What Kind of Coverage Do You Need As A Renter?

If you are getting into your first apartment or have been renting for years, you still may not have considered securing renters insurance. In fact, according to the Insurance Information Institute, less than a third of renters have insurance for their personal property. Why is that? Likely because many renters assume that their landlord's insurance policy will cover them. While that policy will cover your actual unit, it does not provide protection for any of your personal property.

To determine if you need renters insurance, take an inventory of your belongings. Make sure to include clothing, electronics, tools, décor, furniture, jewelry, and any other valuable items. Total up the dollar value of all of your property and determine if it is an amount great enough that you would be unable to cover it. When deciding if you need renters insurance, it will be helpful to know that the policies are generally very affordable- running between ten and twenty dollars a month.

If you are ready to secure a renters insurance policy, you should know that you would have two options: cash value and replacement cost. While cash value policies are usually cheaper, they will only cover you for today's value of the TV you bought in 2008, so depreciation will dip into your reimbursements. Replacement cost will provide you with enough coverage to replace all of your belongings in full.

To make sure your belongings are covered, keep a photo inventory of all you own. With an affordable renters insurance policy and an inventory, you can have peace of mind knowing that in the event of fire, flood, or thieves you will be protected.

Contact Jack Stone Insurance Agency in Brentwood, California to secure great coverage today. From renters and homeowners insurance to business insurance, our agency can be your one-stop shop for great rates on all of your insurance needs.