Renting has become a new norm for a lot of Americans. According to the National Multifamily Housing Council, renters account for more than one-third of all U.S. households.

While renting has many benefits, one downfall is that your personal possessions are not covered by your landlord if anything happens to them.

But do not fear! Renters insurance is a great way to protect your personal items while you are renting! Read on for helpful tips for buying renters insurance!

Choose the Right Coverage

When deciding how much coverage you need, you must first make a tally of your possessions and how much they are worth.

Create a complete inventory of your possessions, making notes of when you bought the items, how much you paid for it, and how much it is worth today. Once finished, you should have a good idea of how much coverage to get.

There are many home inventory apps that can help you log and track the value of your possessions. If using apps isn’t in your wheelhouse, you can also take inventory through an Excel sheet or manually creating an inventory sheet by hand.

Research Policy Coverage

Different insurance institutions will likely have different policies on what is covered and what isn’t.

Generally, renters insurance is designed to cover a wide range of circumstances, however, some circumstances will not be covered by renters insurance. Some examples are floods and earthquakes, which may require a different type or additional policy.

Be sure to go over the policy thoroughly with your insurance agent as to be sure you are applying for the best policy for you.

Opt for a Higher Deductible

A deductible is the amount of money you pay before the insurance company pays the rest. While it may sound great to opt for the lowest deductible, you may be paying a higher premium.

Choosing a higher deductible will then lower your monthly premium. This option may be able to save you money in the long run. Just be sure to have an emergency fund available for your deductible if something happens!

Payne Insurance Group

Renters insurance is a great option to get if you are renting an apartment or house!

Payne Insurance Group provides insurance for auto, home, commercial, and much more! Payne Insurance Group has partnered with over 13 businesses across the Rio Grande Valley, As a result, we have created a one-stop-shop for all your automotive needs.

Get your FREE insurance quote today!