Renter’s insurance is one of the most cost-effective policies. Take a minute to read about what all it can do for you.
If you are renting your home or apartment, your landlord’s insurance only protects the building and landlord’s property. Your personal belongings are not covered in your landlord’s policy. Renter’s insurance is available to cover you in the event your property is damaged or stolen. Liability coverage is also available to protect you if an accident occurs at your home. Some policies also compensate for temporary living expenses if you are forced to leave your home under a covered peril.
Two standard renter’s policies exist: Broad form and Comprehensive form. Broad form is the most common and covers personal belongings from specific perils. These are usually fire, smoke, lightning, explosion, vandalism, theft, and water damage from property utilities (such as a busted pipe). Comprehensive form covers a wider range of perils, unless specifically excluded, and typically comes with a higher premium.
Premiums for renter’s insurance are not expensive, at times being as little as $100 a year. Having to replace all your furniture, electronics, clothing, housewares, linens, books, and jewelry in the event of a loss could be painful. Transferring that risk to an insurance company for pennies on the dollar is worth considering.
You will want to have a home inventory of all your possessions to help understand how much coverage you need and help claims processing go smoother. Walk through your home with your smartphone and video everything you have while briefly describing items through dialogue. If nothing else, just take pictures. Most people do not realize what all they have and have a harder time remembering after a loss.
Talk to your insurance agent today. Be sure to ask about ACV vs RCV, flood insurance, riders, and any additional coverages you may need to add to your renter’s policy.
To review your policy or get a Hammond, Louisiana Renter’s Insurance quote call us today at 985-542-6900!