A Spin on Spending - Renters Insurance

Friday, March 01 at 02:00 PM
Category: Arvest News

Renters insurance is designed to cover the cost of replacing your belongings in the event of a natural disaster, theft or an accident.
Before you sign on the dotted line shop around and be sure you’re choosing the right amount of insurance for your needs from a company you trust. Spend some time and take an inventory of your possessions, this will help you determine how much coverage you should get.
 
When you’re buying renters insurance, you will need to decide whether to get an actual cash value policy, which takes into account things like depreciation and gradual wear and tear of the property, or a replacement value policy. Actual cash value policies are often cheaper, but do not offer as much bang for your buck.

Choosing a higher deductible means you’ll be paying more upfront if you need to file a claim, but your monthly premiums will be lower. If you choose a lower deductible, you’ll pay more each month – but your out-of-pocket cost will be lower during an already potentially stressful time.

If you need to file a claim, bank statements are a great way of showing proof of purchase and ownership. Even if the statement doesn’t name the item exactly, it will show amounts, dates and the companies you purchased from, backing up your claim. You can view your monthly statements quickly when you have enrolled in eStatements through Online Banking within BlueIQ™ or the Arvest Go mobile app.

 

Tags: A Spin on Spending, Arvest
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