A Beginner’s Guide to Renters Insurance

13 Oct

A Beginner’s Guide to Renters Insurance

Work hard play hard – it’s your life’s motto. There’s no better evidence of this fact than the trophies of revelry strewn before your very eyes as you rub the drowsiness away: guests passed out on the couch, sporting bold sharpie mustaches; a gargantuan puddle of water from your tilted aquarium staining the carpet into fifty shades of beige; the clattering noise of leaf-blowers amplified beyond belief by a yawning hole on your shattered windows; 90s hits still blaring from the speakers as scrambled flashbacks from last night slowly start to sink in… it’s impossible not to smile at how wild that Halloween party got. But it’s also impossible not to cringe at how much it’ll cost to fix that ridiculous mess.
You might feel lost in the rubble of unexpected incidents in your home, but did you know that with the right renters insurance policy, you’ll never have to worry about lost or damaged property in your apartment? Renters insurance is a class of property insurance that simultaneously provides coverage for an insured person’s possessions, and also protects them from liability in the event that a guest on their property suffers an injury. Renters insurance can provide reimbursement for loss or damage due to events such as:

  • Fire
  • Theft
  • Vandalism
  • Smoke
  • Extreme Weather
  • Explosions
  • Falling objects
  • Water damage caused by plumbing failure and other minor mishaps
  • Electrical surges

The liability coverage contained in renters insurance is a lifesaver in frustrating situations that happen every day. For example if one of your pets were to bite a guest at your home, a good renters policy would not only cover their medical expenses, but also pay for any lawsuits that could arise from such an occurrence. If a covered incident rendered you homeless, renters insurance could even pay for housing costs you sustain if you end up with nowhere to live.
Not only is renters insurance a good precaution against misfortunes, it’s also affordable. Even if your financial situation doesn’t allow much flexibility, Adriana’s Insurance Services offers perks like payment-plans and special discounts to make it easier for you to obtain coverage. There’s simply no need to make the mistake of waiting until you need renters insurance in order to decide on buying it.

Things to do before buying Renters Insurance
Even if you’re convinced about the fact that you need renters insurance, there are a few preparations you should make in order to make your enrollment more hassle-free. The most important thing to do first is calculate exactly how much insurance you actually need to buy:

Create a Home Inventory: Signing up for any residential insurance policy requires subscribers to create an itemized list of their belongings known as a home inventory. This record makes it possible both to valuate what you own, and document your possessions thoroughly.

Decide between Replacement Cost or Actual Cash Value policies: Renters insurance policies can either compensate for lost property by:
Paying policyholders the cost of replacing their items in the present.
Paying policyholders the depreciated cash value of their home inventory.
Replacement cost coverage is more expensive, but guarantees that your property will either be exchanged or upgraded.

Confirm how much you need for Personal Liability and Additional Floaters: Renters insurance is about more than protecting your property. The more liability coverage and additional floaters you sign up for, the more security you have against covered damages. At the end of the day it’s up to you to budget and figure out how much you can spend without dedicating too much of your cash to a redundant policy.

Life’s uncertainties can become a thing of the past if you go the extra mile and insure yourself. There’s no better investment you can possibly make than one in your own peace of mind. For more information, visit any of our offices or give us a call at 1-800-639-7654 to find out how Adriana’s Insurance Services can help you find the right insurance policy. We got you covered!