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How Much Coverage Do You Need For Tenants Insurance?

How Much Coverage Do You Need for Renters Insurance?

Before you get too settled into your rental, it’s important to protect your belongings with renters insurance.

Renters insurance, also called tenants insurance, is a policy similar to the coverage you would get with homeowners insurance (except renters insurance does not cover the structure itself). Many policies cover most of your personal belongings, liability, and additional living expenses if the residence you rent is damaged and you incur costs up to your coverage limit. Because this coverage only covers up until your limit, it is essential to have enough coverage if something happens where you might need help. On the other hand, you don’t want to purchase too much insurance that doesn’t serve you well — finding the right balance is key.

Continue reading to learn how much insurance you need.

How Much Renters Insurance Do I Need?

How much insurance one needs varies from renter to renter. Below you’ll find a list of useful tips and tricks that will help you determine how much insurance you need and which policy is right for you:

Take a Thorough Inventory of Your Personal Belongings — Coverage of your possessions is often the number one reason most renters buy tenants insurance. This will reimburse you for the loss, theft, or damage of covered belongings up to a certain amount, so having an accurate assessment of your possessions is crucial. Your inventory should include:

  • Each personal item
  • Its original cost and current value
  • Any identifying information
  • Any details about its age

Consider Bundling Options — When shopping for your renters insurance, make sure to consider bundling options that might help you get a discount. When you combine your auto or life insurance with your renters policy, you can save a significant amount of money and get a better value.

Select the Right Deductible for You — Before your insurance can kick in and pay their portion for damages, you need to meet your deductible. Some policy deductibles are higher while the premiums are less, and for others, it’s the other way around. Before you settle on a renters policy, make sure the deductible is right for you.

Is Renters Insurance Actually Necessary?

In many situations, landlords require their tenants to have insurance before renting out their property to you. In other cases, it is a choice of the renter. In those cases, not having renters insurance can be risky. If your home is broken into and robbed and all of your valuable belongings are stolen, there isn’t much that can be done to replace those items except replacing them yourself. If your place of residence becomes unlivable for one reason or another, you will probably be responsible for finding other living arrangements. So, to answer the question, “Is renters insurance actually necessary?” The answer depends on whether or not you want to take a gamble.

Contact Bear River Mutual Insurance

If you are a renter and do not have renters insurance, contact the experts at Bear River Mutual Insurance. Our team of professionals will help you find the best, affordable insurance policy, winch your budget and help you get the peace of mind you deserve. Our staff is dedicated to finding the perfect balance of security and value for you and your loved ones. We proudly serve Orem, Provo, Salt Lake City, and those surrounding Utah cities. Contact us to get your free quote today.

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