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It’s very common for those in the financial downturn to cut expenses to better formulate a workable budget for their lifestyle. One of the expenses that is commonly cut is renters insurance. Many don’t seem to realize that importance of having this type of insurance to protect their possessions and prevent against future financial loss.

 What Is Renters Insurance?

This type of insurance is specifically designed to cover those who are renting an apartment, condo, townhome, or other property from a landlord. Renters insurance covers two specific areas, which are the renter’s possessions and financial liability. The latter includes payouts for medical expenses for those that are injured on the property as a result of neglect from the renter.

 How Much Does Kentucky Renters Insurance Cost?

The cost of your renters insurance policy will highly depend on the terms of the plan you agreed to and the insurance company you chose. The average cost of renters insurance in the state of Kentucky is $171 per year. This equates to just over $14 a month, which is affordable for any type of budget.

The cost of your annual premium can be decreased when you install safety features on the property. This could be a simple as having a fire extinguisher in the kitchen. Ask your potential insurance company what safety items you can install that will result in a decrease in your monthly premium payments.

When it comes to those monthly premium payments, you can get lower payments when you opt for a higher deductible. The deductible for your insurance plan is the amount of money you would have to pay upfront for the insurance company to kick in after a disaster occurs. For example, let’s say you owe a deductible of $250. If your apartment caught fire and all your worldly possessions were damaged, you would need to pay $250 upfront before your renters insurance company will start to pay to replace the possessions that you lost.

 What Is Included In The Policy Terms?

Each renters insurance policy will have terms that are highly customized for the individual renter. There are some similar components that all insurance policies have. These include the maximum amount of coverage, monthly premium fee, deductible, and events that are covered.

Different insurance companies will offer various options that are on top of the standard policy. These can include things like extra coverage for expensive valuable, such as firearms or jewelry, as well as coverage for the cost of lodging and food in the case the rental becomes inhabitable.

 Where To Get Kentucky Renters Insurance?

You can get renters insurance from numerous companies. No matter whether you live in Elizabethtown, Bowling Green, Louisville, Lexington, Middlesborough, Mount Sterling, Richmond, Somerset, Madisonville, Fayette, Owensboro, Corbin, Central City, Danville, Paducah, Murray, Mayfield, or Campbellsville, you can get renters insurance.

There are nationwide providers as well as local state providers. A quick online search will reveal potential insurance providers. You should take the time to compare the different plans and their associated prices.

 How Much Insurance Coverage Should I Get?

If you are not familiar with how insurance works, at the time you sign your agreement with the insurance company they specify a maximum amount of money they will pay. This means that in the event of a disaster type that was approved in your agreement, the insurance company will pay to cover your losses up to the maximum amount that you specified in the contract.

For example, let’s say you have $20,000 in renters insurance coverage. Your apartment catches on fire and you lose all of your possessions. The insurance company will pay to replace all your items up to the maximum amount of $20,000. Anything over this amount would not be covered, meaning you would have to pay the rest out of your pocket.

It’s a good idea to create an inventory of your apartment when you move in. All of your possessions should be on the list with an estimated cash value. When you purchase new items be sure they get added to the list with their approximate value. If at any point in time the estimated value of all your items combined exceeds that in which your coverage entails, we highly suggest contacting your renters insurance company to increae your coverage amount.