If you rent an apartment or a house, you should have renters insurance, even if your landlord doesn’t require it. Renters insurance can protect you from a financial loss in a wide range of circumstances, and coverage is more affordable than you may expect.

What Does Renters Insurance Cover?

A renters insurance policy will cover property damage and liability in a variety of circumstances. Specific coverage will vary from one company to another.

Some policies include replacement value. That means that if your property is damaged or destroyed, the insurer will pay for you to buy a new item or one that’s comparable. A policy that covers actual cash value will pay the depreciated value of an item. If you want to replace it with a new item that’s the same or comparable, you’ll have to pay the difference out of pocket.

Liability coverage can pay medical bills if someone gets injured in your home. It may cover medical costs if your dog bites someone, but you should check the specifics when comparing policies. Some insurers exclude certain breeds or don’t cover dog bite claims at all.

If your home gets damaged by a fire or a storm and is uninhabitable, renters insurance can pay for living expenses while your home is being repaired. A policy may cover the cost of a hotel, meals, and other expenses that you incur.

When Does Renters Insurance Coverage Apply?

It’s critical to carefully read a policy so you know which types of perils are and are not covered. Some renters insurance policies only cover a specific list of perils, such as a storm or a fire, while other policies cover any peril except ones that are specifically excluded.

How Much Is the Deductible?

When you select a renters insurance policy, you’ll have to choose a deductible. That is the amount you’ll have to pay before the insurer will cover a claim. In general, if you choose a policy with a higher deductible, you’ll pay lower premiums.

Don’t just base your decision on how much a policy would cost you per month. Choosing a higher deductible can save you money, but you’ll have to pay that amount if you need to file a claim. If you select a high deductible but can’t come up with the money when you suffer a loss, your insurance company won’t pay anything.

Compare Quotes for Renters Insurance

Petruzelo Insurance in Wallingford, Connecticut, can help you compare coverage options and rates from several leading insurers. We can work with you to understand your needs and help you compare various policies so you get the renter’s insurance coverage that’s best for you and your budget. Contact us today to learn more.