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Renters Insurance: 5 things to consider when buying

  1. Take an inventory.  Documenting what you have and estimating the replacement cost helps determine how much coverage you need.
  2. 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”.
  3. 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.
  4. 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.
  5. 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.