Do You Need Renters Insurance For Your Greenwood Apartment?
Take a quick check around your place. Would you be able to take on the financial burden to buy new replacements for your furniture and electronics if a flood or fire caused excessive damage? No matter the size of your space, you may have thousands of dollars in personal property that you need to protect.
What Should I Know About Renters Insurance In Greenwood?
Different from standard home insurance, a renters plan is not designed to cover the actual apartment building. Renters insurance for your Greenwood apartment is used to replace your personal belongings like jewelry and electronics in the event of a fire, theft, or various other disasters. Flooding and earthquakes are most often excluded unless specifically added, so be diligent and read carefully during finalizing the policy. You even have the option of buying renters insurance for month-to-month rentals.
Be sure to consider that insurers offer two types of reimbursement options: actual cash value and replacement cost. A cash value coverage is cheaper as it reimburses based on the value of items when you make a claim. If your flatscreen TV is several years old, the reimbursement will factor in depreciation. On the other hand, replacement cost policies allow you to replace the damaged item with a comparable new one.
What Amount Of Renters Insurance For My Greenwood Apartment Do I Need?
You will likely be amazed at the dollar amount of your items when adding them up. Carefully document and give an approximate value . The resulting sum will give you a good idea of how much coverage you will want.
It’s OK if your final calculation appears to be too much for you to insure. Even tenants with some expensive heirlooms will have access to reasonable premiums that are easy on your bank account. Keep in mind, you're covering your personal items, not the building.
Liability Coverage for Property Damage And Personal Injury
When a person suffers an injury at your home and takes legal action, a renters insurance policy can protect you. You can expect to find $100,000 in liability insurance for situations involving property damage and personal injury. This added benefit of renters insurance could even offer protection for injuries suffered away from your apartment. However, many policies will only submit reimbursement for an injury but not legal representation.
Loss of Use Benefits
If a fire, smoke, or some other disaster makes you to vacate the premises, you will have to find temporary living arrangements. Your renters insurance may provide reimbursement for hotels and restaurants.
Select The Best Deductible
Now that you know about the primary features of renters insurance, you should decide on the deductible. This is much you owe out of pocket before the policy kicks in. A larger deductible means lower monthly premiums, while a reduced deductible results in increased premium costs.
For example, let’s say you select a $1,500 deductible for your policy. Sometime later, your apartment has a fire resulting in $5,000 in damage or liability claims. The policy will only cover $3,500 or the part that remains after the amount of your deductible.