3 Things to Think About When Buying Renters Insurance

What you should consider when securing a renters insurance policy.

If you are living in a rented space, then you may assume that you don’t need insurance protection.  However, this isn’t the case.  While it’s true that the property owner is responsible for physical damages to your rental, they are not responsible for protecting your personal belongings or liability.  This is why it’s so important to have the protection that renters insurance offers.  Looking for the right coverage?  Then here’s what you should consider when securing a renters insurance policy.

1) The Value of Your Belongings

As mentioned, 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 possessions is tedious, taking this step is better than finding out that you do not have enough coverage for major loss events.

2) Your 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 onto your renters policy to secure the supplemental protection you need.

3) Your Personal Liability Risks

In addition to protecting your possessions, renters insurance also provides personal liability coverage.  Personal liability issues can arise when someone is injured in your rental property, when 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.

This is what you should consider when securing a renters insurance policy.  Do you need help with your renters coverage?  If so, then contact the experts at The Reardon Agency.  We are ready to assist you with all your insurance needs today.

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