Contrary to what many people believe, rental insurance isn’t very expensive. The amount you pay for coverage depends on the value of your possessions, the amount of coverage you want, what your deductible is, and the type of insurance you get.
If you choose not to purchase renters insurance, you may be making a mistake that may cause you huge problems. In very hot climates where intense dry winds are the norm, the entire area is susceptible to massive wild fires. Without adequate rental insurance, you would lose everything.
Renters have the option of choosing between cash value coverage or replacement cost coverage. The main difference is that cash value considers what you paid for your property. They then deduct a pre-determined amount for depreciation. Be careful about rushing to sign up for this type of policy. Ultimately, you may not be able to afford to replace things with this type of coverage.
When you choose to purchase replacement coverage, your insurance company will pay you whatever it costs to replace the possessions you lost, provided the loss is covered.
Named perils coverage will only pay you for situations that are specified in your policy. All perils coverage provides much more comprehensive protection and pretty much includes everything, except things that are excluded under the policy terms.
If you want to save money on rental insurance, choose the highest deductible you feel comfortable paying. Ask about multiple policy discounts. If you need auto insurance, you may reduce your rental insurance costs by opting to bundle your policies with the same company.
Contact All Nevada Insurance to discuss your insurance needs and learn about things you can do to save money on all of your policies.