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Best way to know when and how much renters insurance you need to avoid the major losses




So, you are moving into your new rented home which is bigger than your previous one. I am sure if the house has more rooms than your previous home, you are going to have more stuff/items with time.


I suggest you have the renters insurance as the next thing on your to-do list after setting up all the furniture in your new home because this will safeguard you from the major losses you may have in the future without doing any mistakes from your side I will tell you how?


How much renters insurance amount do you need?


Most landlords buy the insurance for their building and damages due to negligence but their insurance is not going to cover your stuff. Think like this, what you will do if next morning due short circuit fire catches into your apartment and most of the items get damaged.


Do you have enough cash to replace it all? According to a survey on average, an American is caring the stuff with them worth $35,000.


Also, while repairing you must have to arrange a place to live and pay for it separately. This is the extra burden that is enough to burn your cash flow.


So, it is always a good thing to have the renter’s insurance and it will cost you only $12 a month with a coverage of approx. $100,000 which is equivalent to a few cups of coffee in a month plus you will get a piece in your mind.


Learn how to pay less premium and enjoy the full benefits


Most people think that premium is the thing which you have to pay every month and they want to keep this minimum and they are right and I will tell you how you can do this.

If you are tight on budget then buy the renter insurance with a deductible.


A deductible is an amount that you will pay first before the insurance company starts paying you for the losses.


Suppose you have renters’ insurance for $100,000 with a deductible of $1000

This means the first $1000 loss will be payable by you and losses more than $1000 until $100,000 will be paid by the company.


If your insurance has a high deductible then you will pay less premium and if you have a low deductible then you will pay a high premium.


In short, the insurance company will not pay you the amount lower than your deductible amount.

If you are buying insurance then it’s a win-win situation for both company and you so always ask for a discount from your broker and there is a high chance you will get it.


Benefits of having the renters Insurance


1. It covers almost every valuable piece of stuff you have.

2. It covers most of the losses which have a little high probability i.e fire, theft, vandalism, etc.

3. If you have this insurance then you will get paid to rent the new place to live while repairing work is going on.

4. You have the option of buying the renters insurance with a deductible to keep your premium lower.

5. You will get better sleep because you know you are covered.

6. Insurance will cover you if you or a family member damages the other person's property. And if you have good insurance then you will be get paid for defense and court costs in addition to settlement costs.


Use this method to keep your payable premium low


Remember, there are a few things that determine the premium you are going to pay for having a renters insurance.


For example: If you are living in a low-crime area then this means there is less chance of theft so you will get a better rate than the person living in a more risker place.

Similarly, if you are living in an old apartment then you will pay more for the insurance because there will be a higher chance of electrical or plumbing issues.


So making this easy for you, if you are not living in a older unrenovated building and high crime area and you are buying a renters insurance with deductibles then you are a smart person 😊 who will pay much less than others for the insurance with almost all stuff covered from the major losses which may happen anytime.


One more thing, the standard package does not cover certain events like earthquake or flood losses and very limited coverage for certain items like computers, silverware, etc.

So, if you think you need these things covered too then ask your broker for the extended packages with your renters' insurance.


If you need any kind of help in buying the insurance then our agents can help you in every step.

You can call us for any guidelines or help and for packages for renters insurance.



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