Are you missing out on the benefits and protection of renter’s insurance? Many renters think their landlord’s insurance will cover their belongings, and others simply don’t understand why they need it.

To make sure you understand the benefits, the experts at Arlene Lear Insurance in Bolivar and Humansville, MO, have outlined three tips to remember when buying renter’s insurance:

• Choose The Right Type Of Coverage: There are two types of renter’s insurance—Actual Cash Value (ACV insurance) and Replacement Value (RV insurance). ACV insurance reimburses you for the depreciated value of your items. RV insurance would reimburse you for the cost of the item as if you were to buy it new.

• Choose The Right Amount Of Coverage: Choosing the right amount of coverage is crucial. Renter’s insurance covers the cost of replacing your belongings in the event they are damaged or lost due to an accident, theft, or a natural disaster. The best way to assess how much coverage you need is to make a list of your belongings. Create an inventory of what the items are, when you purchased them, and how much you think they’re worth now. After adding up the value of these items, you should have an idea of how much coverage you need. Renter’s insurance doesn’t just cover your personal belongings. It should include liability coverage to protect you if someone is injured or their property is destroyed or damaged at your residence. The coverage limits range from $100,000 to $500,000, so determine what amount will meet your needs.

• Know What Your Policy Doesn’t Cover: There is typically a cap on how much money your renter’s insurance will pay out for your more expensive belongings. You may need to purchase additional coverage for items like jewelry, firearms, and electronics. There may also be some restrictions on events your policy won’t cover.  For example, some policies don’t cover damage caused by earthquakes or floods. In most cases, you can purchase additional coverage to cover such events.

If you’re interested in buying renter’s insurance or want to learn more, talk to the experienced agents at Arlene Lear Insurance in Bolivar at (417) 777-3000 or in Humansville at (417) 754-8377 today. They can help tailor an affordable policy to your exact needs. You can also visit them online for more information.