Renters insurance is a worthwhile investment for tenants who want to protect themselves from liability claims and safeguard their assets. While we can all agree that renters insurance is must-have insurance for all tenants, how much is sufficient? You need an adequate amount of renters insurance to ensure you don’t incur unpredicted out-of-pocket costs when accidents happen.
Not sure how much renters insurance you need? Please follow the following guidelines from Marino Agency Inc.
How much coverage is enough for my assets?
When purchasing renters insurance for your assets, you should assume the worst-case scenario. Is your renter’s insurance enough to compensate you for the loss if all your assets were stolen or damaged? Always purchase renters insurance adequate to replace all your assets.
To ensure all the assets are covered, conduct a room-from-room inventory count. Assign a value to your assets and send the list to your insurer for coverage.
How much liability coverage do I need?
Renters insurance covers you and your family when accused by others of causing property damage or bodily injury. But how much liability coverage do you need? This is usually a tricky question because you can never know the amount of liability claim you will face.
Typically, most people are comfortable with liability coverage of $100,000. However, if your assets exceed this amount, you should look for liability coverage of about $300,000. But if this is still insufficient, we advise you to purchase umbrella insurance for broader and higher coverage.
Renters insurance in Mt. Ephraim, NJ
Still not sure how much renters insurance you need? We understand. Understanding insurance can sometimes be challenging. However, we won’t let you walk alone — let us be your insurance expert. To learn more about renters insurance and other policies, please call Marino Agency Inc. Better yet, you can visit our Mt. Ephraim, NJ office to chat with one of our agents in person.
