As we have previously discussed, renter’s insurance is critical if you rent the home in which are living, as this ensures that your belongings are protected in the event of a fire or break-in, and it ensures that you are protected against potential lawsuits if someone is injured in your home. However, once you decide to take out a renter’s insurance policy, it can be difficult to know where to get rental insurance and what your policy should include. To help get you started, here are a few tips to help you choose the right renter’s insurance policy to meet your needs.
Do Your Research
Your first step when searching for renter’s insurance is to research providers in your area and compare policies. While you will likely be looking for an affordable rate, it is also important that you research providers to find out about their customer satisfaction ratings. The fact is that you will likely be dealing with your insurance company under extremely difficult circumstances, and you will then want to ensure that you find a provider that pays out quickly and that has kind, helpful customer service agents.
Consider Your Deductible
When you begin comparing rates from providers, it is likely that you will be fixated on the monthly premium and what each policy provides for a given rate. However, it is important that you consider the deductible when comparing insurance policies. While a policy may seem good and offers an affordable rate, if it has a high deductible, it may be useless as you may not be able to afford the deductible that you would have to pay before your policy would take effect. You should then consider what deductible you can realistically afford when researching renter’s insurance policies.
Determine How Much Coverage You Need
Next, you will need to try to determine how much coverage you need based on the value of the belongings in your home. The biggest mistake renters make is going with a low-level insurance policy only to discover that not all of their belongings can be replaced after a fire or break-in. In particular, it is important that you get a policy that covers the replacement value of lost items (rather than their actual cash value), as this will help to ensure that you are able to get back on your feet after a theft or fire.
If you would to like to discuss your options for renters 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!
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Rob 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.