Purchasing renters insurance doesn't have to take much time and doesn't need to be complex. The goal of this type of insurance is to provide you with a level of financial security when certain events happen. Your landlord, while holding insurance for the buildings on the property, does not maintain insurance for your personal belongings. That means if a fire were to start, the landlord's building would be covered by his or her policy, but your things within your unit would be lost. This goes to show that you need renters insurance, but you also need the right amount of coverage.
How Much Property Value Do You Have?
Property value in renters insurance policies can range significantly. No matter the size or type of property you are renting, your goal is to look at the value of your belongings. For example, think about everything from your furniture to that bike in the hallway. Consider your electronics, that collectible toy collection and even your wedding ring. You also want to consider other types of equipment you store in the building, such as sports equipment.
A good way to gather information on property value is to simply sit down with photos you've taken of your property. Write down the item and the cost to replace it. This is an excellent way to document what you own as well. Should your property be lost, you'll have these photos (if you've stored them offsite) to use as a way of determining value.
Getting a Renters Insurance Policy in Place
Once you have an idea of property value, the next step is to get coverage for your risks. Property insurance should cover against most risks including fire, lightning, frozen pipes bursting, windstorm, hail, impact from a vehicle, vandalism and theft. Don't forget to discuss your needs for liability coverage with your insurance agent as well.
When you take the time to carefully compare insurance plans and to determine the actual value of your assets, you reduce the risks that you'll overpay for too much coverage or not have enough in place. Work with your agent to customize a plan that fits your unique goals. Then, know that it's there for if and when you suffer some type of loss.
Is your property adequately covered? Call Low Rate Insurance of Texas at (817) 635-0375 for more information on Grand Prairie renters insurance.