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How to Choose the Right Policy

When selecting a renters insurance policy, it's crucial to assess your coverage needs. Begin by creating a detailed inventory of your personal belongings to determine the total value of your possessions. This step will help you decide on an appropriate coverage limit.

Next, consider the types of coverage included in the policy. Basic renters insurance typically covers personal property, liability, and additional living expenses if your rental unit becomes uninhabitable due to a covered peril. However, you may need to add endorsements for high-value items like jewelry or electronics³.

Don't forget to review the policy's deductible, which is the amount you'll pay out of pocket before the insurance kicks in. A higher deductible generally means lower premiums, but it also means more out-of-pocket expenses in the event of a claim.