve ever wanted is inside this glorious space. So, with the help of your friends, you pack up your things and after hours of unloading, you can finally call your new apartment home. But wait! Did you forget something?
Somewhere between buying new bath towels and picking out new dishes, you forgot renters insurance.
Here are four things that every renter must know about renters’ insurance.
It Gives You Off-Premises Coverage
There’s a lot more to renters insurance than just simply covering the cost for any damaged or stolen items. Renter’s insurance gives you coverage for things that are not on your premises. For instance, if someone takes your laptop from your vehicle while you are in the grocery store.
There is Compensation if You Have to Move
A lot of policies provide people with extra living expenses should their home become uninhabitable due to vandalism, theft, or damage caused by utilities. While every policy has its limits, this benefit typically includes the cost of your living expenses. In most cases, this coverage is only limited up to 50 percent of your personal property. For example, if you have a net worth of $100,000, your policy would have to give you $30,000 to $50,000, as your policy states.
Inventory Helps You Determine the Amount of Coverage You Need
Figuring how much coverage you’ll need can be difficult, especially for those who are getting renter’s insurance for the first time. Before deciding on the amount of coverage you’ll need, it’s essential that you know how much it’s going to cost to replace your belongings. To calculate the cost of replacement, take an inventory check, and run it by your insurance representative. They’ll see to it that you’re fully covered.
Lowering the Cost of Renters Insurance
Yes, you read that right. It’s more than possible to reduce your renter’s insurance cost. There are quite a few ways to do so.
Here’s how you can reduce the cost of renters insurance:
- Choose a higher policy deductible
- Lower the limits of the policy
- Payout the year ahead of time
- Use automatic payments
- Try to be free of claims
It may be in your best interest to buy all of your insurance policies from a single carrier. Bundling your insurance plans can lead to big savings. There are other factors to take into consideration when purchasing renter’s insurance. So, be sure to research further or contact an insurance representative for more information.
Are you looking for a reliable insurance company? Look no further than Velox Insurance! We have many plans and policies for you to choose from in order to meet your insurance needs. Ranging from ATV insurance to commercial auto insurance, we’ll make sure you’re covered no matter what you require!
For more information, contact us today by calling one of our many locations!