The savviest renters not only know how to make a space their own, but how to make their renters insurance policy their own. As such, savvy renters also apply the most practical policy upgrades to their insurance to maximize their coverage. To help you join the ranks of savvy renters, our insurance experts are here to tell you about the most practical policy upgrades and how they can benefit you!
Brush Up Your Lingo
Before diving into the most practical policy upgrades, it’s helpful to understand the lingo. While an endorsement (also commonly called an rider) increases the coverage for property categories, like jewelry, a scheduled endorsement policy adds coverage to specific high-value items, like a baseball card collection.
1. Scheduled Property
Now that you’re well-versed in the lingo, it’s time to talk about scheduled property endorsements. Most basic plans have dollar limits to the coverage for specific items like jewelry or electronics. If you have a suped-up gaming system or prized art collection, you can schedule a property endorsement to add coverage to those high-value items.
2. At-Home Business
Okay, let’s talk business – your at-home business, that is. Since most standard insurance doesn’t cover the equipment used for an at-home business, this endorsement is a practical policy upgrade for the entrepreneurial renter. So, if you make more than $2,000/year as a celebrated pet portrait artist, endorsement is a wise insurance upgrade to consider.
3. Identity Theft Protection
Believe it or not, identity theft protection has become a popular part of renters insurance plans. Considering the alarming increase in cases of identity theft, this is among the most practical policy upgrades you can make, as well as one of the most cost-effective. Usually costing about $25/year, this upgrade is considered a no-brainer by most providers.
4. Replacement Cost
For renters with expensive items, replacement cost endorsements are practical policy upgrades. Simply put, you pay a bit more upfront for a higher payout to replace a specific item in the event of a claim. This endorsement allows you greater coverage of your higher-value items, without having to switch to an actual cash value policy.
Texas storms are no joke and renters insurance won’t cover severe weather damage. But you can get flash flood and hurricane coverage by adding a National Flood Insurance Policy via the federal government.
Additional Upgrades to Consider
While we’ve highlighted the most popular policy upgrades, there are some additional areas of coverage you may want to consider adding to your renters insurance plan.
If you’re an animal lover like we are, you appreciate the many ways in which pets enrich our lives. That being said, even the most mild-mannered pets can be badly-behaved beasts. Since most basic plans don’t cover damage or liability associated with your pet, it may behoove you to add a pet damage endorsement to your renters insurance policy.
Sewer & Drain Backup
Picture this scenario: Returning home to your newly furnished apartment, you open the door to a situation comparable to the indoor monsoon scene from “Jumanjii”. Come to find out, your drain’s backup succumbed to the recent rain. Even worse, the damage isn’t covered by your renters insurance, as you failed to add sewer and drain backup coverage!
Find the Most Practical Policy Upgrades to Your Renters Insurance
While these policy upgrades are among the most popular, we know that no two renters are the same, and neither are their coverage needs. Our insurance experts will not ask you to simply settle for the “standard” coverage – we take the time to learn about your lifestyle and shop around for the perfect policy options to meet your needs. Build your custom plan with a Lifetime pro today – give us a call at (972) 771-2622 or visit our site!
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Our insurance experts can build the perfect plan to protect what’s most precious to you. Click “Find Coverage” to see what Lifetime can do for you!