Another option to consider when shopping for renters insurance is “actual cash value” versus “replacement cost” coverage. In the event of a covered loss, Actual Cash Value coverage will reimburse you for the value of your personal property as it is now, considering age and condition (less your deductible). Insurers may offer an option to purchase an endorsement for Replacement Cost coverage on personal property. This is would pay the actual cost of replacing your possessions with no deduction for depreciation (but still less your deductible). Although this coverage will result in some increase in your premium, it may be a consideration.
Even the most comprehensive coverage will exclude certain types of damage. For instance, flooding is NOT covered. Having an agent will allow you to understand all your coverages and help you with any questions you may have. Here at BEW Financial Solutions we are able to sit with you and review your options along with answering any of your questions. Please feel free to reach out to us anytime!