For more information about the author, click to view their website: Laurel Flowers - State Farm Insurance Agent
How do I know how much renters insurance to buy?
Tips to help choose accurate, appropriate limits for your
personal property and liability coverage.
You've followed your rental guide and it's time to move in!
Your furniture is in place, the utilities are hooked up and your rental unit is
starting to look like a home. And now you might be asking yourself — do I need
renters insurance? It is estimated that 56% of renters do not have renters
insurance.
A renters policy is more important, accessible and affordable
than you might think, and in some cases, renters insurance is required by
landlords. But renters are often unclear about what renters insurance is, what
it covers and how much they need.
What does renters insurance cover?
In short, renters insurance covers what you own. Most
landlord's insurance covers only the building and damages due to negligence.
Getting coverage for some of the most common causes of property damage and loss
— such as theft, vandalism and fire — is entirely up to you. Without renters
insurance, you may have to bear the financial burden of a loss on your own,
including the cost of a hotel stay if you cannot live in your apartment while
repairs are made.
Want to protect your stuff?
Most renters' belongings cost more than they think. The
average person has $30,000 worth of belongings that are probably not covered by
a landlord's policy. Take a moment to add up the approximate cost of your
computer, television, stereo, furniture, jewelry and clothing. If a fire gutted
your apartment tomorrow, would you have the cash to replace it all?
Renters insurance also covers much more than just your
personal property. The average policy can include up to $100,000 in liability
coverage. That means in the event of a covered loss, your insurer will help
cover the costs if you're held responsible for injuring another person or
damaging another person's property. Moreover, this coverage applies whether the
incident occurred within your residence or elsewhere.
Be sure you have coverage against the unexpected with renters
insurance. Get a free quote now.
How much renters insurance do I need?
Renters insurance is relatively inexpensive. According to
NerdWallet, the average renters policy costs about $15 per month for up to
$30,000 in personal property coverage. That's solid coverage for less than the
cost of a few cups of coffee a week. Here are some tips to help you determine
your insurance needs.
Complete an inventory of your possessions. Personal property coverage is
probably the main reason most purchase a renters policy. The coverage will
reimburse you for covered loss, damage or theft of your personal possessions up
to a certain dollar amount. Completing a home inventory is a good way to
determine how much property coverage you need. This inventory lists your
personal possessions, along with details about their age, purchase price or
current value and other identifying information. While you’re at it, take
pictures or a video of your property.
Check with your insurance agent about discounts. Many insurers offer significant
discounts if you buy more than one policy with their company. For renters, this
usually means purchasing auto insurance with a renters policy. But life,
business and other plans may also qualify.
Choose the right deductible. A deductible is the amount of a
covered loss that you pay out of your own pocket. In other words, it's the
amount "deducted" from any payout by your insurer. For example, if a
fire causes $1,500 in insured damage to your personal property and your
deductible is $500, then your insurer will pay you $1,000.
Your renters insurance premiums will reflect the deductibles
you agree to pay. Lower deductibles mean higher premiums; higher deductibles
mean lower premiums. Keep in mind that an insurer will not reimburse you for a
loss amount that is lower than the deductible. This means if your deductible is
$2,000 and you suffer $1,750 in losses, then you are entirely responsible for
those costs, even if the cause of the loss is covered by your policy.
When choosing a deductible, think carefully about the
out-of-pocket costs that you are willing, and able, to pay. A disciplined saver
may be able to offset the greater risk of a high deductible with cash reserves.
Others, however, will have to balance the benefit of a higher deductible
against the risk of greater out-of-pocket expenses.
Assess your liability. Your renters policy's liability coverage may protect you if
someone injures themselves in your home. It may also protect you in case you
cause damage to others' property. Some policies will pay for defense and court
costs in addition to settlement costs. The typical renters insurance policy
offers $100,000 in liability coverage. For renters, this amount is often
sufficient. However, if you entertain company frequently at your home or if
your assets exceed your limit, you should consider a coverage amount equal to
at least the total value of your assets.
Supplement coverage if necessary. Keep in mind that your policy will
exclude certain perils (such as earthquake and flood losses), limit coverage on
some items (such as computers, firearms and silverware) and might not cover a
business in your home. If you have special insurance needs, talk to your agent
about extending limits or adding separate policies.
And finally, where your apartment is located will play an
important role in determining your renters insurance rates. Prices will vary
based on your state, city and neighborhood. Safer locations might mean lower
rates, so renting in a low-crime area near a fire station might save you money.
Your rates will also reflect the safety of the rental property itself. For
example, an older, unrenovated building might have a higher risk of electrical
and plumbing issues, and that can mean higher rates. Fortunately, steps as
simple as installing smoke detectors and fire extinguishers in your apartment
may mean real savings, even if you do rent an older property.
This article was contributed
by Laurel Flowers State Farm Insurance Agent located in Saraland, Alabama. You can contact Laurel Flowers State Farm
team for a renter’s insurance quote.
