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When you lease a home or apartment, a renters insurance policy is an essential thing to have if you want to protect your personal property from theft or damage. But if you’re not insured yet, it’s important to know that not all policies are the same. Before you shop for coverage, here are four lesser-known elements of renters insurance that every tenant should stay aware of.  

4 Things to Look for When Shopping for Renters Insurance

1. Coverage Limits

While your policy will come with a minimum amount of coverage to replace damaged or stolen items, it won’t necessarily pay for everything. To make sure you have enough coverage, it’s a good idea to catalog all your belongings of value and determine how much they would cost to replace. Your policy limit should be near that amount. If you have particularly valuable items—such as art or electronics—you should also ask your insurance agent if additional coverage should be added to your plan.

2. Off-Premises Coverage

renters insuranceMost policies will cover certain items that are stolen or damaged off-premises—such as those that are in your car or held in a storage unit. While this is a great benefit, it’s important to know that your off-premises coverage limit is lower than that for your in-home belongings. If you travel a lot or keep belongings in a storage unit, double-check to make sure your policy includes off-premises coverage.  

3. Deductible Amount

One of the greatest things about renters insurance is that it’s fairly inexpensive, costing most policyholders just a few hundred dollars a year. However, your premium isn’t necessarily the total amount you’ll need to pay to receive benefits. In many cases, you’ll have to pay a deductible—a pre-determined amount of money that must be paid before policy benefits kick in. Before you enroll in a plan, make sure you know what your deductible is. If it’s too high, you can likely reduce it by increasing your premium.   

4. Emergency Living Expenses  

If property damage causes you to lose your place of residence, your policy may cover a variety of emergency living expenses. For example, you can file a claim to pay for hotel stays, food, and clothing. Many policies will provide an adequate amount to cover these expenses, but you may need to request an increase if you’re financially responsible for people other than yourself—such as children.

 

Understanding that there are many important factors to renters insurance, Phillip Kent Beck Agency is committed to helping clients design policies that fit their exact needs. As a local firm based in High Point, NC, this team will provide community-focused care whether you’re exploring your options for the first time or making a claim. And as a Nationwide® insurance agency, these specialists will provide you with affordable coverage that is relied upon by consumers all over the country. You can learn more about their comprehensive services online or by calling an insurance agent at (336) 434-­2111 for your customized quote.

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