What You Need to Know About Renters Insurance

If you are renting a home, apartment or condo, it is a good idea to have renters insurance. Having this type of policy protects yourself and your belongings in your home, while your landlord may have their own insurance policy covering the home. 

Having a renters insurance policy covers you and your belongings in case of fire, theft, smoke damage, vandalism, windstorm and more. Some commonly covered items that will be covered by your policy are clothing, furniture, electronics, and legal fees for medical expenses in the event that someone is injured at your house. Expensive jewelry such as wedding bands, necklaces, etc. may need their own special coverage aside from renters insurance. 

If you’re wondering how much a renters insurance policy is going to cost, that would depend on how much coverage you will need and which deductibles you choose. It is possible to obtain a policy for approximately 20 dollars a month, but talk to an expert at Singh Insurance and Financial Services to receive a quote or advice.

If you’re considering purchasing renters insurance, follow these five tips.

Make sure you have the proper coverage amount. 

Put together a list of all of your possessions to gauge just how much your assets are worth before you decide how much renters insurance you wish to obtain.

Be aware of what is and is not covered under your policy.

Your policy should cover a wide range of circumstances, but it is a good idea to know exactly what is and is not covered in the event of unforeseen circumstances.

Learn the different types of coverage. 

As with anything, there are different amounts and types of coverage. It is a good idea to have a general understanding about the different types so you can make sure and secure the policy that best suits you and your needs.

Bundle the policy.

One way that you can save money is to bundle this particular policy with other policies. 

Select a higher deductible. 

The amount of money that you have to fork out before your insurance kicks in is the deductible. While it may be tempting to select a lower deductible to receive your insurance benefits sooner, this is not always the best idea. By choosing a higher deductible you will be paying more upfront, but you will also have lower premiums. The amount you will save on premiums may be enough to offset the claim. 

Our advisors at our Insurance Agency can help with any and all aspects of insurance. Contact us today to learn more about renters insurance or one of the other insurances we cover.