Q: How do I know how much renters insurance to buy?

A: In short, renters insurance covers what you own. Most landlords’ insurance covers only the building and damages due to negligence. Coverage for some of the most common causes of property damage and loss, such as theft, vandalism and fire, is up to you.

Renters insurance also covers more than just your personal property. The average policy can include up to $100,000 in liability coverage. That means in the event of a covered loss, your insurer will help cover the costs if you’re held responsible for injuring another person or damaging another person’s property, including your landlord’s.

Here are some tips to help you determine your insurance needs.

• Complete an inventory of your possessions. This inventory lists your personal possessions, along with details about their age, purchase price or current value and other identifying information.
• Check with your insurance agent about discounts. Many insurers offer significant discounts if you buy more than one policy with their company. 
• Choose the right deductible. A deductible is the amount of a covered loss or liability that you pay out of your own pocket. For example, if a fire causes $1,500 in insured damage to your personal property and your deductible is $500, then your insurer will pay you $1,000. When choosing a deductible, think carefully about the out-of-pocket costs that you are willing, and able, to pay. 

Have further questions? I’d love to answer them! Feel free to call or text my office at (704) 526-0887 or visit us in person at 9539 Idlewild Road or online at MyMintHillAgent.com.