Renters Insurance FAQs

House in hands of a manThe Answers To The Most Common Inquiries

If you are renting a property, you may think that you are off the hook for carrying insurance coverage. Certainly, your landlord will carry a policy to protect the building in which you live. Unfortunately, if a disaster sweeps through your rental that policy will not pay to replace any of your personal property that was damaged. In that case, renters insurance can step into protect you. To best understand these policies, here are a few FAQs.

  • How Much Should I Get? The easiest way to decide how much your policy should cover is by creating a home inventory. Make a list of all of your personal property and total up the value to discern how much coverage you need.
  • What Kind Should I Get? When you purchase renters insurance, you can decide between cash value or replacement coverage. Cash value coverage will be more affordable but will factor depreciation into your reimbursement. Replacement coverage will fully reimburse you for the cost of buying your property new at today’s prices.
  • What Should My Deductible Be? A higher deductible will make your coverage more affordable, but it will also mean you pay a bigger sum before your insurance coverage kicks in when you need it. Determine if you are in a better financial situation to pay a little bit each month, or a lot at one time.
  • Is It Expensive? The great news is that renters insurance is very affordable. A policy usually costs just $15 to $30 per month.

You deserve to have the protection you need to have peace of mind as a renter. Contact Robert J. Los Insurance Agency in Hamburg, New York to get the right renters insurance at the right price.