Renters insurance is a collection of coverage types that protect you against financial loss when misfortune occurs. For instance, liability coverage protects you if someone suffers injury or property loss while on your premises, and personal property coverage pays for damage to or theft of your personal belongings. Below are some important tips for buying renters insurance.

How to Buy Renters Insurance

1. Assess Your Necessary Coverage

If you get more personal property coverage than you need, you may be overspending each month. If you don't buy enough, you may regret it when it's time to file a claim.

For best results, inventory your assets and assign a value to each item. Add up the total to discover how much coverage you need. By spending the time to determine the value of your possessions, you can ensure that you don't pay too much for coverage or leave yourself unguarded.

2. Consider Replacement Cost Vs. Actual Cash Value 

Personal property payouts depend on whether your coverage is based on the replacement cost or the actual cash value of any given item.

If your plan covers the former, the payout you receive will be enough to replace the item. If your laptop is stolen, for example, you can get a new laptop of the same brand and model. 

Actual cash value policies differ in that the age of the item to be replaced is taken into consideration. If your laptop was stolen under this policy, the payout would be less if your computer was older. The payout is less for this plan because the value of the item is reduced each year by a depreciation amount. However, replacement cost policies normally have a higher monthly premium.

3. Bundle Coverage

Many providers offer multi-policy discounts for policyholders who maintain more than one policy with them. This encourages their clients to buy all their coverage from one insurer. Thus, if you already have auto insurance, you may be able to save money on both policies by purchasing renters insurance from the same company. 

To buy a renters insurance policy that protects you against property loss, liability, and other coverage options, contact Barnes & Howell Insurance in Gainesville, GA. They have served Hall County and Greater Atlanta since 1995, and they also specialize in auto, motorcycle, mobile home, boat, and homeowners insurance. Call (770) 718-0202 for assistance from a helpful agent or request an online insurance quote through their website.