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Renters Insurance Basics.
Do I need renters insurance?
You just moved into a new place. You haven't really thought about getting renters insurance. You ask yourself "do I really need it?" The answer is YES! Whether you are in a single family home, condo or apartment, the proper amount of renter's coverage is a necessity. Very inexpensive, renters insurance will typically cover personal property, liability and medical payments. Damage to your belongings by fire, windstorm, hail, riot, explosion, smoke and theft are some of the perils usually covered.
Replacement cost explained.
Knowing how much personal property you have is important. Try to keep a written inventory of your property and update it as needed. Photos and receipts of higher priced items may help expedite payment if a claim is made. Insurance companies insure property for "actual cash value" or "ACV", but usually offer an option for full "replacement cost" coverage. If you're insured for "ACV", the insurance company will factor in depreciation when you make a claim. For example, if a three-year-old television gets stolen, the insurer will pay out what a three-year-old television with the same make and model would sell for today. This amount would be significantly less than what the today version would be. If you're insured with full "replacement cost" coverage on your property and that same television was stolen, the insurer would pay out what it would cost to go to the store and buy that television brand new. The replacement cost coverage will cost a bit more but may be worth it if you ever need to make a claim. Personal property coverage amounts usually start from $10k and go up to $100k on renters policies.
Liability Basics.
If someone is harmed while on your property, you can be personally liable and held accountable for any expenses he/she would incur. Your liability coverage included in your renters policy is there to protect you from this. Anything from damage to a visitors personal property or medical expenses from an injury while on your property would fall under the liability category. Usually liability will start at $100k and go up from there. Raising the coverage to $300k or even $500k will not make a huge difference in the premium. You wouldn’t want to be in a situation where a claim was made on your home policy without enough coverage in place. Most policies have an option for medical payments to others. This can range from $500-15,000, possibly more for some insurers. This coverage will cover a claim regardless if it was the insured or the visitor who was at fault.
Summary.
Most agents and insurance companies have set coverages that they will present to every potential client on the first quote. You may find that some companies will quote you the lowest amount of coverage possible to keep the cost low, hoping you only look at the premium and nothing else. Others may quote you the highest coverage limits available. With this strategy they could be hoping you're overlooking the cost by how much coverage they are offering. You can have too little coverage, but at the same time you can have too much. Probably better to have the latter in a bad situation. Everyone's needs are different. Sometimes having the coverage we need can be costly. Most likely, more than we initially had in mind to spend. QuoteClicker's goal is to be able to assist our customers in getting muliple quotes from the nation's leading insurance providers. This is a service we offer for FREE to our customers in search for insurance. By having multiple quotes, you are able to evaluate all of them and make sure that you are not only getting the proper amount of coverage for you and your family, but also making it affordable at the same time.
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