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Moving into a new apartment can be a mix of excitement and exhaustion. Sorting and packing all of your belongings is only one step of the preparation. Before the final box is packed, it's worth the extra time to secure renters insurance to protect your possessions. What does your policy cover, though? And how does it work if you have a roommate?

One of the key considerations regarding renters insurance is knowing what a plan covers. Standard policies will pay for personal items damaged in a rental dwelling. Depending on the plan, carriers may pay either the total replacement cost or the actual cash value. In addition, insurance providers typically pick up the tab for medical expenses and wage loss for tenants and anyone else injured on the premises. Some plans even extend protection for damaged or stolen property.

renters insuranceIf the living arrangement involves roommates, renters insurance coverage can protect everyone in the apartment. If one person already has a policy, they can add their roommates. The added persons can then file a claim with the insurance provider should something happen to their personal property. In some states, no more than two unrelated adults can be added to a policyholder's plan. If that's the case, all persons may have to secure individual policies.

Another important consideration when adding roommates to an existing plan is reviewing coverage features. Because more items need protection, you may want to increase the coverage amount to accommodate the new policyholders. This may affect the deductible amount, too. As for the monthly or annual premium payment, roommates can decide whether it's financially fair to split the costs evenly or based on who has the most items to cover.

 

Whether you're bunking with roommates or living on your own, renters insurance is a wise investment. Allstate Insurance Companies provides financial peace of mind with their affordable policy options for High Point, NC, residents. To learn more about their budget-friendly plans, call agent Dewey Beckner today at (336) 884-5636. Visit his website to request a no-obligation insurance quote and get information on other policy choices.

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