Renting a home, condo or townhome involves several significant decisions, including renters insurance to protect your property from unexpected financial risk or loss. Renters insurance can cover the costs of damages and losses resulting from burglary, fire or other unforeseen incidents as well as certain liabilities.
The premium is the amount you’re required to pay your insurer for a specific amount of time for your insurance policy. This payment might be due all at once or it can be divided and paid in increments, such as monthly. The deductible is the amount you must pay before your insurance coverage begins. This payment is made in addition to the regular price of your premium.
Renters insurance is intended to repair or replace your possessions if a covered event occurs. Make sure your homeowners coverage will replace your possessions at today’s costs. The cost of renters insurance may depend on how much coverage you elect, the type of coverage you choose and your deductible option.
You’ll want to re-evaluate your needs on a regular basis or during major life events such as a new job, moving to a new area or the birth of a child.
