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Sea Tac renters insurance is an affordable investment in your financial future. Without Seattle renters insurance protection, any damage or loss to your personal property could drain your savings and drive up your credit card debt. Some Seattle area renters mistakenly assume that the landlord or property manager will take care of all the damage resulting from a fire or natural disaster, but that is not the case. Sea Tac renters insurance helps your recover that loss at little cost to you.

Sea Tac is a suburb of Seattle in central Washington state. The city gets its name from the Seattle Tacoma Airport, which lies within the city limits. People living near large cities often find renting to be a budget-friendly option to buying a home. While renting comes with fewer obligations than home ownership, having Sea Tac renters insurance is a must. Disasters do not discern renters from owners, so be prepared for the unexpected.

Personal Property Coverage

Some people living in Sea Tac rental homes may think they do not own enough to make a WA renters insurance policy worthwhile. Fortunately, the limits and rates for personal property coverage are based on what you actually own. A recent college graduate in a one-bedroom Sea Tac apartment will not pay the same amount for insurance as a family living in a two-story rental house. Even if you own very little, it is a good idea to make sure it is protected.

Sea Tac renters insurance policies comprise four forms of coverage: personal property, loss of use, liability and medical payments. Personal property coverage is the most well-known and the reason most people sign up for coverage in the first place. Personal property coverage compensates you for loss or damage to your belongings in and around the rental home. Most policies cover only damage caused by a peril listed in the policy, and this list is usually quite comprehensive. For a significantly higher premium, Sea Tac policyholders can opt for an open peril policy that covers damage under any circumstance unless expressly excluded in the policy.

Your coverage limit and premium rate is set based on what you own. Some Washington rental policy providers have you simply estimate the value of your belongings, but you run the risk of unintentionally low-balling yourself with such an imprecise measure. The better method is to make an inventory of your belongings to come up with a more precise value. The inventory comes in handy when there is a disaster in proving that you owned the items you are claiming were damaged or destroyed. This comprehensive list will help the Sea Tac renters insurance agent and claims adjuster determine how much to award on a claim.

To make an inventory, list all of your belongings by category, noting where in the Sea Tac home they are located. The list should include an item description, photographs and any receipts or other documentation you can find. Include the serial numbers of electronics and firearms to aid WA police in an investigation of theft if necessary. The inventory should be updated annually with the Sea Tac renters insurance company to ensure you are compensated fairly. If you make a major purchase, be sure to add that right away so it is covered from the start.

Limited Coverage and Endorsements

Some classes of personal property may be subject to specific dollar limits. Items that are typically limited include cash, jewelry, furs and firearms. For instance, you may not be able to use an entire $25,000 claim to cover only your stolen jewelry. The limits vary by Sea Tac renters insurance provider. If these belongings are worth more than the set limit, you can buy an endorsement to raise those limits.

The total coverage limit on your Washington renters insurance policy might be $25,000 with a $500 limit on jewelry, watches and furs. If your jewelry, watches and furs amount to $10,000, you will need an endorsement to ensure you are fairly compensated. In case of a total loss, that would effectively raise your coverage to $35,000. In the case of jewelry, you usually need a professional WA appraisal to determine the collection's worth. This is an instance where photographs are vital to prove exactly what you owned.

An important distinction to look for when buying Sea Tac renters insurance is whether the policy compensates actual cash value or replacement cost. Most renters insurance policies calculate the award on a claim by actual cash value, the market price less depreciation. The TV you bought six years has lost value over the years, so the Sea Tac insurance company would give you only what you could buy the same TV for today. Replacement cost is the value of a comparable item today. A Sea Tac renters insurance policy that offers replacement cost is a better value, but much more expensive.