4 Things You Should Know About Renters Insurance

4 Things You Should Know About Renters Insurance

4 Things You Should Know About Renters InsuranceCT Renters Insurance is a must for anyone who rents a home or apartment. If you were to experience a break-in, a natural disaster, or if your items became damaged beyond repair, would you have the money to replace everything? If not, renters’ insurance is the answer. This peace of mind comes at a very affordable cost – about $185 per year. However, despite this information, only about one third of the U.S. population carries this coverage. As it protects against damage, loss, and liability risks you face as a renter, here are the four crucial things you need to know.

Replacement cost.

Replacement cost refers to the money needed to replace lost items, rather than an insurance company reimbursing you for what the items would have been worth. This is important because the amount that the stolen or damaged articles would be worth often is considerably less than the money needed to buy new ones, explains Spare Foot. This is especially important if your items are a few years old. If your TV or laptop that you purchased a few years ago was stolen, you’d get enough money from your renters insurance to buy a brand new one.

Electronics coverage.

Ensure the dollar amounts listed for your electronic coverage are enough to replace your items. For example, your TV, laptop, stereo systems, and music players should be considered under this policy.

Deductible.

The lower your deductible, the higher the premium cost will be. Evaluate your items and determine whether you can front the deductible in the event something happens. They can range anywhere from $500-$2,000, so consult with your trusted insurance agent today.

Worldwide coverage.

Worldwide coverage protects your personal property wherever it is, whether it is in San Francisco or Singapore. This coverage is available if you buy what’s known as a “personal articles” floater—added coverage for valuable items like jewelry or musical instruments. Renter’s insurance policies usually offer little coverage for such belongings ($1,000 per item, for example), so it may make sense to purchase a floater if you own high-value stuff, explains the article.

About Byrnes Agency

At Byrnes Agency, we specialize in safeguarding your property and your assets. We understand the risk implications of renting and seek to provide comprehensive coverage to give you peace of mind. To learn more about our coverage plans, contact us today at one of our three locations.

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Dayville Office

Phone: (860) 774-8549
394 Lake Rd
Dayville, CT 06241
United States
info@byrnesagency.com
Hours of Operation: Monday- Friday 9:00am-5:00pm

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Norwich Office

Phone: (860) 886-5498
6 Consumers Avenue
Norwich, CT 06360
United States
info@byrnesagency.com
Hours of Operation: Monday- Friday 9:00am-5:00pm

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Woodstock Office

Phone: (860) 928-7928
1226 Connecticut 169
Woodstock, CT 06281
United States
info@byrnesagency.com
Hours of Operation: Monday- Friday 9:00am-5:00pm

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