When you’re moving into your first apartment, it’s easy to think that you don’t own enough to insure. However, once you consider how much money you’ve invested in your furniture, clothing, kitchen supplies, and personal care items, you might feel ready to search for renter’s insurance. Even if your property owner doesn’t require coverage, it is worth exploring protection.

What Your Policy Will Cover

A standard renter’s insurance policy will cover most—if not all—of your belongings. While you may need to purchase separate coverage or a rider to cover expensive jewelry and high-dollar technology, your renter’s policy will cover your clothing, kitchen items, bags, phones, furniture, and other items. Additionally, it covers your items while you’re at the office or traveling, so you’re protected even when you’re away from home.

Reimbursement for Damaged Items

When purchasing a policy, you’ll need to decide between a replacement cost and actual cash value policy. Typically, a replacement cost policy will cost a little more because it is created to buy a new version of the same item. However, an actual cash value policy will pay out the current value of the item. Because of depreciation, the value may have decreased since you purchased the item.

Covered & Uncovered Perils

Most policies cover damage from wind and hailstorms, vandalism, theft, fire, smoke, and falling objects. Unfortunately, insurers cannot cover all damages. Due to their widespread nature, large-scale natural disasters such as floods, earthquakes, tornadoes, and sinkholes may not be covered. Occasionally, there is overlap, such as flooding due to a broken pipe, so whenever your belongings are damaged, file a claim and speak to your provider about whether or not your policy will cover damages. Additionally, renter’s insurance won’t cover professional equipment if you operate a business out of your home, so you’ll need to purchase a separate rider to cover any associated property.

If you need renter’s insurance, turn to Hummel & Plum Insurance Agency in Chillicothe, OH, for reliable coverage. As an independent agency, their team can shop from multiple carriers to find the best possible coverage for a price that fits into your budget. Whether you’re insuring the items in your first apartment or need a policy for a home you purchased in retirement, their agents will ensure you’re protected. Visit their website to learn more about their services, and call (740) 773-1620 to schedule an appointment with an agent.