Three things you need to know about renters insurance

Renters insurance is an important thing to have for those who don’t own their own property but rent a home or apartment. There are several things you need to understand to pick out the best renters insurance for your needs.

The following are three things you need to know about renters insurance:

There are two different types: Replacement Value and Actual Cash Value. 

When it comes to renters insurance, consumers need to choose between replacement value and actual cash value.

A replacement value policy means that things like wear and tear and depreciation of value won’t diminish the amount you get back for claims. An actual cash value policy means that these two factors will decrease the amount you get for your claim.

You’ll pay more for a replacement value policy than you will for an actual cash value policy, but you’ll also get more back in the event that you need to file a claim. 

You may have to add on coverage options like flood and earthquake coverage. 

One of the most important things you need to do when shopping for a policy is figuring out exactly what that policy covers. You should pay special attention to certain unique natural disaster damage types you may need coverage for in your area, like flood or earthquake coverage. 

You can often bundle your renter’s insurance for a discount.

A lot of providers offering renters insurance are also offering other types of insurance like auto insurance or commercial insurance. By bundling numerous policies with the same provider, you may get a good discount. 

You can get more information on renter’s insurance policies by contacting us at Luebbering Insurance Agency LLC for more information. We offer renters insurance to those residing in the Jefferson City, MO area.