As a renter, you face many of the same risks homeowners do. Among these are the risks that someone will break into your home and steal your valuables.
This is one of the reasons why it’s important to maintain renters insurance. This coverage helps minimize your financial loss should you suffer this fate.
Here are a few things to know about your policy.
What Your Policy Covers
Each renters insurance policy is different from the next. Be sure you verify the details of your policy with your agent before you commit to it. You should understand how much coverage you have. You also want to be sure you buy enough protection. Look at the list of excluded items and types of losses. Verify when the policy starts and ends.
Electronics Have Limits
Most renters insurance plans place limits on the amount paid out per item. This type of limitation is often placed on items such as cash on hand, business property at your location, watercraft, jewelry, firearms and electronics. That means the policy will pay up to a specific amount per item if you file a claim. For example, most policies restrict claims to up to $1,000. If the item's value is more, it will not fully cover the loss.
If you have electronics valued over this limit, you can still get coverage. Ask your renters insurance agent to add a rider to the policy for that item. This costs a small amount more. However, it will specifically cover the item you list.
Theft and Renters Insurance
Most often, theft is a covered claim. The policy provides coverage to you if someone steals your items from your rented home. But keep in mind that there are limits here.
Renters insurance may also cover lost items. You will need to learn the specifics of your plan to see how much coverage is offered for this incident.
Be sure to file a police report when filing a claim for theft. And, provide any evidence of the theft to your insurer.
Also ensure your policy accurately reflects what you own. Do not assume the coverage you have will always be adequate. Update it if you add new electronics to the home, as this will help ensure coverage.
Cloverleaf Insurance can help you navigate the ins and outs of renters insurance coverage. Contact us today to learn more.