What to think about when securing renters insurance.
If you are currently living in a rental home or apartment, your landlord is responsible for insuring the structure of your rental property. However, they have no obligation to protect your personal belongings or your liability. This is why it’s so important to secure the right renters insurance policy. When shopping for Renters coverage, here are some of the things you should consider:
What Your Belongings are Worth
Renters insurance is designed to protect your belongings. To ensure that your policy is offering the comprehensive coverage that you need, you need to determine the value of all your possessions. While itemizing your personal belongings is tedious, taking this step is better than finding out that you do not have coverage for major loss events.
- Securing Coverage for High-Value Items
Like all insurance policies, Renters insurance is subject to coverage limits. This means that if you have particularly high-value items, such as fine jewelry, antiques, collectibles, electronics, and so on, then your policy might not offer enough coverage to protect these items. To ensure that you aren’t leaving your high-value items vulnerable, consider adding coverage endorsements to your Renters policy to secure the supplemental protection you need.
- Your Personal Liability Threats
In addition to protecting your possessions, Renters insurance also provides personal liability coverage. Personal liability issues can arise when someone is injured while in your rental property, you or a member of your household accidentally causes losses or injuries to another party, or when a pet causes harm to another. Because personal liability suits can be very costly, it’s important that you have enough coverage in place. To secure an adequate amount of personal liability coverage, speak to a trusted agent so they can get a better understanding of your personal risks.
These are some of the things that you need to think about when securing Renters insurance. Do you have additional questions about this essential form of coverage? For assistance with all your coverage needs, contact an insurance professional at Westwood Insurance Agency today.