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Getting the Most out of Your Renter’s Insurance

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Contrary to popular belief, renters need insurance just as much as homeowners do. Many residents of New York have chosen for one reason or another to living in apartments. While the property owner may carry coverage sufficient enough to pay for the damage the actual structure takes on during a disaster, that same policy offers little aid for the tenants who lose all their belongings in the mishap. To ensure you are able to replace the items destroyed in a fire, tornado, or other catastrophe, you should purchase a separate policy of your own.

When purchasing insurance, many simply strive to obtain the lowest premium possible. While this goal is understandable considering the current economy, the cheapest coverage is not always the best choice. With a rental policy, for example, there are two options for compensation.

The Cheapest

For those who are concerned about staying within a certain budget, actual cash value may be the best choice. This type of coverage used the current market value of your items to determine the compensation you receive for a claim.

The Highest Payout

With replacement cost coverage, depreciation does not matter. It pays out the actual amount it could cost you to obtain a comparable replacement in today’s market. This means the money you receive from your insurer is more likely to cover the complete price of the new items.

Only you can decide which the right type of coverage is for you. To discuss the pros and cons of each item, call one of our agents now.

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