Are you a tenant in Cypress, TX? Do you have renters insurance? You may not own any property, but you need renters insurance to cover your assets and protect yourself when liability claims come calling. Now that you know that renters’ insurance is excellent, how much do you need? The answer isn’t a straightforward one, but InsureUS will guide you through establishing the amount of renters’ insurance you need.
How much personal belongings coverage do I need?
We usually advise our clients to consider renters insurance adequate to replace all their belongings when the worst happens. It would be best to consider the “replacement cost value” when insuring your assets.
However, since most renters don’t have a clue about the assets they own, we recommend you conduct a home inventory to ensure all items in your possession are insured. Once you establish everything you own, you can now talk to your insurer to use the "replacement cost value" for your belongings.
How much liability coverage do I need?
Determining the amount of liability coverage you need can be tricky because you never know the frequency and magnitude of the liability claims. However, you should prepare yourself for the worst. It is better to have sufficient coverage and not use it rather than have insufficient coverage that falls short when you need it most.
We usually advise renters to consider liability coverage of at least $300,000. However, if you have a dangerous pet, are at risk of being sued, or are a high-net-worth individual, we recommend increasing liability coverage by considering umbrella insurance or excess liability coverage.
Learn more about renters’ insurance
The above is just a guide to the amount of renters’ insurance you need. If you need tailor-made advice in Cypress, TX, please contact InsureUS.