When it comes time to upgrade your home’s electronics, such as a laptop, you may be focused on finding the right combination of features and the right price. However, you may also need to think about long-term protection for your new asset. Your renters insurance may help cover this item if you have enough coverage in place. That means if it gets stolen or lost, your insurance plan may help you recover some of the losses.
The investment in a renters insurance plan isn’t an option for most people who rent their home. It provides financial protection for your possessions after a covered loss. Covered events, known as perils, include risks such as fires, theft, vandalism and, in some cases, damage. It covers instances, in most cases, where the item is accidentally damaged or lost in a way that could not have been prevented.
Now, take a closer look at your renters insurance plan. Your plan will provide a coverage limit. This is the highest amount of money it will pay out in a claim. You also may have a sub-limit. That is the amount of money the insurance plan will pay out per item. This is where you may need to pay closer attention when it comes to risks associated with your new laptop. For example, the sub-limit may be $1,000. If your laptop is a high value product, such as one that’s valued over $1,500, you may not see full reimbursement if the item is lost or stolen in a covered claim.
For this reason, you should consider upgrading your renters insurance plan to ensure it offers enough protection for all of the types of valuables you own. A good way to do this is by inventorying your home, gathering information about all of your valuables and looking at their individual value as well. Then, you can decide if you need a plan that offers a higher amount of coverage and protection for you. Taking these steps can help you save money and reduce many of the financial risks you face just owning these types of valuable assets.
Ensure your complete protection. Call Pan American Insurance at (888) 726-3380 for more information on renters insurance El Paso, TX.