If you just left home for college or if you are renting a dorm, Renter’s Insurance should be a part of your monthly expense. It should give your personal belongings enough protection whenever you should need it.
Types of Renter’s Insurance
Renter’s insurance has three basic types. Depending on what you need, you can have the coverage depending on the type of apartment or house that you have.
Basic Policy – this type of coverage has natural disasters taken care of. Depending on what your insurance agent offers and the location of your house, you can choose the extent of the coverage. This type of policy however only has the basics covered, as the name suggests and has limited coverage for the contents of your home.
Broad Form Policy – this is more commonly used since it has better and wider protection. It covers more for your personal property and provides you with greater options for liability and property.
Customized Property Insurance – If you want to go beyond the basic and broad policy, you can always add extra replacement coverage for highly valuable items like fur, jewelries, collections, art, electronics and the like.
Importance of Renters Insurance
Aside from covering you from certain natural disasters and minor accidents, Renters Insurance can also provide you liability coverage that will keep you protected from certain lawsuits that may be filed against you for accidents inside your home. In the event your home is under renovation and someone gets hurt, liability insurance can help you in case someone sues you for it. The hospitalization will also be covered for you.
In the event there is a fire accident and your property dissipates into ashes, you can have a check from the insurance company to help you replace some if not all the cost of your belongings. This should help you start all over again without having to mind the costs together with the emotional and mental pressure you are already in.
These are just two scenarios that can help you anticipate the events and provide you with the help that you need. It helps you with possible injuries cost and the hassle of getting your personal belongings replaced.
Choosing the Right Coverage
Determining what type of coverage will be best for you can help you maximize the payment that you are investing on your policy. You can ask the help of an insurance agent to determine what type of insurance is best for you. What options can you take? What will determine the costs and what can you do to reduce them? You can also do your own estimate of how much could be damaged inside your home. Have an inventory of all your belongings and designate a certain amount on the each and how long you have had them to know the depreciated value. You can provide this information to your agent and carefully check on all angles before making any decision. Getting an insurance policy is not just about protecting yourself from possible future disasters, but also helps you value what you have already worked for.