If you rent a home in Gwinnett, you know how necessary purchasing renters’ insurance is. You always want to be prepared for the unexpected and insurance is exactly how to do so. Renters Insurance can protect your belongings in a worst-case scenario such as theft, flood, fire, or other potential causes. Having renters’ insurance is very economical and beneficial for you. It is also important to note that most Property Management companies require renters’ insurance for the safety of their residents.
You can easily underestimate the cost of your personal items and losing some or all your belongings can quickly add up. Make sure to do your research to find the most beneficial and affordable plan for you. Renters Insurance is very crucial when renting a home and it only takes a few dollars a month to save yourself from potentially having to spend thousands!
Picture this: You have lived in your rental home for 3 years and nothing has ever gone wrong, so you’ve never felt the need to purchase renters’ insurance. Unfortunately, a wire behind your TV overheats, and starts a fire. Within minutes, your whole living room is in flames, and it is moving quickly. Fast forward, fire is put out, but most of your belongings have been destroyed, and your home is temporarily unhabitable. How would you solve this issue without renters’ insurance?
What Renters Insurance Covers
There are many different plans and coverage options for renters’ insurance. Among the different plan options, there are three coverage plans: Personal Property, Liability, and Additional Living Expenses. Personal property covers your own belongings such as electronics, clothing, and other items mentioned in your selected plan. The next option is liability coverage. This covers damage to others’ property or items. For example, if your child were to accidentally throw a ball through your neighbor’s window, chances are your liability insurance will cover it. However, it won’t protect you from the angry emails and texts from your neighbor! The last option is Additional Living expenses and quite frankly it covers any additional expenses such as a hotel fee if your home is inhabitable in a worst-case scenario, like mentioned above.
Things To Consider
Besides deciding what coverage plan is best for you, there are a few other things to consider before purchasing insurance. How much you have covered is based on your plan and how much you pay monthly, so it is important to set coverage limits on your items and what you decide is the most imperative of your belongings. It is also recommended that you create an inventory of your belongings so in the scenario of theft or fire you are aware of what you lost and need to replace.
Another aspect to consider is which of the two Personal Property protection plans suits your belongings best. There is Actual Cash Value Protection which covers items up to their market value, taking appreciation into account. The other option is Replacement Cost Coverage, and this covers items up to today’s retail value. ACV protection is recommended if your items are older or less expensive, but you will get more money in return and protection with Replacement Cost Coverage.
How To Purchase Renters Insurance
It is important to do your research on coverage plans and companies before purchasing renters’ insurance. There are many diverse coverage options for all different monthly costs. Some of the most popular insurance companies are Lemonade, State Farm, Roost, and Allstate. It could also be beneficial to look into your car insurance provider to bundle your plans and receive a potential discount. For just a few dollars a month you could save yourself from spending thousands on an unexpected accident!
There are many different and important aspects to consider before purchasing insurance. The plans are all affordable and diverse, so it is a very uncomplicated process. Be mindful of what you own and what belongings you would want to be covered and protected. Renters insurance has tremendous benefits and is easily accessible to all tenants. Make sure you do the proper research on which plan is best for you and your Gwinnett rental home!
If you are looking to purchase a rental property in the Gwinnett area and need some professional management assistance, contact us today and we will be glad to guide you through the process!
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