When we move apartments, we always say how we’ll “do things right” this time and make changes for a better living situation. Hopefully, everything goes smoothly: no damaged furniture during the move, a great new space, and a better environment for your needs. But something is missing: when you rented your first apartment, how was your renters insurance? Today we’re going to talk about how for renting your second apartment your renters insurance can fill the gaps you did (and didn’t!) know about.

The Three Components of Renters Insurance

Hopefully, you already know why you need renters insurance. This might be familiar ground, but let’s go over the three primary parts of renters insurance as it helps you when you need it:

• Personal property coverage – provides coverage for your possessions, reimbursing you for property damaged or lost in your apartment under certain circumstances. Policies may exclude certain expensive items, and all have a minimum deductible.
• Renters liability insurance – covers you in case of a lawsuit related to incidents on the rental property, such as a guest having an accident or a pet injuring someone. Liability protection is often overlooked by first-time renters.
• Additional living expenses – also known as ALE coverage, this policy triggers if the rented property no longer being habitable, compensating you for the costs of additional lodging and other living expenses of a temporary relocation.

Where You Should Improve Your Renters Insurance

Okay, so when you’re revisiting your renters insurance, there are two major places to focus. While ALE policies are pretty standard (though you should always review those parts of the policy), the amount of coverage for both personal property and liability is not. To better tailor your coverage, you should:

Take a Home Inventory of Personal Property

If you’ve ever had to use your renters insurance before, it’s probably to claim it for lost or damaged property in your apartment. When you did, you might have found that your deductible was higher than the price of the property or not covered. Taking a home inventory with a focus on expensive furniture, electronics, etc. can help you better know what needs coverage.

Change Your Premiums and Deductibles

In relation to the inventory, it might be time to revisit your premiums and deductibles for your renters insurance. Paying higher premiums—even slightly higher—can lower your deductibles significantly. Also think about getting itemized coverage for expensive or at-risk items, such as high-end bike or electronics.

Even before you sign the lease, we recommend reaching out to agents about your renters insurance. If you’re in the New England area, we hope you’ll reach out to us at Safeside Insurance. We’ve been assisting renters, homeowners, and businesses in Massachusetts for over 30 years, helping them get the right insurance for the right price, and we’re here for you too. Contact us today to get started or jump right to getting a quote!