As a renter, you may feel like you don’t need insurance. After all, your landlord’s insurance should cover the building. However, a renters insurance policy is vital to protecting your belongings and your financial wellbeing. Here are four situations when you need to update your policy.
1. When You Move
If you’re moving to a new apartment, you’ll need to update your renters’ insurance policy. Your policy should list your current address so that the insurer knows where your belongings are located. If you have any high-value items, such as jewelry or art, you may need to purchase additional coverage for them.
2. When You Get Married
If you get married, you’ll need to update your policy to reflect your new marital status. Your spouse will be covered under your policy, and you may need to add them as an additional insured. You may also need to adjust your coverage limits if you have more assets as a married couple.
3. When You Acquire New Belongings
If you acquire new belongings, such as a new television or piece of furniture, you’ll need to update your policy to reflect the added value. Your coverage limits may not be high enough to cover the replacement cost of your new belongings. Remember, ignoring this step could leave you underinsured and at risk of paying out of pocket for replacements.
4. When Your Policy Expires
Your renters’ insurance policy will have an expiration date, and you’ll need to renew it before that date to maintain coverage. If you let your policy lapse, you may be unable to file a claim for any damages that occur during the lapse period.
Get Renters Insurance in Napa, CA
If any of these situations apply to you, it’s important to update your renters’ insurance policy as soon as possible. Wine Valley Insurance Services can help you find the right policy for your needs. Give us a call today to get started.