As opposed to speaking to a Realtor or Lender, you should call some local insurance agents. Renter's insurance is very important, so it is great you are looking to obtain it. My best advice is to make sure it will truly cover all of your belongings. It is easy to think that 20k might be enough - before you purchase look around and take in the replacement value of all of your furnishing and belongings including electronics. Also if you have something like an engagement ring or heirloom jewelry you will want to add that to your insurance as a "Rider" - it might now be covered otherwise.
Good luck to you!
Thanks for your post. I apologize that we haven't written back to you on this matter. Realtors are not insurance agents, and any area that requires a license (such as insurance) is best answered by insurance agents.
As for what you need to ask when buying rental insurance, you can allow the insurance agent to help you in this area. He or she will have the expertise to know what questions to ask you to provide you with the best policy to cover your needs. However, here's a short list of the questions I used to ask my insurance agent, when I bought rental insurance a long time ago...
1. How much person property does the typical rental policy provide? Do I need to add more if I have collectible items or valuables, such as jewelry? How do I document those items for the insurance carrier in the event of a loss?
2. How much is the deductible? How much would the policy cost if I raised or lowered that deductible?
3. Would the rental insurance cover my living expenses and/or medical expenses in the event of a loss? How much coverage does it provide?
4. What if a fire broke out and it was my fault? Will the policy still cover me?
5. If one of my friends gets hurt in my home, how much coverage does the rental insurance provide? What if someone sues me from a loss in my home--what coverage do I get from the insurance policy? Any?
6. (This is the good one) You've seen my home, what would you recommend for policy coverage here?
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