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Renters Insurance

Guide to Renters Insurance


Renters are wise to research the options available to be financially protected and this includes good renter’s insurance protection. Once one does their research, it will become obvious that a landlord’s own policy will not protect them in the cases of theft, flooding, or fire. While your landlord will most likely have his or her own insurance protection, a landlord’s insurance policy only covers the landlord’s personally owned items and the structure of his or her building. It will not, 99 out of a 100 times, protect the renter’s personal items. Renters insurance is the cost-effective choice for protecting personal items and extending valuable liability protection for the renter, should something unexpected and loss-inducing occur.

Renters Insurance Coverage

A good renter’s insurance policy will extend coverage for tenants residing in rental apartments, condos, townhomes and single family homes and covers much that a typical homeowner’s policy will also protect, such as clothing and appliances to electronic items and furniture and so much more. Under renter coverage, your personal belongings will be protected against fire, theft, vandalism, and even some forms of water damage.

This kind of policy also can provide coverage for accidental damage you might inflict upon someone else’s property and can give you liability protection should you be sued by someone else for an injury that happens while he or she is visiting in your rental home. With appropriate renter’s coverage, you will be protected if, for instance, water floods the kitchen floor and results in water damage to the unit below or if a person trips and falls in your apartment and breaks a bone and sues, or if a burglar gains entry into your home and steals your personal items.

Good renter’s policy coverage will even compensate you for lodging elsewhere while covered damages to your unit are being handled.

Renter Coverage Levels Needed

Personal items are likely more valuable than many renters might assume. Surprising to many, the usual renter has between $20K and $30K worth of belongings and, it is important to keep in mind, that none of it is protected under a landlord’s policy.

To acquire appropriate coverage, one is advised to write down an inventory of belongings. Once one is ready to buy coverage, it is perhaps a good idea to choose a “replacement value” policy that will compensate for replacement items if the renter’s items are damaged. This is an alternative to “fair market value” of damaged or stolen items for which one is compensated although at an often much lower rate.

Discounts for Renters

Renter policies are already surprisingly affordable, but providers make available even more ways to save on insurance premiums with the following discount offers:  Multi-policy discounts; Home security discounts; Retiree discounts; Claim-free discounts, and more.

Quotation for Renters Policies

A renter can receive protections potentially worth multiple thousands of dollars if he or she acquires coverage that can cost just a buck or so a day. Don’t make the mistake of leaving your personal property vulnerable to damages or theft- Contact an insurance pro today for a quote that leads to a renter insurance policy that will extend the coverage you need and deserve for your rental home.