In the past, rental properties were thought of as temporary or transitional residences for people. More often than not, only young people rented apartments.  If you were single, perhaps you waited until you got married to purchases a home with your significant other. These days, more and more people, single and families alike, are residing in rented or leased property and for longer periods of time.  If you are a renter, it is essential that you purchase sufficient Dallas renters insurance to cover your personal property.

What is covered?

While the rental unit and any permanently fixed items in the unit are covered by the owner’s insurance policy, renter’s insurance covers the renter’s personal property if lost, damaged or stolen.  It also offers liability coverage if someone visiting your home suffers an injury.  Understanding what is covered will ensure that when accidents happen, you are able to repair or replace your lost or stolen items without having to pay out of your pocket.

When you purchase renter’s insurance make sure you are aware of the type of accidents that are covered.  Some common coverage includes fire, explosion, damage caused by vehicles, theft, and vandalism. Typically, flood and earthquake damage is not covered.  If your residence is located where these types of events are common, you should look into purchasing supplemental insurance.

Make sure you know what you are covering, and inform your agent in order for them to help you provide sufficient coverage.  Make an inventory of your property. Your agent will pay particularly close attention to any rare and valuable items, which may require additional coverage if standard policies do not have sufficient limits to cover them.

Make it affordable

When you look for affordable renter’s insurance, here are a few factors to consider:

Do you want actual cash value or replacement value?

If your property is lost, damaged or stolen, you can request the actual cash value of the property, but for a little more you can get the replacement cost.  If your couch of five years is burned in a fire, your insurance company will give you the value to replace it with a similar item at the present value.

How much of a deductible can you afford?

The best way to reduce your insurance premium is by raising your deductible.  If you can afford a higher deductible, understand that you will have to pay your deductible amount first before the insurance pays out.

Have you valued your property accurately?

Every renter’s policy is going to have a payout limit.  If you have accurately detailed the items you need covered, and they would cost $25,000 to replace, there is no need to purchase $50,000 in property damage coverage.

If you are a renter, the best investment you can make for peace of mind is to purchase rental insurance. Contact La Familia Insurance at 888-751-7511 and we can guide you in making sure you purchase the right amount of coverage for your particular needs and ensure you will be protecting your property and taking responsibility for your home, even if it is a rental.