Renters Insurance in Indiana
It's easy to overlook renter's insurance. You don't own the property, so it may feel like you don't have much to lose. However, your possessions are still valuable and costly to replace. Renter's insurance can also provide other types of protection. If you are renting in Indiana, consider Grove Insurance Agency in Brownsburg, IN for your renter's insurance needs.
What Renter's Insurance Covers
Renter's insurance covers two basic categories. Your possessions and liabilities. Your possessions are typically covered against theft, fire, and vandalism. It doesn't cover accidental damage. If you drop your laptop, insurance will not cover it. If someone steals or purposefully damages your laptop, it will.
It also covers liability claims from accidents and injuries that occur in your home. If someone slips and falls and then sues you, your insurance will pay the judgment up to the coverage limit.
Many policies also cover living expenses while your home is being repaired. This is particularly important if you are on a tight budget. For example, if a pipe bursts and you have to vacate your apartment, your insurance policy will pay for your housing and food costs until you can move back in.
Cash Value vs Replacement Coverage
Cash value coverage will pay what your possessions are actually worth. Using the laptop example, it would pay for the current value of your laptop, not what you paid for it when you purchased it. Replacement value is what it would cost you to replace the item. In this case, replacement value would provide enough money to purchase a similar laptop.
This isn't a major issue when one item is damaged. However, if any of your possessions are damaged, the difference between actual cash value and replacement value can be significant. Actual cash value might save a few dollars on premiums, but if you can't afford to replace your items, it might not be worth the risk.
Grove Insurance Agency provides Indiana residents with the renter's insurance they need to keep their possessions safe. It also protects you from financial liability if an accident occurs on the property. Contact us today to learn more about renter's insurance in Brownsburg, IN.