What type of coverage do you need?

There are no laws that require renters insurance but it’s a valuable tool to make your apartment or rented home feel more secure. Renters insurance doesn’t just make sure your possessions are secured but can also help you live somewhere temporarily if something happens to your place.

But renters insurance is a bit different than homeowners insurance or other policies. Here are how some factors determine your price and what you need.

·         Coverage: This is somewhat similar to homeowners insurance – you need to know how much your belongings are worth to get a decent estimate on the coverage you need. You can do this yourself or contact an independent agent to help. As a general rule, it’s always better to over-estimate as to not short yourself if an accident happens.

·         Deductible: This is pretty standard insurance procedure: the deductible is what you pay up front before insurance comes in and covers the claim. The higher this deductible, the lower your monthly payments.

·         Location: To determine the risk involved in insuring your place, insurers will look at the location of the place you’re renting in. Having an apartment complex in a bad part of town will cause your rates to go up.

·         Previous Claims: Insurers will also look at how many claims have been made in the past by people living in the complex or near the area. This is a way to see how safe the neighborhood is and if there’s been a lot of claims made, that will bump up the rate.

Renters insurance is easy to overlook since the home isn’t yours – after all, you’re just renting it. You don’t feel as attached to it as you would if you bought a house. But that doesn’t mean you don’t need that protection that insurance provides. Apartment complexes might have their own appliances insured but your own your own with your own belonging if an accident were to happen. It’s better to be safe than sorry.

Protect your belongings from the unforeseen. Call The Weimer Group at (215) 723-9805 for more information on Allentown renters insurance.

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