“What renters insurance coverage do I need in 2018?” is a common question. The answer can be varied and definitely depends on your lifestyle and a variety of factors. Let’s take a Peoria, AZ Renters Insurance policy as an example. It comes with personal property, liability, loss of use, and medical payments to others as part of the policy. What renters insurance coverage do you need? Which types of coverage are crucial? Are there additional types of renters insurance coverage to consider adding on top of the base policy?
What Kind of Renters Insurance Coverage Do I Need For Personal Property?
First and foremost, make certain that your policy pays the replacement cost on your personal property. You probably don’t want actual cash value coverage because it’s far from enough to cover the total cost of replacement property. Some people are happy at the base level of $15,000 of coverage. For one person early in life, this might be an appropriate level. But for more than one person, or once you’ve graduated college, you might want to think about more coverage.
Personal property coverage comes in increments of $1,000. If you’re wondering what kind of renters insurance coverage you might need in 2018, it’s easy to ask for a quote. If you make a change in the middle of your policy term, you’ll only be billed for the additional coverage for the remainder of the term. It’s not expensive. But how do you know how much you need? You should do a home inventory and make a list of what you own. Pictures are helpful, as well. You can store it all in the cloud or email it to yourself so that a disaster doesn’t destroy the list.
What Renters Insurance Coverage Do I Need For Liability?
Liability protects you from someone who claims that your negligence caused them to suffer bodily injury or property damage. The base level of coverage is $100,000. That’s sufficient to meet your landlord’s requirements. Would it be enough in a fire situation or if you caused serious injury to someone? Probably not.
Liability comes in increments of $100,000 and the good news is that it’s incredibly affordable to add more coverage. You can go up to $500,000 of liability coverage on an average renters insurance policy for just a few dollars a year. Remember that if you cause injury to someone through your negligence, their health insurance company can subrogate against you to recover the money they paid. In terms of medical bills, $500,000 of coverage is far from overkill.
What Renters Insurance Coverage Do I Need For Excess Liability?
Do you own a home somewhere, and temporarily renting elsewhere? Perhaps for a work relocation? Do you have a couple of nice cars? Do you have a large 401(k)? Do you have any assets at all that would be worth taking if someone sued you? If you answered yes to any of these questions, it’s time to consider an umbrella insurance policy. It sits on top of your existing auto and renters policies and adds coverage in increments of a million dollars. You can’t have too much renters insurance coverage in 2018 when it comes to liability.
That may sound like a lot of coverage, but when you have things of value that you’ve worked hard to acquire, the coverage is important to have. There’s another consideration, as well. Parents of college students who co-signed on the student’s apartment should consider an umbrella policy on top of their renters insurance policy. In the event of damages, the parent who co-signed is just as liable as the student. An umbrella policy could prevent the co-signer from losing everything if damage were to occur due to a student’s negligence.
What Renters Insurance Coverage Do I Need For Jewelry?
Jewelry loss by theft generally has a low sublimit. If you have a significant amount of jewelry, you have two choices. At lower values, you can add an endorsement to your Peoria, AZ Renters Insurance that will cover the jewelry. At higher values, you’ll want to have the item appraised and get a personal articles floater policy. These are quite affordable, and offer open perils coverage for the scheduled jewelry.
What Other Endorsements Should I Consider?
Water backup is a worthwhile endorsement to have. It covers water and water-borne material that backs up from sewers, sinks, or drains. That can cause a pretty expensive mess, and the coverage is just a few dollars a year.
Roommates should each have their own policy. While you may be able to endorse a roommate onto your policy in some cases, you’ll be sharing the coverage and those limits are no longer adequate. By the time you increase limits and pay to endorse the roommate onto the policy, you might as well both just have your own coverage.
There are a variety of other endorsements to cover a wide variety of risks available for 2018 on your renters insurance policy. You can speak with an insurance expert to find out what renters insurance coverage you need by calling Effective Coverage. Consider what risks your lifestyle presents and how to best protect against them. Just call (800)892-4308 or click to get covered - whether you need Peoria, AZ renters insurance quotes online or coverage anywhere else!
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