While moving into a new rental home can be exciting, it can also be stressful as there will be many decisions you will have to make along the way. In particular, you may find yourself overwhelmed by insurance options if you have never purchased renter’s insurance before. With so many options available for providers and policies to choose from, it can be difficult to know where to start. While we have previously discussed a few tips to help renters choose a renter’s insurance policy, continue reading to find out about a few additional things that you should consider before choosing a renter’s insurance policy.
Find Out What is Covered
When researching possible insurance policies, it is important that you find out exactly what a policy you are considering does and does not cover. Many renters make the mistake of only comparing deductibles and premiums without paying attention to the differences in coverage between plans. It is also important to note that many policies place a cap on how much they will cover in certain categories such as electronics, jewelry, and art. For this reason, if you have a lot of expensive gaming equipment or family heirloom jewelry, you may want to consider taking out separate policies for these items.
Replacement Cost VS Cash Value
It is also important when you are looking at renter’s insurance policies that you pay attention to whether they cover the replacement cost or cash value of items should they be lost in a break-in or a fire. While policies with replacement cost coverage will provide you with enough funds to buy new replacements of items lost, cash value policies will provide what they deem to be the cash value of an item based on its age or condition. This is an important factor to consider when choosing a renter’s insurance policy, as cash value coverage can make it difficult to replace all of your lost belongings.
Find Out What Your Landlord Requires
It is becoming more common for landlords to require their tenants to purchase renter’s insurance as part of their lease agreement, as this helps to protect both parties. When searching for a renter’s insurance policy, it is then important that you contact your landlord to see if there is a minimum amount of coverage that you have to purchase to satisfy your lease agreement.
If you would to like to discuss your options for apartment insurance please call us at 561-732-9305 our quoting hours are Monday through Friday from 8:30 AM to 5:30 PM. In addition, you can request a quote online. Please remember, We Handle All the Work, While You Save!
Robert Macoviak is the President of Oyer, Macoviak and Associates. Oyer, Macoviak and Associates is the oldest independent insurance agency in Boynton Beach and has been in business since 1953. Oyer, Macoviak and Associates are vested members of the community who are committed to doing business face-to-face and being your insurance advocate in times of need.