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What to look for in renters insurance?
Posted by Raymond Smith, Dec 22, 2014 6:02 PM
Renters insurance? Most of us might not even have an idea what this term means or totally ignoring the reasons to have one. Now that you are here, there is a reason for you to gather information about it. So, this article will surely help you to get through all your queries or doubts. An easy way to say why you need a renters insurance policy is your landlord does not vouch for any kind of damage happening to your belongings while you are staying in their property. There are chances of burglary or fire incident, through which you may incur a large amount of loss, and it is the only insurance through which you can claim back the loss to some extent.

This is just a gist on why you might need renters insurance. But, there are other critical points you need to look out for and understand while buying insurance. Here are those points that you may want to jot down:
1. Pay one lump sum – If you are looking for insurance and also a discount, so that you can pay less, and then the best way is to pay your annual premium in one lump sum. Paying the amount for the entire year, at one stretch, can give you great benefits like huge discount, less chances of paying extra premium amounts and many more.
2. Understand the process of claims – many of us buy insurance, but do not really look into the dos and do’s of the policy and also forget to ask the agent the procedure to file the claim. It is a crucial part of the insurance purchase to understand your amounts and the steps required to be taken while availing.
3. Estimate your possessions/property – Your insurance pay-out is directly proportional to the evaluation of your property. So, when you are purchasing renters insurance, calculate beforehand what your possession’s real value is and accordingly mention in the policy.
4. Choose the coverage – When you are choosing renters insurance, have your agent mention about two different types of coverage – Actual Cash Value (ACV) and Replacement Value (RV). Based on what you pick, similarly you get your benefits. For your understanding, Actual Cash Value is a policy were you are paid only the amount of the good that was mentioned while creating the policy. Whereas, Replacement Value means – your good amount is replaced with the current value of it in the market. This policy has its own benefits, but the premium would cost you more.
Having said that, before you take up renters insurance, thoroughly read through all the rules and regulations mentioned and get a better understanding of the policy.

If you would like to know more about renters insurance give us a call or click on the “Request a Quote” button at the top.

One thought on “What to look for in renters insurance?”

ABS workout says:

July 21, 2018 at 8:28 am

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Smith Insurance Agency, Inc.
"Protecting Families in FL"

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FREE QUOTE CALL 239-322-0584

What to look for in renters insurance?

One thought on “What to look for in renters insurance?”

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