Renters insurance includes three important types of financial protection:
§ Coverage for Personal Possessions
§ Liability Protection
§ Additional Living Expenses
Consider the following to help you choose the right coverage when you are shopping around for renters insurance.
Feel free to contact our office for a no-obligation review of all your insurance needs.
1. Should I get replacement cost or actual cash value coverage?
An actual cash value policy pays to replace your possessions minus a deduction for depreciation whereas a replacement cost policy will pay the cost of replacing your possessions without accounting for depreciation. The price of replacement cost coverage is about 10 percent more but can be well worth the extra expense as the value of most items tends to depreciate quickly.