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When to Upgrade Your Renters’ Insurance Policy
Certain unique circumstances may necessitate modifications to your existing renter’s insurance policy. Consider the following points before consulting with an insurance agent in the Memphis, TN region for potential policy upgrades.
Increased Liability Risk
If you’re living in a rental that might lead to an injury, this increases your liability risk, and such scenarios may call for upgrading your existing policy. In case someone gets injured in your rental unit and you’re at fault, you’ll be held responsible for medical bills and legal fees.
Particular items in your possession that could make your rental a liability risk must be taken seriously. For example, owning an exotic pet might need additional coverage on your existing policy.
Extreme Weather Conditions
Residing in an area prone to extreme weather conditions could prompt you to seek more substantial insurance coverage. The looming threat of a hurricane or a flood can be disturbing. Upgrading your policy to cover extreme weather is one way to protect against unpredictable weather conditions.
Shared Living Spaces
Your renters’ insurance policy covers you as the occupant of the dwelling. If you’re sharing a living space with someone else, you’ll need to detail which items you’d like to include in your policy. The person who shares your space will need to secure their own insurance coverage, separate from your policy.
Valuable Advice and Services from Insurance Agents
An insurance agent serving Memphis, TN, can help you select the type of coverage you need while renting actively. If you have unique needs qualifying for specific coverage, one of our Keltner Insurance agents can assist you in upgrading your existing policy as required.
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