Connie Phillips Insurance Blog

It's important for all renters to save money!

It is incorrect to assume that your landlord's insurance policy will cover you for loss or damage of personal possessions or for any liability incurred when a person is injured while visiting your house. Maryland renters insurance is a wise investment as it can cover you in these types of eventualities however the price of the premium will vary according to a number of factors including the type of insurance that has been bought.

Here are two main factors:

Actual Cash Value or Replacement:  Actual Cash Value (ACV) refers to the replacement cost of the item minus any depreciation. More favorable from a policyholder's point of view is replacement cost, by which the insurance company will pay for the cost of replacing the item with a new one. While replacement is of more benefit, expect to pay a higher premium for this type of insurance.

Safety risk: Premiums will also be calculated on the safety risk of your house or apartment. Here such factors as where you live, as well as how secure your home is are taken into account. One way to reduce the likely cost of your insurance premiums is to install recommended door and window locks and consider further security such as alarms.

To find out more about Maryland renters insurance and the factors that influence your premium price, why not contact one of our agents and arrange a quote? They will be able to assist you with any questions you have about this type of coverage.

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