You Need Renters Insurance
Thursday
29 July 2010
You Need Renters Insurance By B. Steele
Renters insurance typically covers the cost of replacing
personal items that are stolen, damaged, or destroyed. You may think that the
landlord’s insurance protects your belongings, but you need to protect yourself
in the event of fire, flood, or theft. Typically the landlord only has
insurance to protect the property itself. To protect your belongings, you may
need to purchase renters insurance. More and more landlords are requiring
renters insurance as a condition to rent. Everyone renting an apartment or a
house should have renters insurance, and they should purchase that insurance
from a reputable company.
Almost all renters insurance includes liability insurance,
which covers you from $250,000.00 to a million dollars. This is the primary
reason that many landlords want you to have renters insurance. Even though your
personal belongings mean a lot to you the syndicate that owns your building
could care less about your flat screen television. They want to make sure they
are covered in case of injury (or worse) on their property.
Renters insurance can also offer protection before, during,
and after your move. Do you need renters insurance? Of course you do! We
recommend that you obtain renters insurance to protect yourself and you
personal property-always! Your personal belongings mean a lot to you, more than
you even realize. When tragedy hits, renters insurance may be the only comfort
you have. If the property you are renting becomes uninhabitable at least you
will know that you will have the means to replace some of your things, even if
they are not the items surrounded by sentiment. Most policies also pay for
temporary relocation if your housing is uninhabitable.
Don't Borrow Trouble. We all see it in the newspaper on a
regular basis. A person or family has lost everything in an apartment or house
rental fire and they have no insurance. Community members usually rush forward
to donate old furniture or clothing and it’s wonderful that they do. But,
wouldn’t it be nice to know that you have the coverage to take care of your
family if such a horrible thing happened to you? Buy renters insurance. Protect
your most valuable assets. Get renters insurance quotes and compare the
coverage you are offered with each one. You can get these online or make some
phone calls.
Sadly, a lot of renters don’t even know that renters
insurance exists. They only find out when the worst happens to them and to
their family. It’s easy and inexpensive to purchase this type of insurance. It
may be one of the best insurance bargains around. In most areas renters
insurance can be purchase for around $200 per year for average personal
belongings. Now that you know how inexpensive it is and what it might do for
you, why wouldn’t you buy renters insurance?
Read Others Related Articles on Renters Insurance
What Is Renter's Insurance Really All About?
By Tim Gorman
Renter’s insurance is protection intended for
anyone who rents an apartment, home or other live-in dwelling. Purchasing
renter’s insurance can protect you against the risk of fire, theft, windstorms,
falling objects, smoke, and vandalism. Another important aspect of renter’
insurance is that it protects you against liability in the unlikely event that
someone meets harm or injury in your home
While it is true that your landlord more than likely holds
insurance on your residence his insurance normally only covers the actual
building you reside in. The burden of replacing your personal property lies on
you. The landlord’s insurance definitely will not cover any legal
responsibility for injury or damage to a guest or their property. In many cases
rental insurance may even provide for the cost of a legal defense.
It is also important to make sure you are aware of the
different types of coverage and that you provide yourself with adequate
protection. Personal property coverage protects the assets in your home such as
your furniture and clothing. It also provides protection for those things you
may have with you while traveling or away from home.
Loss of use coverage pays for living expenses when an
insured loss prevents you from habitation of your home. This includes food and
shelter for the duration of time while your home is being repaired or replaced
for up to two years.
Inflation coverage routinely augments the amount of your
insurance coverage as cost of living expenses increase. Personal liability
coverage grants payment for legal accountability according to the limits of
your individual policy for damages based on bodily injury or property damage,
which are incurred in your home.
Medical payments to others coverage pays the medical
expenses for visitors who are accidentally injured while a guest on your
premises. This coverage does not pay out to you or your family members who
reside with you.
When purchasing renter’s insurance you will need to make a
decision as to whether to insure your possessions based on their actual cash
value or their replacement value. Actual cash value payouts will be based on
how much your property is worth post depreciation, meaning if you lose a
10-year-old computer to wind or storm damage you will be paid the cost to
replace the same 10-year-old computer. Replacement coverage pays a return
without consideration of depreciation.
The best thing about renter’s insurance is that for the
amount of protection it provides it is still relatively inexpensive and if you
purchase your renter’s insurance from the same company that insures your
automobile you may be eligible for a significant discount.
As with any insurance that you purchase it is
important to make sure you understand exactly what may or may not be covered by
your renter’s insurance policy. Some losses that may not be covered include but
are not limited to flood or underground water damage, earthquake, mud or
landslide damage or even nuclear hazards. Although your renter’s insurance may
not cover these disasters it is highly probable that optional or additional
coverage may be available for an additional premium.
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