Renters Insurance and Millennials

Renters Insurance and MillennialsThe majority of millennials choose to rent their homes and apartments. While this group of individuals is starting a new chapter of their lives, they are often lacking the right insurance policies to adequately protect their belongings. So, rather than go without the right Connecticut Renters Insurance policy, consider the following when looking for the right agency and policy combination.

Know the components of your renter’s insurance.

Personal property and liability coverage are the key components of a renter’s insurance policy. They cover any personal items that are damaged or destroyed while renting. As a rule of thumb, roughly estimate all of your belongings and multiply it by 2- that’s how much personal property coverage you need. Next, liability coverage covers you if anyone is hurt inside of your home and files a lawsuit against you. Or, if you have a dog who bites someone outside of your home, this coverage would likely come into play.

Take your time.

Gather quotes from a variety of companies to see which one works best for you in terms of coverage and pricing. Take your time and do the research needed before settling on one policy. Remember, there’s no rush when you’re talking about securing your hard-earned assets.

Know your limits.

Traditionally, renter’s insurance policies cover up to $100,000 in damages. However, for a mere $20 more per year, you can have up to $500,000 of coverage. Think about what you have, the possessions you treasure, and the threats that you face depending on your location. Contemplate if the extra money will be well spent in order to fully reimburse you in the event of a disaster or accident.

Think about flood insurance.

They may cover water damage from a plumbing problem, but many renters may need to purchase additional Flood insurance-this coverage is ideal in a flood-prone area, says Property Casualty 360.

At Byrnes Agency, we understand the risks involved with fires.  We provide affordable and comprehensive packages for renters to protect against the common hazards they may face. For more information, 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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