Renter's insurance is a form of homeowner's insurance that is designed exclusively for people who live in rental properties. Getting a policy for the apartment you rent is always a good idea as renter's insurance covers a lot of different things. Here are three tips to help you purchase the right policy.
Decide if you need it or not
There are landlords that allow their tenants to choose whether they purchase renter's insurance or no, but there are also landlords that require that tenants have renter's insurance. If the landlord at your apartment requires this, then you will have to purchase a policy. If the landlord gives you the option to choose, you should still get it. In other words, there really is no decision in whether or not you should have renter's insurance; it is simply always a good idea to have. The good news is that renter's insurance is not overly expensive to purchase. Instead, it is a very affordable type of coverage you should never live without.
You should decide what types of coverage it will have
There are three main things that renter's insurance will cover; however, you do not have to choose a policy that has all three types of coverage. Instead, you can customize your policy to have the coverage you want and need the most. The first type of coverage is liability protection, which helps protect you from lawsuits that your guests could bring against you if they, or their belongings, are injured or damaged while at your apartment. Property coverage is the second type, which protects you if your things are lost, damaged, stolen, or destroyed. Finally, you can get coverage that protects you financially if you are forced to evacuate the apartment for a period of time after a major peril occurs.
You should conduct an inventory
If you are trying to determine if you should have property coverage, or if you decide that you must have this type of coverage, there is one last thing you should do, which is to conduct a home inventory. This is the process where you go through all the things you own and document the items. The purpose is to have proof you have them, and the other purpose is to make sure your renter's policy covers the items.
If you would like a quote for renter's insurance coverage, you can get one by calling around to insurance agencies, such as Woodmansee Insurance Inc.