Renter’s insurance is something that can help you sleep better at night. It is not something the law requires, but purchasing it is a good financial decision. When you choose to purchase a renters insurance policy, not only does it cover your belongings, but it may also cover temporary housing should you be displaced and serves as liability protection as well. 
When you purchase a renter's insurance policy, there are several things that will determine the price of your policy.
- Coverage: The first thing you need to figure out is how much coverage you need. Do you have an idea of how much all of your belongings cost? If you aren't sure, you can create a spreadsheet and list your belongings. Another option is talking with your independent insurance agent about an estimate. They have a lot of experience and can help you come up with a good estimate. It is better to over-estimate than to under-estimate, as that number will be the amount covered should something unfortunate happen.
- Deductible: The deductible is the amount of money you will pay before the insurance kicks in and covers the claim. The higher your deductible is, the less your policy premium will cost you.
- Location: Insurance companies look at the area you’re renting in. If the area is not particularly safe or has had many incidents lately, your policy may cost more.
- Previous Claims: Along with location, the insurance company will also look at the claims filed by your neighbors in the past. If there were a lot of claims because of thefts, the price of your policy may be higher.
While renter's insurance may seem like an added expense that you don't need, that couldn't be farther from the truth. Your belongings may not be worth a lot, but how would you feel if were left without everything that you owned and without a place to live. Renters insurance is a small price to pay—usually less than $200 per year—for peace of mind.
Protect your belongings from the unforeseen. Call Epic One Insurance Group LLC at 847-305-4837 for more information on renters insurance.