by Administrator
14. May 2015 07:42
If you have recently rented a home, you should consider purchasing an affordable renters insurance policy. It safeguards your personal possessions in the event of inevitable circumstances such as fire, theft, water line leaks, vandalism etc. However, it is important to have sufficient knowledge about the renter’s insurance coverage in order to choose the policy that is most suitable for your needs.
Here are some of the factors that you must keep in mind while buying renters insurance:
- Choose The Right Coverage: While deciding on the amount of your renter’s insurance policy, make a list of all your possessions. It should include the type of item, its time of purchase, initial cost and current estimated worth. This will give you a clear idea of how much coverage you should get. Apart from your personal property, you must also include liability coverage in your policy which provides compensation for medical bills and other losses, if someone gets injured in your property.
- Evaluate The Different Coverage Types: The two types of coverage that are offered by most insurance agencies are actual cash value and replacement value. The former one considers the depreciation value of the covered items while settling the claim amount for any damage. In the latter option, claims are paid based upon the current market value of the item similar to one that has been damaged.
- Be Aware Of What Is Not Covered: Renters insurance generally provides coverage in many circumstances but there are certain situations when you may not be entitled to file a claim. These may include damage caused due to natural calamities like floods or earthquakes. Make sure you discuss all these things beforehand with your insurance agent.
- Choose A Higher Deductible: One of the biggest mistakes that most renters make is to opt for a lower deductible to be paid in the event of any damage. However, choosing a higher deductible is more profitable. Although this may require you to pay more at the time of settling a claim, higher deductibles will considerably lower your monthly premium costs.
We, at Shawn Camp Insurance Agency, Inc. provide renters insurance that perfectly fits your needs and budget. For more information, you can contact us at (254) 526 - 0535 or visit 2705 E. Stan Schlueter Loop, Suite 101 Killeen, Texas 76542.