Call 251-675-4736.
As you journey through the golden years, there comes a time when the question of downsizing into a smaller living space arises. For many seniors in Colorado Springs, this decision can be both emotional and practical.At Gentle Shepherd Home Care, we understand the unique challenges that seniors face, and were here to help our clients understand when it might be the right time to consider downsizing their real estate and to make the transition easier.5 Indicators Its Time to DownsizeBelow are the top 5 indicators that its time for you or your senior loved one to downsize their real estate:Changing Lifestyle NeedsOne of the primary factors that prompt seniors to think about downsizing is a change in their lifestyle needs. As children move out and daily routines evolve, the large family home often feels like more space than necessary. Downsizing allows seniors to find a home that aligns with their current lifestyle, offering convenience and accessibility.Financial ConsiderationsFinances play a crucial role in any major life decision, and downsizing is no exception. Seniors may find that maintaining a large property becomes increasingly expensive, both in terms of mortgage payments and ongoing maintenance costs. Downsizing can free up equity and reduce monthly expenses, providing financial flexibility and peace of mind.Health and MobilityAs we age, health considerations become more pronounced. Climbing stairs, maintaining a sprawling yard, or managing a large home can become challenging for seniors facing mobility issues. While in-home senior care can help with these issues, downsizing can enhance safety and ease of living, promoting a healthier, more comfortable lifestyle.Social IsolationSeniors may experience social isolation if their home is located in a rural area, where neighbors are few and far between. Moving to a smaller residence or a senior community can foster a sense of community, providing opportunities for social interaction and companionship that are essential for overall well-being.Simplifying LifeThe desire to simplify life is another common reason for downsizing. A smaller, more efficient living space often means less clutter and easier maintenance. This not only reduces stress but also allows seniors to focus on the things that truly matter, such as spending quality time with family and pursuing enjoyable activities.Gentle Shepherd Home Care Can Help Seniors with Care NeedsGentle Shepherd Home Care offers a variety of in-home care services for patients who want to remain independent but still need some extra support. Schedule your care assessment to determine if in-home senior care is appropriate for your situation.Deciding when to downsize is a personal and often complex choice. At Gentle Shepherd Home Care in Colorado Springs, we recognize that each seniors journey is unique. Our goal is to support our clients in making informed decisions about their living arrangements.If you or a loved one are contemplating downsizing, were here to help you navigate this transition with compassion and expertise. Contact us today to explore the possibilities and embark on a new chapter that aligns with your evolving needs and aspirations.
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In 2023, Laurel Flowers State Farm excelled in delivering insurance to you and your loved ones, earning recognition for outstanding customer satisfaction and achieving key milestones. With a commitment to continuous improvement, we look forward to what 2024 has to offer and continuing our mission of providing you with the service you and your loved ones deserve.As a hometown resident of Saraland, AL I am proud to serve the Mobile, AL area including Saraland, Satsuma, Chickasaw, Semmes, Bay Minette, and even the Eastern Shore area. However, our customers expand all over the Alabama area and in to Mississippi. I am a graduate of Satsuma High School and went on to earn undergraduate degrees in Mathematics and Business Finance as well as a Masters in Business Administration from the University of Mobile. Ive been in the insurance industry since 2008 where I got my start working in a small agency in Daphne, AL. From then on it was my dream to one day open my own agency. After years of saving and learning the business I was able to open Laurel Flowers State Farm in the heart of my hometown Saraland, AL. Since then weve grown to a team of 7 licensed insurance professionals that care about this community!Our agency strives to do things differently. It is my job not only to have a relationship with our customers and provide excellent customer service but to create value for them by helping create a personalized plan to protect their income and assets and help them achieve their goals. We can help with car insurance, homeowners insurance, renters insurance, life insurance, accident insurance, and small business insurance as well as boat insurance, atv insurance, trailer insurance, and other recreational insurance policies.Our customers love that they have the option to text us or meet virtually and can talk to local people when they have a problem or concern, and that we are so heavily involved in giving back to the community. I was proud to be nominated for Saraland Citizen of the Year in 2019, 2020 and 2021! I have also loved serving on the board of the Saraland Area Chamber of Commerce as their current President. I believe it is important to give back to the community youre in so we support many local sports teams such as the Saraland Volleyball team, Satsuma baseball team, Saraland little league teams, Saraland Soccer Academy, Saraland Middle Cheerleading, Saraland Marching Band, and many others. Weve donated bikes to Chickasaw Elementary to encourage perfect attendance and our entire team showed up to paint the school when asked.Insurance Products Offered:AutoHomeownersCondoRentersPersonal ArticlesBusinessLifeHealthPetOther Products Offered:BankingMutual FundsAnnuitiesWhen and where our community needs us, we intend to be there. When you choose us for your car insurance, home insurance, life insurance, or accident insurance you are helping support these local initiatives. Give my office a call today at 251-675-4736 and talk to one of our exceptional team members about your insurance.