Especially in the Maryland, DC, and Virginia area, renters insurance isn’t optional for those living in apartments and leased homes. Purchasing renters insurance is a big decision and you need to choose a policy that will cover all of the things inside of your home. Here are some simple tips to consider while purchasing renters insurance for your rental.
How Much Is Your Stuff Worth?
The first thing to consider is the total value of all of your things in the apartment or home. Many people underestimate how much their things are worth and don’t realize how much everything adds up until they make an itemized list. Use a home inventory template to tally up everything inside.
Is There a Difference Between Cash Value and Replacement Cost?
Actual cash value describes the cost of the item with depreciation included. Replacement cost will reimburse you for the actual value of the item as you purchased it. This renters insurance policy costs only slightly more and is much more worth it to ensure that you won’t be stuck paying extra out of pocket to replace depreciated goods.
Consider the Worst Case Scenario
We all buy insurance in case the worst happens, so imagine the worst when purchasing renters insurance. Consider purchasing a policy that covers earthquake or tornado damage to be completely safe in the case of emergency.
Pick Your Deductible
When choosing a deductible for your renters insurance, think about the premium savings you want for choosing a higher deductible and how much you can afford to pay if you do experience a loss.
Do You Need Extra Coverage?
Many renters insurance policies offer coverage for stolen items, but if you have a lot of high-cost items like furs, silverware, jewelry, or expensive electronics, you might want to add an additional endorsement to your policy to make sure they are safe and covered.
What’s Your Liability Limit?
The last thing to think about is your liability limit. This can cover everything from your dog biting another person to something in your apartment hurting a guest while they are over. Lawsuits can be pricey, so make sure that your renters insurance can cover the worst case scenario.
Want to learn more about renters insurance? Check out the video below!
Renters Insurance from Wachter Insurance
Whether you need renters insurance or automobile insurance, our team at Wachter Insurance Agency, Inc. is here to help. We offer all of our clients competitive rates, professional customer service, and a huge range of policies to choose from for your needs. We have been serving Maryland, West Virginia, Virginia, Pennsylvania, and the District of Columbia since 1969 and we would love to help keep your home and family safe every day of the year. For more information, give us a call at (301) 371-6335 or visit us online. For more blogs like these, follow us on Facebook, Google+, Twitter, and Pinterest.