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How to buy renters insurance: What to know and where to look

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Do you know how to buy renters insurance? Learn why it’s important and how to get it! In the United States, only 41% of people who rent a property have taken out renters insurance, which offers coverage for various types of damage. With this type of insurance, you will have personal and property coverage, which will help to replace your belongings in case they are damaged or even totally lost. Here we tell you how to find the best renter’s insurance for you!

Know what the coverage is

One of the first things you should know is that renter’s insurance does not cover the building in which you live. That is, if your pipes were to leak, your insurance would only cover the damage caused by said leak. Your renter’s insurance won’t repair the pipe, but it will be able to replace water-damaged items. For example, a damaged computer, a piece of furniture or other property.

Estimate the cost of your belongings

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Before figuring out how to buy renters insurance, remember that you first need to take an inventory of your belongings and estimate their value, in order to choose the policy that best suits you. The internet is a good place to start this process, as you will find numerous tools to catalog your property. Although remember to always keep the notes of the items that you have included in your insurance.

Does your insurance cover injury?

Most insurances also offer civil liability coverage, in which the beneficiary is protected from any accident that occurs in the house or apartment that they rent. For example, if someone has an accident in your apartment, the insurance will cover medical expenses, as well as attorney fees (should that person decide to sue).

Know what your renter’s insurance does not cover

Rented house keys as insurance concept
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It is very important to read the «fine print» of your renter’s insurance, since you could be overlooking important details regarding the type of coverage you have and what it covers. In some cases, the coverage does not apply to natural disasters such as floods, tornadoes or earthquakes, which require selecting separate policies for these types of events.

Choose a higher deductible

While it is true that by choosing a higher deductible you commit to paying a higher amount if your property is damaged, this strategy allows you to have a much lower monthly payment. One piece of advice given by the experts is to always have an emergency fund, and allocate a small amount of your monthly salary for savings, in case for some reason you have to pay the deductible.

How necessary is renter’s insurance?

Insurance contract signing
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Renters insurance is an investment that protects your personal property, whether from theft or damage caused by malfunctions or natural disasters that could represent a serious blow to your bank account. When you rent a house or apartment, the owner of the property may cover certain expenses, such as repairs, but they will almost never cover the damages that may occur to your belongings.

How do you buy renter’s insurance?

The process of buying renters insurance takes only a few minutes, especially if you do it online. Always remember to compare the price/coverage ratio between the different insurance options. The monthly cost of insurance will depend on where you live. For example, renter’s insurance in Utah costs an average of $12 per month, while in states like Texas the price is $26.

The post How to buy renters insurance: what to know and where to look appeared first on Mundo Hispanico.

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