What Does Renters Insurance Cover?
Renters insurance coverage can help protect you and your belongings in the event of a covered loss/claim. There are a variety of risks and events covered by renters insurance, including:
- The cost to repair or replace your belongings, including your furniture, clothing, and electronics up to your policy limits
- Liability coverage if you accidentally damage someone else’s property or if someone gets hurt by you/your family members that reside in your home
- Additional living expenses if your home becomes uninhabitable, including hotel bills and additional food expenses
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Why You Should Have Renters Insurance
Renters insurance is typically very affordable – sometimes as low as $20 per month – but it can save you from financial devastation in the event of a covered loss/claim, like a fire and other reasons. In some cases, landlords and property managers require that their tenants carry this coverage. However, even when it’s not required, its affordability makes carrying this coverage a no-brainer.
Making Renters Insurance Affordable
Get the Right Coverage
To make sure that you have the right level of coverage while ensuring that you’re not over-insured, it’s important to consider what it would cost to replace all of your belongings. The average policy covers around $25,000 for personal property and $100,000 for liability. But you can ask for more or less. These policies can be uniquely adjusted to your needs. You may need more coverage or less, depending on personal factors like the value of your belongings and your exposure to risk.
Increase Your Deductible
Your renters insurance deductible is the amount of money that you pay toward covered damages before your coverage kicks in. For example, if you have a deductible of $1,000 and you file a claim on $15,000 of damage, you’ll pay $1,000 out of pocket and your renters insurance will cover the rest. For any type of insurance, including renters insurance, it’s generally best to carry as high a deductible as you can afford. The average deductible here in Nevada is around $500, but each policy, again, is adjustable, so check with your policy for the details, or speak with your agent. Because those with higher deductibles are statistically less likely to file a claim, the insurance company charges a lower premium.
Find Out If You Qualify for Discounts
There are some factors outside of your control that can increase how much you pay for renters insurance, including where you live, how old the building is and where the nearest fire station is. However, there are some ways to lower your monthly premium. Most renters insurance companies offer discounts for having multiple policies or having some things in your home, such as smoke and fire detectors, fire extinguishers, sprinkler systems or home security systems. When speaking with an insurance agent, make sure to ask about discounts available and which ones are you may qualify for.
How a Nevada Insurance Enrollment Insurance Agent Can Help
It can be a challenge to figure out how much renters insurance you need and how you can get the best price. Overestimating your insurance needs can cost you extra money each month and underestimating them can have serious consequences in the event of a disaster. A Nevada Insurance Enrollment insurance agent can help you ensure that you have the right amount of coverage at a rate you can afford.
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DISCLAIMER: It is important to note that the information contained herein is made general for the purpose of explanation. You should consult your policy for exclusions or other language that may alter your policy.