The first coverage is your personal property. All your stuff would have to be replace if the home you are renting burnt to the ground. So, what is the value of all your stuff, good questions and only you can truly provide the answer.
The second important coverage on a renter insurance policy is liability coverage. This will provide coverage for a lawsuit against you within the coverage guidelines. Your landlord in some cases may require they be named as an additional insured just for this coverage.
The owner of the property will have insurance, landlord or dwelling, coverage. They will also have liability coverage as well. The reason they would require to be named is to protect them being named in a lawsuit against you. It’s common practice to name anyone and everyone in arm’s length of the property to make sure the attorney covers everything for their client.
Renters insurance premium is based on the personal property value you would like to insure. The more personal property the higher the premium. Some carriers have minimum limits of $15,000 or $25,000 and others will just right liability only. But there are ways to get a renter insurance policy almost free.
When you request a renter insurance quote, make sure you ask to have your auto insurance quoted as well. The auto/renter insurance discount may reduce your auto insurance the cost of the renter insurance policy. Example; you get renter insurance and it cost $185 per year. You also got auto insurance with the same carrier and they reduce your auto insurance premium $185 per year. You are now getting renter insurance for free. Any discounts are better than no discounts.
We have many different options for renter insurance and it’s always important you get the right insurance for you. Let us manage your insurance with multiple carrier connections to make sure your coverage and price have value. Let us put our 20 plus carriers to work for you.
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