5 things to consider when purchasing renter insurance
- Take an inventory. Documenting what you have and estimating the replacement cost helps determine how much coverage you need.
- Choose replacement value. Personal items depreciate fast, and you’ll generally have to buy new items. For a few extra dollars make sure you get “replacement value” not “actual value”.
- Take advantage of discounts. You can get a discount on your auto policy when you get your renters policy from the same company. Having a fire safety or security system may also provide discounts.
- Review limitations. If considering options, understand what is and isn’t covered for a proper comparison. We recommend at least $500,000 in liability coverage. Be sure you can afford the deductible you choose.
- Get medical payments protection. This is really important if someone is injured at your home and needs to go to the emergency room. This is “no-fault” coverage and pays out without having to go to court to determine fault. It can avoid a messy situation if a friend is injured at your home, and help maintain your friendships with no hard feelings.