Renters insurance will help to pay your costs if you suffer a loss, such as a burglary. The amount of compensation you will receive depends on the type of loss and the amount of coverage you have in place. For example, you can buy “actual cash value” (depreciated) coverage for your personal property, or you can buy replacement cost coverage for your personal possessions.
Certain items such as jewelry, collectibles or other valuable items may have a value limit or require additional insurance coverage to provide full coverage for loss, theft or damage. You will also be responsible for a deductible, which is an out-of-pocket expense.
In the event that a visitor to your home, condo or apartment is severely injured, that person can file a claim with your insurance company, and your insurer will address the claim.
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How Much Renters Insurance Should I Have?
When you choose a renters insurance policy, you will need to choose coverage amounts for three basic types of coverage:
Did you know that the average person has over $20,000 worth of personal belongings? When you consider the cost of electronic equipment, clothes, jewelry, tools, kitchen gadgets and other personal items, you probably have far more invested in your personal property than you realize.
The best way to determine how much insurance you should carry for your personal property is to create an itemized list of your belongings and their replacement costs. It is important to determine how much it would cost to replace each item as brand new. This should give you a ballpark figure for the total amount of insurance coverage you should carry.
To choose the amount of liability coverage you need, consider the potential costs of a liability claim if you were sued for negligence or for another person’s loss. An independent agent in the Trusted Choice network can help you assess your needs and risks and choose the coverage amounts that are right for you.