When it comes to choosing a West Virginia renters insurance policy, there are lots of options to choose from. While much of Mountaineer State is decidedly rural, there are several sizable cities full of renters living in lofts, apartments or other rentals. Maintaining renters insurance protects these tenants in the event that disaster strikes. Here is a look at the types of coverage included in a typical renters insurance policy:
West Virginia Personal Property Coverage
In the event that a tenant’s personal belongings are damaged or stolen, personal property coverage can help with the cost of replacing them. While some renters may not think they own anything worth insuring, the value of their personal belongings can add up quickly. From computers to televisions, replacing the contents of an entire apartment can be very costly.
Personal property coverage typically protects against risks like theft and fire. When one of these disasters occurs, the insurance company will help pay to replace these items. This is why it is important to estimate the replacement cost of these items to determine the amount of personal property coverage needed. Once this amount has been determined, the tenant can select the appropriate amount of coverage.
It is also important to remember that personal property coverage may not protect every item in the rental. Some insurance companies may limit or exclude coverage of certain items such as jewelry or rare coins. Contact a local agent to discuss whether or not supplemental coverage makes sense for you.
Liability coverage is another component of West Virginia renters insurance. This type of coverage protects tenants against financial damages if they are found legally responsible for the property damage or injuries of a guest in your home. Like other types of coverage, liability coverage has pre-determined limits for how much can be paid out for a qualifying loss. Carefully reading a policy and knowing the coverage limits is the best way for a tenant to ensure they get adequate coverage.
Other Considerations for West Virginia Renters Insurance
In addition to understanding the different types of coverage, there are some other factors to consider before buying a renters insurance policy:
When shopping for coverage, tenants should make sure that the coverage limits will meet their needs before purchasing a policy. To do this, start by making a home inventory. This list should include every item in the rental along with the estimated replacement cost of each. When reviewing each item, take a picture of it to include along with the list. Store the list and the pictures in multiple places (in and out of the home) for quick access when they are needed. Once the total replacement cost of the entire dwelling has been determined, select a coverage limit that could cover total of these items in the event of a complete loss.
There are two different ways an insurance company can choose to handle personal property claims. The first way is to provide cash value protection that will cover qualifying items up to their current value. This method takes depreciation into account when determining the replacement value of your belongings. A policy that offers replacement cost coverage is likely to replace the items at current retail prices in the event of a qualifying loss.
Some college students attending schools like Morgantown or West Virginia University tend to assume that they are covered by their parent’s insurance policy. While this may be the case while they are living on campus, students living off-campus are typically expected to provide their own insurance.
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