First Dependable Insurance Blog

All You Ever Wanted to Know About Insurance

InTouch Insurance Show KLAV 1230 AM for Thursday, May 17th

In this week’s InTouch Insurance Show, we talked about why you need renters insurance and what you should know before buying a renters insurance policy

You may have seen the apartment fire that happened on May 3rd here in Las Vegas.  The Ashford Manor Fire (Smoke Ranch and Jones)  displaced 16 families totaling 39 people overall.  Of those 16 families, only one had renters insurance and was covered for a fire that started by accidental careless smoking.

Unfortunately, stories like this happen more often than we think, which is why it’s so important to purchase renters insurance if you are currently renting an apartment or home. 

The first questions to ask yourself when adding a renters insurance policy include:

  • How Much Coverage Do I Need?  How much would it cost to replace my belongings if they were damaged or stolen?  The amount of renters insurance you choose will have the biggest impact on the price of coverage.  It’s important to insure against all of your property, and remember there are other factors to protect yourself against besides theft, including fire.
  • What Deductible should I select?  The amount of the deductible that you’re willing to pay will have a major impact on the premium costs.  The higher the deductible, the lower the cost of renters insurance.
  • Should I cover my contents for replacement cost or actual cash value?  Actual Cash Value coverage will pay for what the item was actually worth at the time of loss (which includes depreciation).  Replacement Cost will provide for the actual replacement value of the item with no deduction for depreciation.  Although replacement cost coverage costs more, it’s usually worth the relatively small increase in cost.

These are a few things you should consider before getting your renters insurance.  There are also ways to save money on a renters insurance policy, so contact us today at www.InTouchInsurance.com or call us in Summerlin at 702-304-9998 or Silverado Ranch at 702-617-1870 to learn more about what coverage options are available to you.

Download and listen to the show here