Renting is often the best choice for a number of individuals in Miami Beach, FL. However, a lot of people who rent don’t think about investing in renters’ insurance to protect their belongings. However, there are always a few things to take into consideration before buying, and Assure-Us wants to share those with you.

Understand What Is and Is Not Covered

Renters’ insurance works to protect your clothing, furniture, electronics, tools, and other belongings. As far as covered perils go, you are looking at the storm damage, theft, fire, etc. However, if your area is prone to floods and earthquakes, you’ll need to consider adding an endorsement to ensure you are covered in the event of one of these disasters. For expensive jewelry or artwork, consider adding a rider.

Take an Inventory

It is imperative that you sit down and take a full inventory of your belongings. It is easiest to start in one room, complete the inventory for that room, and then move on to another room. Include the brand, model, date of purchase, purchase cost, and estimated worth (if known). This can give you an idea of how much coverage you need to purchase while also providing your insurance company with a list of everything in your home in the event of a burglary or disaster.

Decide Between Actual Cash Value or Replacement Value

Actual cash value policies will take depreciation into account in your coverage. Therefore, if an item is damaged and needs to be replaced, you won’t receive the same value for that item that you did when it was originally purchased. Replacement value policies, however, ensure you receive the current market value for the item. Actual cash value policies are most affordable, but replacement value policies offer more peace of mind in the long run.

If you are a Miami Beach, FL resident and have questions about renters’ insurance, reach out to our team at Assure-US and let us help you secure the best renters’ insurance based on your individual situation.