Questions to ask yourself when buying renters insurance for the first time

If you rent an apartment in Flowood, MS, your landlord will likely ask you to buy renters insurance. You may probably be wondering why the landlord doesn’t cover your apartment as part of protecting their investment. The truth is, your landlord already has a policy protecting the whole building, including the walls, floor, and other parts of the building.

That means you’re responsible for what happens in your personal space, particularly personal belongings. Now, if your landlord wants you to have renters insurance, the policy is meant to cover your rented space. So, if it’s your first time buying the policy, here are three questions to ask yourself before settling on a renter’s insurance policy.

What is covered in my renter’s insurance?

This is often one of the most critical questions to ask as it helps you determine how much insurance to get. In most cases, renters insurance covers your personal belongings and additional living expenses if your apartment is rendered unlivable.

How much renters insurance should I get?

The amount of renters insurance to buy heavily depends on your needs. The value of your property renters insurance covers things inside and outside the home,  such as a work laptop that you could leave in your car or your office.  Insurance Protection Specialists recommend enquiring about different coverages in your renter’s insurance to understand your needs.

Should I take inventory of my personal belongings?

Yes. You don’t want to have trouble providing evidence that you own a specific item to your Flowood, MS insurer. Taking inventory is quite critical in determining the value and year of purchase for easier follow-up in case of damage. We recommend taking your inventory a few days or weeks before the policy purchase and updating the list every time you bring in a new item.

We can help

At Insurance Protection Specialists, we can help you understand your policy better so you can make informed decisions when buying renters insurance. If you have any questions or need further clarifications, feel free to contact our team, and we will be happy to get back to you.

Does renters insurance have exclusions?

Flowood, MS is a family-centered community that offers a high quality of living. It is a small city in the greater Jackson metropolitan area. Rentals here are trendy and offer great amenities. One thing that these lovely rentals don’t come with is rental insurance. You may think the management company has insurance, and yes, they probably do, but it won’t help you. It only protects what belongs to the owner, not the tenants. With over 50 years of experience, Insurance Protection Specialists offers their customers a partnership as you deal with the unexpected events that life throws at you. 

Renters insurance offers some very valuable coverage at a very affordable price and is well worth investing in. It protects your personal property, gives you liability coverage and loss of use coverage. 

Personal property

Your landlord has insurance that protects the building you live in. Everything that you moved into the rental is your personal property. It may be appliances, decor, furniture, and certainly your clothing. All of these are your personal property. If a covered peril damages or destroys your rental, you could lose all of it.   

Liability

Things happen. Not all of them are good. If someone is visiting your rental and is injured, you could be held liable for their medical bills, and they may decide to sue you. No one likes to think about having a judgment against them, but it would be awful if you had to pay for it yourself without insurance. 

Loss of use

If your rental is damaged so badly you can’t live there, renters insurance will help pay for your lodging until you can move back home. 

If you have seen the value of having rentals insurance and would like to discuss it with an insurance expert at Insurance Protection Specialists in Flowood, MS, our team is here to help you.