Finance Globe

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3 Top Tips for Buying Renters Insurance

3 Top Tips for Buying Renters Insurance

If you rent a home or apartment, as opposed to owning, you should consider the benefits of buying a renters insurance policy.

This coverage is designed to protect you against loss due to natural disaster, theft, or accident.

Just the same as any type of insurance, there are many companies that sell this coverage. Furthermore, you have a variety of options when making a buying decision.

To ensure that you are on the right track, here are three top tips to follow:

1. Buy enough coverage. It should go without saying, but many people neglect to do this. When it comes time to purchase renters insurance, you must know how much coverage is enough. This will depend on the value of the items you keep at your property.

2. Understand what is and is not covered. Despite the fact that renters insurance covers most situations, there may be some that do not apply. This can include damage or loss caused by a flood or earthquake.

Before you sign on the dotted line, make sure you know exactly what is covered by your policy. This could help you avoid trouble in the future.

3. Select a higher deductible to save. This is the amount of money you pay out of pocket before your insurance kicks in. A low deductible will save you in the event of a claim, but it will also cost you more money on a monthly basis. When you select a higher deductible, your premium is lower.

These three basic tips can provide you with some guidance when shopping for and buying a renters insurance policy.

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Comments 2

Frank on Thursday, 18 February 2016 11:19

Great information. I would just simply add to make sure you do in fact get renter's insurance. Some people see it as a waste, but it is relatively inexpensive, and if something major happens you are covered. It is not worth the minimal savings.

Great information. I would just simply add to make sure you do in fact get renter's insurance. Some people see it as a waste, but it is relatively inexpensive, and if something major happens you are covered. It is not worth the minimal savings.
ChrisB on Thursday, 18 February 2016 12:06

You are so right, Frank. It's a cheap purchase that could save you thousands if disaster strikes!

You are so right, Frank. It's a cheap purchase that could save you thousands if disaster strikes!
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