As you begin searching for an apartment to rent, you might want to consider buying a renter's insurance policy for it. Renter's insurance is something you can buy when you rent a place to live, and it protects your belongings. Before purchasing a policy, you might want to ask the agent a few questions. Here are some questions to ask that might help you learn more about your new policy.
What Will It Cover?
First, ask what a renter's insurance policy covers. Does it cover the apartment structure or your belongings? Mainly you should know if that renter's insurance only covers your belongings. It is not coverage for the structure, as you do not own the structure. The landlord owns it, which means that they need to buy structural coverage for the units. When you buy a policy, it protects what you own, including your furniture, clothing, and decorations.
How Much Does It Cost?
The next question to ask is about the costs of buying a renter's insurance policy. Renter's insurance does not cost a lot of money, as it only protects the possessions you own. The average annual cost for a renter's insurance plan is $168. As you can see, this is affordable, and you should not go without it when renting a place.
Will It Protect Your Items Stored Outside the Apartment?
You can also ask if the policy covers anything you own that is not inside your apartment. For example, do you store your items in your car or at your workplace? If so, your plan might cover those items. You can ask about this to find out.
Does It Provide Compensation for Building-Related Problems?
It might also be wise to ask if your policy provides compensation when you experience issues with the building. For example, if the plumbing system leaks and damages your belongings, will your policy cover the damages? Every policy is different, and you can ask your agent to explain how this works.
How Much Coverage Should You Get?
The final question to ask is about the amount of coverage you should purchase. Your agent might suggest adding up the replacement cost values of all your things to determine the amount of coverage to buy.
When you ask your agent these questions, you can choose the right coverage types and policy for your needs. To find the answers you need, contact an insurance agent like those at Woodmansee Insurance Inc today.
