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How Much Renters Insurance Coverage Do You Need?

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What would you do if something happened to your personal belongings? Imagine your couch, TV, gaming system, laptop, clothes…everything gone, as result of a fire or burglary. Could you afford to buy it all back again? What if a guest is hurt while visiting? Can you afford the cost of a liability lawsuit? That's where a renters insurance policy can come in handy. Our renters insurance is designed to help you cover your stuff and your liability risks.

Many renters ignore these risks and rely on their landlords for help in these situations, but most of the time, renters' personal property is not covered by the landlord's insurance policy. It is actually the tenant's responsibility to obtain the correct coverage to replace their personal items in the event of a loss.  

Here's how you can get started:

  1. Calculate the value of your belongings. Choosing the appropriate amount of coverage is important. Figure out how much money it would take to replace your personal items before you get a renters insurance quote. This information will also come in handy if your possessions are damaged or stolen. One of the best ways to do this is to take inventory of your personal property. You could make a video recording or take pictures of the contents in your rental.
  2. Find a reliable, secure place to save your inventory list, video or photos outside of your home. Storing your inventory list, video, or pictures electronically is a good option if you have a secure location. Consider online storage so you can access them at any time, or think about renting a safety deposit box.
  3. Keep your list and coverage amount up-to-date. As you purchase new things to fill your place, you'll want to increase your personal property value, so keep track of your purchases and save receipts. If you've accumulated more than $5,000 in additional items, take a look at increasing your insurance coverage.

You can increase your renters coverage at any time. You don't have to wait until the policy is at renewal. To learn more about AmShield's renters insurance, contact your local agent.

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