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New RentersRenting an apartment or a home is a great option if you aren’t ready to purchase a home yet. You don’t have to worry about maintaining your lawn or making in-home repairs, which can add up over time. However, even though you live in an apartment, you still have to protect your items by purchasing renters insurance. If you don’t have any already, then you should consider these questions before you purchase insurance.

1. Is the Policy Replacement Costs or Actual Cash Value?

There are two types of policies when it comes to renters insurance. Although both policies reimburse you when you experience a loss, each policy does so differently, and that difference can cost you if you aren’t careful.

A. Actual Cash Value Renters Insurance Policy An actual cash value insurance policy takes into consideration depreciation. Depreciation is a financial method of reducing the value of an asset based on the amount of time that’s passed since the initial purchase as well as normal wear and tear. Typically, an actual cash value insurance policy is the least expensive policy between the two options. However, if you experience a loss, you may receive less money when your insurance company cuts a check for your loss.

B. Replacement Cost Insurance Policy A replacement cost insurance policy is a much better option for you when you are renting. With a replacement cost insurance policy, your insurance company can reimburse you based on the replacement cost of your item. With this policy, you won’t have to worry about having enough money to replace your laptop, your smartphone, or your furniture. Your reimbursement check includes the funds you need to purchase replacement items, which may help alleviate some of the stress of undergoing a loss.

2. Does Your Renters Insurance Cover all of Your Personal Property?

Another important aspect of your renters insurance policy is coverage. It's important to have coverage for everything you own, and if not, then you'll know what coverage you need to add. Many people fail to ask this question and discover their stamp collection wasn't a part of their renters insurance policy when it's too late. Before you purchase renters insurance, get the details of the coverage to avoid surprises in the future.

3. What Does the Coverage Exclude?

When it comes to insurance coverage, nearly every policy has an exclusions and limitations section. The exclusions section of your policy identifies items your insurance company won’t cover. Additionally, limits included in your coverage highlight the extent of your insurance company’s responsibility. Learning what your exclusions and limitations are for your renters insurance policy should help you determine if you need more insurance or not.

Can you save on coverage? Call Sweet & Baker Insurance Brokers at (415) 512-2100 for more information on San Francisco renters insurance.

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