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What type of coverage do you need?

By Andrea Moyerrenters insurance sign

Few things in life are more rewarding than finally getting your own place.  Whether it’s a purchase for which you’ve been saving or the first month’s rent on a place that’s won your heart, the day that you move out on your own will be one you’ll remember.  As you navigate your way through the activity of all of the transactions and transitions, there’s one facet you might be tempted to overlook: renter’s insurance.

You might be asking yourself if it’s really worth the bother.  After all, you probably have health and auto insurance, but if you’re not a homeowner, do you really need additional insurance?  The simple answer is yes, you do.  And here’s why:

Your landlord’s policy usually doesn’t cover anything that happens to your personal belongings.  What if there’s a fire in yours or your neighbor’s apartment?  Even if your dwelling emerges unscathed by flames, there’s a very good chance your belongings may not or they’ll be damaged by smoke or water.  The same applies to theft and natural disasters.  Basically anything that could destroy or impair your belongings you will need to consider having coverage for.

Renter’s insurance also covers temporary living expenses and personal liability.  It’s inexpensive and you may even qualify for a multi-policy discount on your auto insurance if you purchase the renter’s insurance through the same carrier.  Estimate how much your belongings are worth (see my blog Today is a Good Day!) Decide between Actual Cash Value and Replacement Cost.  ACV replaces your belongings at their actual worth.  If you are replacing your PC or tablet, depending upon the age of the item, it is subject to depreciation and you’ll be compensated for just that.  However, replacement cost replaces your item at the cost new price.  It is slightly more expensive, but you may wish to consider this option for items such as cell phones, computers, etc. that depreciate rapidly.

Choose a deductible  Think of extra protection for any valuables (jewelry, collectible coins, etc. whose value might exceed the coverage)  Discuss the option of adding personal umbrella policy if you don’t already have one (see my blog What is Personal Umbrella Insurance?)

Select a liability limit Unless you adopt the lifestyle of a hermit, you’re bound to have other people in your home who do not reside there. This presents an instant liability.  If you have a pet, your liability increases.  Renters insurance will cover the costs incurred by injury to another person, whether by you, a family member or a pet, as well as those incurred in the event you are sued and/or taken to court.  Depending on what your needs are, a liability limit will need to be determined.

Enjoy your new lease and your new beginning with peace of mind knowing that you have all the bases covered. Contact our offices at Perkasie 215-257-9171 or Harleysville 215-723-9805 and one of our agents will be happy to assist you with a renter’s insurance quote.

Also Read: Today is a Good Day! What is Personal Umbrella Insurance

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