As a renter, one of the most important things you can do is secure your future. Rental agreements are typically very specific, but it can be easy for a landlord to twist things to get what they want. With that in mind, you should always be looking to find a way to protect yourself. An easy solution? Invest in renters’ insurance.
However, with so many options out there for renters’ insurance plans, you might not be sure what to look for. The answer is that you should look for the following in any renters’ insurance plan.
A value that suits your needs
You should look to get a valuation on everything in your property before obtaining renters’ insurance coverage. The average rental insurance coverage will be around $20,000, so you want something that can cover you for as much as this amount on average. Having a policy value capable of covering all of your losses is vital. Renters insurance should be capable of stretching to the value that covers you based on your valuation.
Coverage for break-ins and theft
Just about any renters’ insurance plan you take out should give you protection for break-ins and theft. However, you should always read the agreement with the utmost care. Theft and break-ins can be covered to different limits. Lesser policies might only offer some very limited help. Always make sure your chosen policy gives you full coverage, as it can be essential to protecting your items.
Protection for vandalism
Rental insurance should always include a vandalism clause. If your property is vandalized, then you should be able to get help removing the graffiti. This is a widespread problem, as many renters find they have an unsightly vandalism problem yet are given no real help to solve the problem. Therefore, you should focus on making sure your agreement can give you additional vandalism protection. Make this clause a priority, especially if you live in an area with a high youth presence.
Replacement cost
Many rental insurance policies give you what is known as actual cash value cover. You should avoid this clause. An actual cash value cover protects you only for the value of a product when it is lost, damaged, or broken. A replacement cost clause, though, covers the full cost of replacing that item with a brand new item. It might be a touch more expensive, but you should always go for an insurance policy that offers you replacement cost treatments instead.
Easy upload of spreadsheets
Most forms of renters’ insurance will demand that you maintain a spreadsheet with a list of everything you own. You should keep this need in mind, as some platforms will make it challenging to upload your spreadsheets. Always look into the policy of the company beforehand and make sure you are not going to be running into a spreadsheet upload issue. This makes it easier to keep your possessions updated and thus avoid any headaches when making a claim.
Rental insurance is not something you should skim over or take lightly. Use the above tips to your advantage, and you can easily find a good deal on robust renters’ insurance.
