Many people who rent a home, apartment, condo or flat are under the mistaken impression that the landlord carries insurance on all the things that are in his rental unit. They are rudely awakened when they find that a fire, storm or other occurrence that damages the unit in which they live and its contents is insured by the landlord for the structure only. The contents, your “stuff” is not.
Homeowners rental insurance is a necessity if you want to protect your possessions in a rental property. Burglary, fire, storm damage, water damage anything that occurs and results in a loss of your property is covered by this type of a policy.
Home insurance for renters does much more than that though. Every rental insurance policy also contains liability protection for you in the event that someone is injured on your property. This liability coverage will pay for any medical bills as well as protect your assets from lawsuits resulting from injuries to others. Most policies also contain financial assistance if you are forced to live elsewhere because your rental property is uninhabitable.
Renter’s Home Insurance To Protect Your “Stuff!”
To begin the process, if you take an inventory of all your most valuable possessions including serial numbers if the articles have them it makes a claim and proper reimbursement much easier particularly in the event of a burglary where the physical object is no longer available. This renter’s policy also protects property of yours when you are away on a trip and your possessions are taken from your car or hotel room.
After you have completed the inventory it is wise to total up your assets and protect them by getting sufficient liability coverage. Most experts recommend a minimum of $100,000. Next, you will be asked about a deductible amount. The deductible is the amount you pay before the insurance begins to pick up the tab. Choose an amount that you can safely handle, remembering that lower deductible amounts cost more.
Shop insurance quotes online to compare the costs of renter’s insurance policies and their coverage as well as options. If you live in an area subject to extreme weather events like hurricanes or flooding or an area prone to earthquakes you may wish to purchase specific coverage for these forms of damage. A standard policy does not always cover them in a floodplain or quake zone. With a renter’s insurance policy, you may find great savings by considering the bundling of your auto and renters policies together from a single insurer. Savings from 10-25% can be had for exercising this option. At ConsumerCoverage (https://www.consumercoverage.com/) you can get access to some of the country’s best property and casualty companies who provide renters insurance. Most of them will offer you the opportunity to bundle your renters and vehicle insurance together. ConsumerCoverage.com is you easy internet source for all types of insurance, health, renters, life and vehicle. Your insurance source. Period!
