THURSDAY, JANUARY 14, 2016
 If you rent your home or apartment, you might not think much about the risks you face. But while you might not even consider what would happen if the building caught fire or got injured in your apartment, it's still crucial to be prepared for such issues. This is why Renters Insurance protection is required in nearly every rental agreement.
Renters Insurance is one of the least used forms of insurance, but it's also one of the most affordable. As you consider the value of purchasing this type of coverage, let's take a closer look at your options.
When choosing a Renters Insurance policy, it's important to determine the type of coverage you will have. Policies generally contain Actual Value Coverage or Replacement Cost Coverage. Here's the difference between the two:
- With Actual Value Coverage, the insurance policy can pay for a covered incident at the depreciated value of your assets. In other words, it pays out based on the current value of the items you've lost.
- With Replacement Cost Coverage, the policy pays at the amount that it would cost to replace the item you've lost. It can give you enough funds to purchase a new replacement for the item.
Replacement Cost Coverage will cost you more, as it is likely to pay out more to you if there is a covered incident. However, it is also far more beneficial in the event a substantial loss occurs. For example, if a theft occurs and you lose a high valued computer, the actual cash value of that item — which has depreciated based on its age — could be nowhere near enough to replace it with another model.
Take into consideration the value of having Renters Insurance. If you do not have this type of coverage yet, purchasing it can give you the necessary financial protection when the worst happens. Your landlord's policy is not going to protect the value of your assets or protect against your liability risks. Your own plan, though, can be an affordable way to reduce your financial risk.
Get protected today. Call Floridian Coastline Insurance at (954) 302-4531 for more information on Fort Lauderdale FL Renters Insurance.
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