Basic questions people have about renters insurance.
1. Do you need to shop around?
Yes, like any other insurance policy every company’s prices and coverages are different. You need to shop around and see who can get you the best coverage for the right price.
- Why renters insurance?
Renters insurance is important, because you don’t want to lose something that’s very important to you. People normally get renters insurance to cover personal property like clothes, TV, or cell phones. And if your apartment or rental home is damaged by fire or vandalism, for example, you’re going to need a place to crash. It helps cover the cost of your hotel room and other additional living expenses. The basis of renters insurance is simple. If something happens to your property, and it is damaged, (reason for damages must not be an exclusion in the policy) you will be able to file a claim allowing you to replace your property with little out of pocket expenses.
- Are expensive items covered?
Yes, but you have to get it listed separately on your policy. Say if it’s a diamond ring you need to get it appraised and have a photo of it. This will increase your premium though.
- Need a home inventory?
No, but you need to know what you have. Say your home gets burglarized your insurance company isn’t going to hand over a check for $20,000. They will want a detailed list of what you have and what it will cost to replace it. Some say the best way to do this is videotape everything you have.
AAA has some of the best prices on the market. Renters Insurance can cost as low as $19.99 a month. Give us a call for a free quote 918-872-8105.