How to Get a Renters Insurance Coverage for Your Property

People purchase homeowners insurance for many reasons—one of the major reasons being that some mortgage companies require it.

Regardless of the reasons why they are acquired, homeowners insurance policy provides its holders with a range of benefits. They include:

  • the protection of their property and possessions and
  • protection against any injury incurred by any of their visitors, among others.

Like homeowners, renters can also purchase insurance policies for their homes called renters insurance. This insurance policy primarily covers the loss or damage of items by fire, vandalism, theft, and plumbing, among others. It also protects the insured from liability claims related to third-party injuries on the rental property.

How to Get a Renters Insurance?

Whether you are just renting a place for the time being or have stayed there for a while, we recommend that you purchase a renters insurance policy. It is an incredibly smart investment that will come in handy if you, or your properties, suffer a mishap.

To get your renters insurance, do the following:

  • Take note of your living situation

To begin, establish your living conditions. To do this, ask yourself the following questions: Do I own pets or have a roommate? Do I have valuable personal items? Where is my rental located? What type of weather does the area experience?

  • Take stock of your personal belongings

Add up the value of the belongings you have in the rental. These include your clothing, electronics, and furniture. This information is necessary for determining the kind of insurance you will purchase.

Keep an inventory outside your rental home. It does not even have to be physical; you can have backups on the cloud.

  • Research available insurance options

Once you are done with the above, look for insurance providers who can offer you the best rate. You can search online or ask for recommendations from friends. Since you know the value of your personal belongings, you can ask for quotes. Find out what different companies are asking for, then compare their prices and choose the best one.

  • Finalize the process

Once you have weighed the available options and chosen the best one for you, sign up for the insurance policy. However, make sure to review the policy and understand all terms and conditions before signing the agreement.

Getting a renters insurance policy will confer a degree of protection on you and your belongings in the event of an accident. You might be tempted to think that your landlord’s homeowners policy will protect you. However, that is not the case. Such policies only protect buildings; they do not cover belongings. To protect your belongings within your rental home in the event of a disaster, you need a renters insurance policy.

At  VGW Insurance, we have the expertise to help you with all your questions and concerns related to renters insurance. Contact us today to learn more.