One of the most common property insurance in today's market is Renters Insurance. A few years ago renters insurance was optional, but now has become one of the requirements by landlords or property management companies before the tenant can move their personal items into the apartment -- and proof of purchase is required. 
What is covered?
Renters insurance is similar to homeowners insurance, only providing insurance protection on items inside your rental space versus the building and your stuff. A suggestion on how to determine the level of insurance on your stuff -- go to each room of your current space and add up how much it would cost you to replace each item. It does not have to be an exact figure. This can be challenging if items currently owned were obtained from hand-me-downs from family or friends. It may be best to estimate on what it would cost you to purchase each item brand new.
Other important items
Deductible -- what you will pay out of pocket or what will be subtracted from your claim settlement. Deductibles can vary, but most common is $500 or $1000.
Liability limits are also provided with the renters insurance policy. Liability provides protection for you for things you damage also known as at-fault claims. Most landlords require a limit of $300,000 per occurrence, or can require higher to match the limits on their insurance policy.
Replacement Cost can be selected to enhance the coverage on your stuff from Actual Cash Value to the cost of replacing the damaged item with a like kind in today's market. An example would be a 10 year old television -- if damaged in a fire, without Replacement Cost, your adjuster would reimburse you for a 10 year old television set minus your deductible. You may not be able to replace it with Actual Cash Value coverage.
Where to buy?
Most insurance companies offer renters insurance -- you can contact Consultative Insurance Group at 1.800.886.0305 to learn more about the options and coverage available.
Even if you are not required to carry renters insurance, it is a good suggestion to do so. Even if your risk is low, accidents can happen. Call our agency today to receive your free quote on rental insurance: 1.800.886.0305 or click here to request a quote.