Be a Smart Shopper When It Comes to Renters Insurance! Here Is What You Need to Know

At Westmount at Summer Cove, the best apartments in Houston, we understand your need for an apartment living experience that satisfies all of your needs. That’s why we’re dedicated to keeping you informed!

A typical renters provides separate types of protection, including the following:
• Personal property coverage: Reimbursement for your personal belongings if they are stolen, damaged, or destroyed by a covered type of impact.
• Liability coverage: Financial protection if you cause damage or someone gets hurt on your property and needs medical attention or decides to press charges against you.
• Loss-of-use coverage: Reimbursement for the cost of a hotel or a new rental if your home becomes unsafe to live in due to a covered type of impact.

Rather than just guessing how much coverage you need, ask yourself the following questions below, courtesy of the premier pet friendly apartments in Houston, to figure out what your belongings are worth and how much of a premium you can afford. You will certainly not regret being more of a discerning buyer down the road!

What do I own?

You’ll want to make sure your personal property damage coverage is enough for all of your possessions. First, take a home inventory of all your belongings, which should include stock of what you own, its value, and the cost to replace or repair it. Although you do not need to tally up the exact value of every single item you own, try to estimate how much it would cost to replace. For example, if you have a very expensive smartphone, you may want to consider adding specific coverage to your policy. Taking pictures or videos of your items never hurts in the long-run, either.

Do I need additional coverage?

Before you sign your renters insurance policy, make sure you know its coverage limits. You may want to schedule endorsements to get additional coverage for specific valuable items, or you can purchase a separate policy for them, like jewelry insurance. Renters insurance doesn’t cover all perils. For instance, it won’t cover damage from a natural disaster or flooding. You can add endorsements to your policy or coverage for specific events, like an earthquake endorsement or a flood rider – just to be extra safe.

How much liability can I afford to pay?

If someone injured themselves in your apartment, would you be able to cover the legal bills if they decided to sue you? What about covering their medical bills? All of these expenses can add up fast, and renters insurance liability coverage allows you cover them all without dipping into savings, like your precious emergency fund or nest egg. Liability coverage also covers property damage you’re responsible for, like if you knock over an expensive vase at a relative’s home. A typical renters insurance policy may seem like a lot, but consider how much legal fees or medical expenses can cost!

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