A necessary part of renting is choosing the right renter’s insurance for you. Most large insurance companies offer renter’s insurance, but smaller companies have started popping up across the United States. Companies like Lemonade and Toggle are new and run primarily online. They are convenient and easy to use. If possible, consider bundling your insurance policies to save money.
Make an Inventory
Before you shop around for your renter’s insurance, consider making an inventory. Having a current list of your possessions, including your most and least valuable things, will help you decide which insurance company is right for you. Record what the item is, when and how much you paid for it, and what it could be worth now.
What Do You Need Protected?
The diversity of insurance policies for renting lets you shop around for what you need. If you own expensive art or couture clothing, consider getting them insured with your renter’s policy. That way, if there is a break-in or natural disaster, the insurance company will reimburse you for your loss of property.
Other Important Policies
Things like liability coverage may not come to mind when thinking about renter’s insurance. Liability coverage protects you if someone is injured or their property is damaged in your home. Your renter’s insurance policy should include liability coverage. Policies that cover natural disasters are not as common with renter’s insurance. Therefore, you should know what disasters are possible in your area. If you live in a flood-prone area, then you should consider flood insurance. Same thing with earthquakes.
Different Renter’s Insurance Types
The two types of renter’s insurance have to do with how you will be financially compensated in the event of a claim. An Actual Cash Value policy considers wear and tear and depreciation during an evaluation. Your premiums will be lower, but that comes at the cost of a larger pay out. A Replacement Value policy pays out what it would cost to replace the item today. It does not take into account natural wear and tear nor depreciation, making it a higher pay out. Your premiums will be higher with this policy, but if you own priceless items then it may be a better fit than an Actual Cash Value policy.
Let Us Be Your Apartment Home!
Whether you need your very first apartment home or are relocating to the area, Apartments of Harborside Village would love to be your dream apartment home. Are you looking for beautiful waterfront apartments in Joppa, Maryland? Let us show you one of our spacious and affordable apartments at the Apartments of Harborside Village. To learn more about our residence options, visit us online, give us a call at 410-679-1130, or email us. For a peek into what it’s like to live in our community, follow us on Facebook, Twitter, Pinterest, and YouTube.