Keep these considerations in mind when securing renters insurance.
You’ve moved into a new place. In all the excitement of unpacking and decorating your new place, you can easily overlook an essential step in settling into your new apartment – getting renters insurance. Many renters mistakenly believe that they can survive without coverage, yet, all too often accidents happen which leaves them facing huge expenses on their own. When you’re looking for a reliable renters insurance on Long Island, NY policy, here’s what to consider.
What does renters insurance cover?
Renters insurance helps to cover the cost of replacing your belongings in the event of a loss after a deductible. The loss could be damage to the building that destroys your possessions or theft from a break-in. Before settling on coverage, be sure you know exactly what your renters insurance policy covers.
How much do you need?
A classic mistake many renters make is not obtaining sufficient coverage. Some renters genuinely don’t know the value of their possessions and others hope to scrape by with a bare-bones policy. Either one of these scenarios can leave you worse off, financially. The best way to understand how much coverage you need is to take an inventory of your belongings and their value.
Do you need additional coverage?
Although your renters policy works hard to protect your pocket, every limit will have its limits. You may choose to add on coverage so that you are better prepared for the unexpected. Some additional coverage to consider includes:
- Replacement cost coverage – This pays to replace your property with a like kind and quality product.
- Scheduled personal property – If you have items of high value, such as jewelry, musical instruments, and fine art, you may need more coverage to protect them.
- Earthquake and flood insurance – These two natural disasters are not covered in your standard renters policy.
Renters insurance is a must. Be sure to work with a trusted insurance advisor to secure the right coverage for your needs and budget. Contact Premier Risk Insurance and our specialists can ensure you secure and understand reliable coverage.