Renters insurance is a must to protect your belongings while leasing a home or apartment. To ensure you have the right amount of protection, it’s important to keep a few factors in mind. The following tips can help you secure comprehensive insurance without going over your budget.

Do:

Be realistic about coverage amounts.

You can get an accurate figure by taking an inventory of your items and their current values. Remember that what you paid for an item initially may not reflect its current value, especially if you’ve had the item for a long time. Also, factor in costs for liability coverage. This insurance pays for legal costs in the event you’re faced with a lawsuit.

Know how belongings are valued.

In the same token, you’ll need to decide between actual cash value and replacement value. Actual cash value incurs a lower premium because depreciation is taken into account. Replacement value policies have higher premiums but allow you to replace the lost item with a similar one that meets the current market value.   

Don’t:

Make assumptions.

If you experience any flooding damage, you’ll probably need separate coverage to recoup from those losses. Don’t assume that all perils are covered when implementing a renters insurance policy. Read through documents carefully and speak with your agent if you’re concerned about lapses.

Automatically choose a lower deductible.

The deductible is the amount of money you pay when making a claim before your insurance kicks in. A lower deductible entails a lower cost when making a claim, but your monthly premiums will be higher. Conversely, a higher deductible offers lower monthly costs. Take some time to think about your finances and which situation would benefit you. For some people, a higher deductible is preferred, especially if they have savings they can rely on when making a claim.

If you have questions about renters insurance, the team at Robert Taylor Insurance in Lorain, OH, has the answers you need. Backed by more than three decades of experience, this independent insurance agency can help you find the best coverage options for your needs. If you have high-value items, they’ll make sure that your coverage is capable of replacing them. If you’re more concerned about budget, they can find policies that offer the coverage you need at a price you can afford. They also offer home insurance, auto coverage, and policies suited to small business owners. Call (440) 277-5191 to schedule an appointment with an agent, or visit their website for more information on coverage options.