The average renter in Colorado has valuables worth upwards of $20,000 in his or her apartment. Yet, many renters choose to go without a good renters' insurance policy with so much at stake. The agents at Right Way Insurance Solutions can help you understand the importance of a good indemnity plan and provide you with a renters' policy that pays to replace your valuables in an incident.
What does renter’s insurance cover?
Renters insurance pays for loss or damage to items in the home or apartment related to fire not caused by an “act of God,” theft, vandalism, bad plumbing, and electrical failures.
Renters can choose to be reimbursed for the actual cash value of their goods or opt to receive the replacement cost. The actual cash value option only pays what the property is worth in real-time. This option can become problematic with electronics such as computers that lose significant value at purchase.
Those looking to get the most out of their renters' insurance plan may find an indemnity policy that offers the replacement cost option more efficiently. These policies pay the market value of damaged items so that you do not have to add money from your personal finances to make up for inflation.
How much renters’ insurance is needed in Colorado?
The amount of renters insurance you purchase depends on many factors, including how much you are willing to pay in monthly premiums for a policy. Those who pay more in monthly payments may find themselves at a better advantage than individuals who choose the more economical approach. Still, you must speak with an insurance specialist before deciding on a policy.
The agents at Right Way Insurance Solutions are knowledgeable about indemnity coverage. They can help you determine which renter’s insurance option yields the most benefits for your situation. Call Right Way today to request a quote for coverage!