Renters insurance is designed to protect your belongings in the event of an accident or environmental disaster. As with most insurance policies, renters insurance generally has a renewal time. Typically, renters insurance automatically renews after a year. Otherwise, an insurance agent will contact you to renew the policy. If you wish to remain with your current insurance provider, you can simply renew the same policy or review the policy and adapt it for another year. 
When Should You Change Renters Insurance?
There are many instances where you may want to change or even cancel your renters insurance policy. Reasons may include:
- Changing insurers
- Moving
- Changing coverage limits
- Personal/lifestyle changes
- Adding dependents
Changing Insurers
Sometimes you may want to switch insurance agencies. A lot of times this occurs due to a change in rates, causing the insured to move to a cheaper provider. Insurance policies aren’t transferable between different insurance agencies, so you will have to cancel your policy and sign a new one with the insurer of your choice.
Keep in mind that in most apartment complexes, renters insurance is required. A lapse in coverage can cause issues with your landlord, so make sure to keep your landlord updated and purchase another policy as soon as possible.
Moving
A policy may follow you, but there are exceptions. If you purchase renters insurance through your apartment complex, that policy won’t follow you when you move to a different complex. If you’re moving somewhere outside of the insurer’s usual area, you may need to switch insurers, depending on their policy. Besides that, moving can affect how much coverage you need. If you’re moving into an area with less crime, you may want to lower your personal possessions coverage in order to save money.
You might also move to an area that has more environmental threats, such as hurricanes and floods. If you do this, you might decide on more coverage to protect your personal belongings.
Changing Coverage Limits
There are other instances where you may want to change coverage limits. Depending on the activity around you, you may decide to add or subtract coverage. Most renters insurance policies cover around $100,000 in liability and $10,000 in personal possessions.
Personal or Lifestyle Changes
Changes in your personal life can also affect your renters insurance needs. If you host a lot of parties or gatherings, you may want to have more liability insurance in case of an accident regarding your guests.
This is equally true if you decide to adopt a pet, such as a dog. Dogs are often covered under liability renters insurance in the event they cause property damage or bodily injury to others. Whether your dog is likely to bite or not, it pays to have extra coverage just in case.
Adding Dependents
Children under 18 years of age can be covered by the liability section of your renters insurance policy. In other words, most property damage or bodily injury they accidentally cause may be covered. If you have a child or decide to add one to your policy, you can change your policy at any time.
Roommates do not generally count as dependents. You may add a roommate to your policy, but this is not recommended. For example, if you and your roommate both lose everything in an apartment fire but you only have the basic coverage, you may not both receive full compensation to replace your belongings. It’s recommended that each roommate carry their own renters insurance policy.
You should be able to update your renters insurance policy at any time by calling your insurance provider, such as your Waymon Lynch & Associates agent. Notify them of any changes immediately to protect your coverage.