At Everett Insurance in Glen Allen, VA, we understand the importance of protecting yourself in case the unexpected happens. You could be blindsided by a fire, displaced by wind damage, or caught off guard by a burglary. In any case, it’s essential to have peace of mind knowing that the belongings you’ve worked so hard for are protected and can be replaced after a covered peril.

As crucial as renters’ insurance is, we’d like to highlight seven common mistakes policyholders make regarding their renters’ policies, so you’re well-informed and prepared for whatever unexpected twists and turns life may bring.

1. Underestimating the Value of Your Property

Many renters aim for coverage that’s as “cheap” as possible. However, if you own high-ticket electronics, collectibles, or jewelry, it’s worth getting extra coverage to ensure your possessions are fully protected.

2. Not Knowing What Is Excluded in Your Renters Policy

Renters are often unfamiliar with the exclusions in a standard renters’ policy. For instance, earthquakes and floods are not typically covered. Avoid disheartening surprises when filing a claim by familiarizing yourself with policy exclusions.

3. Not Keeping the Policy Up to Date

Keeping your policy updated ensures you are adequately covered after a move, a life change, or the purchase of expensive items.

4. Believing the Landlord’s Insurance Will Replace Belongings

A landlord’s policy only covers the building structure or home you rent from them. Renters’ insurance helps replace your possessions and provides liability coverage.

5. Failure to Compare Quotes

When searching for the best coverage at a reasonable rate, it’s helpful to shop around and compare quotes from different providers.

6. Not Learning About Deductibles

Deductibles affect price—the higher they are, the lower the insurance premium. While most consumers desire a lower rate, they often overlook their ability to pay a higher deductible if a claim occurs.

7. Seeking Coverage for a Retroactive Incident

Some consumers don’t shop for coverage until after an incident occurs. Insurance policies only cover incidents that happen during the active coverage period.

For More on Renters’ Policies

We love it when our customers have confidence in the policies they have with us, knowing they are protected after a covered incident. If you’re in the market for renters’ insurance, we’d be happy to assist you. Contact us at Everett Insurance in Glen Allen, VA, at (800) 296-1011.