Perhaps it is time to move to a new home. However, rather than buying, you might want to continue to rent. If you have existing renters insurance, it is time to think about how that policy will protect you in your new home.
You may think all you need to do is change the address on your renters insurance to get coverage. While changing the address on the policy is important, it isn’t all you need to do. A comprehensive review and adjustment of your policy can help you better address the risks present in this new rental.
1. Find Out New Coverage Requirements
Each home needs a rental policy unique to its needs. When you move, changing the policy may mean getting new or adjusted coverage.
Local law, your landlord or other authorities may require different liability coverage levels than those on your existing policy. For this reason, renters may have to change their coverage before moving to a new rental. On the plus side, adjusting your coverage may have its advantages. Some landlords may only need lower levels of coverage. This may save you money down the road.
2. Determine New Policy Risks
Many renters jump at the change to reduce their liability coverage in the hopes that they can save money. However, before voluntarily reducing your coverage, analyze your own liability risks and see if doing so is advantageous. A rental property may still contain risks that could benefit from higher coverage.
Even if you can reduce your liability levels, the property may still contain unique risks. Renters should make sure their policies cover risks unique to the new property. Such risks may arise from the home’s age, structure value and vital appliance systems. They might also come from animals, vegetation and other structures on the policy. Before moving, review your coverage and make comprehensive adjustments for new risks.
3. Analyze Your Personal Property
Most renters insurance comes with personal property coverage. Personal property coverage protects your personally-owned belongings within the rental space. Most renters estimate the value on their personal property when they get a renters policy. This is the maximum value the policy will pay should a hazard destroy the renter’s personal items.
When the time comes to move, take the time to review your personal property coverage. You may be able to adjust the value of your personal property to better reflect your needs. If you feel you no longer need certain items to have this coverage, you might reduce your coverage levels.
Call Peachstate Insurance at 877.997.2478 right now. We can help you get a free Atlanta renters insurance quote.