What To Know When Getting Renters Insurance?
37376 POINTSview profileDavid G. Pipes, CLU®, RICP®Business Development Officer, T.D. McNeil Insurance Services, Fresno, CaliforniaThe most important thing to know is the agent with whom you are doing business. A trusted agent will guide you to correct coverages. Setting correct limits is the most important consideration that you can make in regards to renter’s insurance. There should be enough coverage to satisfy your landlord, enough coverage to make you “whole” if everything goes up in smoke, and enough coverage to protect you in the case of a lawsuit.Answered on May 5, 2014flag this answer
21750 POINTSview profileJim WinklerCEO/Owner, Winkler Financial Group, Houston, TexasGreat question! There are a couple of things to consider, when looking for a renters policy. The first is an idea of the coverage amount that you will need. It will help if you have a list of your items, model numbers, serial numbers, and receipts, if possible. Many insurers will use a scale amount, and if you can show a greater value, then you want the coverage to reflect it. You may have some expensive tastes in electronics, lets say, that might otherwise be undervalued without proof of what they are worth. That leads us to the second point - ask for replacement value, vs. actual cost. The insurance company will pay a claim on the actual cost method by taking the value of your electronics, and subtracting an amount to cover them for the cost of depreciation and wear and tear on those items. Under replacement value, they will take the value as what it would really cost to replace that same, or similar, equipment. You can see that might be a big difference. It may cost you a couple of bucks more, but you will appreciate it if you ever need to file a claim. The third thing to consider is the coverage, and deductibles. You want to get the most coverage with the least out of pocket expense for you. Lastly, find a good local agent that will work with you, and that you will trust. I hope that gives you a better idea of what to look for. Thank you for asking!Answered on May 7, 2014flag this answer
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