Renter’s insurance also known as tenant insurance is one of the most affordable policies with the potential to help you save millions of dollars. It covers three categories i.e., liability, contents, and additional living costs.
Liability coverage simply means, if you are sued, your insurance covers legal fees and damage award costs. In the event that you leave the stove on and it burns your apartment building down, your tenant insurance can usually handle it.
Contents insurance, on the other hand, can provide compensation if the stuff in your home is damaged or stolen, and additional living expenses coverage offers money for a hotel or Airbnb if your unit becomes unlivable for any reason.
Before rushing over comparing the different renter’s insurance quotes, you need to know about the finer details to watch out for and inquire about when shopping around. As a good starting point, it pays off to examine your policy’s monetary limits. You want to ensure you have enough coverage, and it is only done when you have insights into what you’re signing up for.
Aside from your policy’s monetary limits, It is essential that you know more about the events insured by your policy. In most cases, you can be able to claim your insurance for destroyed contents and additional living costs if a fire trashes your home. However, tenant insurance excludes some events like large-scale foods, earthquakes, and other ‘Acts of God.’
Finally, you should consider whether you can afford your deductible if you make a claim. A deductible is the amount of money you pay towards an insured loss. Opting for a higher deductible means a lower monthly premium.
But if you’re stuck with an insured loss, there is a more-significant barrier to claiming your insurance. Regardless of the deductible you choose, you should ensure you are fully prepared to pay it in an emergency.
The above are merely some of the things you need to keep in mind before you finally decide to get and compare renter’s insurance quotes. It is then that you can easily tell what you’re signing up for.
