When you are ready to move into the new apartment you just rented, there is one important step you should take, which involves buying renter's insurance. Renter's insurance is designed to cover the risks you have as a tenant, and it is something you can buy no matter what type of apartment you rent. When purchasing your policy, here are three good tips to follow:
Get a policy with replacement coverage valuation
One feature you should always ask for in a renter's insurance policy is replacement coverage valuation. This type of valuation is one of several types of valuation methods used to determine how much money to give you if you lose your goods to a fire or another type of peril. If you have this valuation, you will get enough compensation to repurchase all the items you lost. A different type of valuation is called actual cash value (ACV), and this method only gives you money for the actual worth of the goods you lost, including depreciation.
Make sure it covers the things you have in a self-storage unit
Secondly, if you are renting an apartment and have a self-storage unit you use to store items that will not fit in your apartment, you should make sure that your renter's insurance policy covers the belongings you have in this storage unit. Most renter's policies will, but you may have to list the storage unit on your policy, including the address and the number of the unit you are renting.
Find out exactly what it covers and what it does not cover
A renter's insurance policy will usually cover a variety of different things; however, every policy is different, so you should find out exactly what your policy covers and what it does not cover. For example, your policy should offer liability coverage, which will cover damages if a person is injured while he or she is visiting your apartment. Your policy should also cover additional living expenses, which is a form of coverage that would pay for you to stay somewhere else if your apartment was damaged to a point where you could not live there. You should understand that your policy will probably also cover theft and vandalism, but there might be certain things that the policy does not cover.
If you are ready to buy a renter's insurance policy, you can do so by contacting an insurance agency like Scovotti Insurance.
