Question

Tyler and Sherry Hughes, both graduate students, moved into an apartment near the university. Sherry wants to buy renter’s insurance, but Tyler thinks they don’t need it because their furniture isn’t worth much. Sherry points out that, among other things, they have some expensive computer and stereo equipment. To help the Hughes resolve their dilemma, suggest a plan for deciding how much insurance to buy, and give them some ideas for finding a policy.

Answer 1

A renters insurance is a policy group coverage that help protect you along with your belongings.The reason one should think of going of renter's insyinsur is the fact that normally the landlord has insurance of only the apartment dwelling you live in while all the belongings, electronics etc are not covered and are at renters risk.

Having said this it is imoorimpo to first get an estimate of your belongings and their approximate worth.You don't wanna have an insurance premium that costs more than the belongings are worth and also to make sure that you are taking the correct policy depending on your condition.There are various parts in policy like basic property coverage,loss of use, additional coverage, liability coverage.One needs to consult the insurance agent to fairly work out your situation and how much and what coverage you need. Many a times various policies don't cover loss by earthquake,flood etc so if you stay at a place that are prone to such damages then you need to take an additional other policy for that.

In this question Hughes have some expensive electronic equipment so they need to calculate the worth of their belongings and talk to the agent so that they can have a right policy for them.