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Locking doorRenter’s insurance is often a requirement for most renters. When you move into a rented property, you are assuming risks for your own belongings in that space.  You also assume a degree of responsibility for the rented property itself.

It is important to know what your renters insurance policy covers. The policy may cover personal property losses from things like weather, fire or theft. Your landlord’s homeowners policy will likely not cover damages to your personal belongings. Likewise, your renters insurance may not cover damages you cause to the landlord’s property.

It is important that you take steps to cover your personal property from risks. A renter may not realize the true value of his or her belongings until they are gone. If a renter doesn’t have enough personal property coverage, it may be too costly to replace the lost items.

You have likely heard that renters insurance is cheap and affordable. But, going with the cheapest personal property option may not be the best decision.

If you choose the cheapest personal property coverage you may risk financial losses. A replacement claim on a low policy may not be enough to replace everything you own.

For example, minimum personal property coverage may start at a few thousand dollars. However, this varies from company to company. In this day and age, the combined costs of clothing, furniture and electronics often exceeds this minimum. That’s not to mention the added value of appliances and other personal effects.

If you don’t have enough personal property coverage, you may lose more money when making a claim.

You can mitigate shortchanging yourself by making an inventory of your personal belongings. You can have an accurate count of how much your items are worth.

Additionally, you can often buy riders that cover expensive items like jewelry or art. This can add coverage while only incrementally changing the cost of renters insurance.

Good news is that renters insurance is often affordable even with high property coverage. You should never undervalue your belongings. Also, you should always be careful not to overvalue them. This could cost you more money. You can even improve your rate further by talking to your agent about special coverage allowances and comparing different plans.

If you need tips on purchasing Atlanta renters insurance, visit Peachstate Insurance’s website to learn more about plan options. We are happy to answer your questions. Call us today at (877) 997-2478 with any questions.

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