Understanding Renters Insurance Coverage
Are you looking for renters insurance? Fortunately, there are plenty of ways that you can find the right renters insurance coverage to suit your unique needs and belongings. But before you start shopping for coverage, here are some important factors to consider.
Know how much coverage you need
Renters insurance protects your personal belongings, including your furniture, clothing, electronics, and appliances. However, every policy has a limit. A great way to understand how much coverage you need is to create a home inventory, listing all of your possessions and their value. Once you know the total value of belongings, you have a better understanding of how much property coverage you need.
Consider additional cover
Talk to your insurer about the additional forms of coverage that you could benefit from. For example, if you have items of high value, you may need to secure a floater to protect them in their entirety. If you operate a business from home, you may need to secure separate coverage for your commercial property.
Coverage for roommates
Be aware that if you take out your own renters insurance policy, your roommate and their belongings will not be covered under the same policy. He/she will need to purchase their own policy to be protected.