There are several benefits to renting a home, such as having the money to save for your dream house, the flexibility to move whenever you want, and the luxury of avoiding maintenance issues. However, according to David R Johnson Insurance of Indianapolis, IN, there’s one responsibility many tenants forget to consider: renters insurance.

This specialized form of insurance will protect you and your assets from situations a landlord or property management company may not cover—including theft and fire damage. While this type of insurance can offer peace of mind, it’s important to shop smart when choosing your policy.

Consider these tips before buying:

• Know the Value of Your Belongings: While it’s typical for a renter to have nearly $40,000 worth of valuables in their home, this may not be true for every tenant. When asking for renters insurance quotes, be upfront about the estimated value of everything you own. If you don’t have a lot, your premium will plummet.
• Determine Your Deductible: If you have to file a renters insurance claim, your policy may require you to pay a deductible before the provider can cover additional costs. While a high deductible means lower premiums, it may also mean having to pay more out-of-pocket when you file a claim. Determine the best arrangement for your budget and assess the risk you may incur in an accident.
• Bundle to Save: If you choose to secure renters insurance through an insurance company you already use, you might be able to bundle it with your existing policies. In addition to a significant amount of savings, you’ll also enjoy the convenience of only having to work with one agent.

Do you need renters insurance for a property near Indianapolis, IN? As a reputable State Farm agent, David R Johnson Insurance can help determine the ideal amount of coverage for your property. Visit his website to learn more about trusted insurance products, or call (317) 782-8858 to request a quote.