When looking at different levels of renters insurance coverage, you may be tempted to go for the best policy in the market. If you can afford this type of plan that may be a good idea but most people living in rented accommodation find that they need to watch where their dollars are being spent. When it comes to insurance you need a plan that will return you to the position you were in before a catastrophe struck.
Don't be tempted to insure your belongings for more than they are worth. If a claim is made you will find the insurance company often only pay out the value and not the insured amount. If they think a fraud is being committed you are more likely to face prosecution than be given a large check.
Protect yourself against realistic threats. If you live in an area where earth tremors are a daily event then you probably need earthquake cover. Your local climate will dictate what level of weather protection you need. If you live in a high rise apartment block you may want to include gas explosions under your cover. Be sensible and assess the risks your home could potentially face.
What would happen if you had an injury at home and were unable to work? Who would pay the bills? Have you existing insurance cover for medical expenses? If not then you might want to think of including this type of event under your renters insurance coverage.
All additional benefits that are added to an insurance policy will usually result in an increased premium. The key is to assess your own personal circumstances and decide what benefits are necessary and those that could be considered a luxury. Calculate how much you can afford to pay for your renters insurance coverage and try to find a policy offering as wide a cover as possible given your budget constraints.
Don't be tempted to insure your belongings for more than they are worth. If a claim is made you will find the insurance company often only pay out the value and not the insured amount. If they think a fraud is being committed you are more likely to face prosecution than be given a large check.
Protect yourself against realistic threats. If you live in an area where earth tremors are a daily event then you probably need earthquake cover. Your local climate will dictate what level of weather protection you need. If you live in a high rise apartment block you may want to include gas explosions under your cover. Be sensible and assess the risks your home could potentially face.
What would happen if you had an injury at home and were unable to work? Who would pay the bills? Have you existing insurance cover for medical expenses? If not then you might want to think of including this type of event under your renters insurance coverage.
All additional benefits that are added to an insurance policy will usually result in an increased premium. The key is to assess your own personal circumstances and decide what benefits are necessary and those that could be considered a luxury. Calculate how much you can afford to pay for your renters insurance coverage and try to find a policy offering as wide a cover as possible given your budget constraints.
