- Get link
- Other Apps
What is Renters' Insurance
Renters' insurance which is also known as tenants' insurance, is an insurance policy that provides benefits similar to homeowners' insurance benefits, but it does not include coverage for the dwelling, or structure. The term renter's insurance stands for property insurance that protects dwellers living in a rented dwelling.
If you rent a apartment or home, be sure to protect from loss of or damage to your apartment or home with renters insurance.
How You can Protect You and Your Possessions with Renters Insurance:
In just a few minutes, you can get a quote for a renters insurance policy online or you may make a quick call to insurance representative to get things started. If you have to leave your home due to a covered event, renters insurance can help cover the loss of or damage to your possessions, additional living expenses , and may even protect you from personal liability claims. Renters insurance can help protect you from the potentially devastating costs of losing the things you own and from the home or apartment that you don’t own. You may get answers to your frequently asked renters insurance questions like, "How much renters insurance do I need?"
You may get the answer of this and hundreds of other questions from insurance representative, or from online quote.
What's Covered by a Renters Insurance Policy
Although your landlord’s insurance likely covers the physical dwelling like house or apartment where you live, it can protect your personal property, such as your clothes, electronics and furniture if you want to. Moreover, renters may spend considerable time and money on alterations or improving their rental unit. If damaged by a covered loss under a renters policy, you may apply up to 10% of your personal property coverage to replace improvements made by you or repair at your expense. Higher amounts of coverage may be applied.
Ways to Save on Your Renters Insurance
You may be able to save money on your renters insurance policy, when you purchase multiple policies or have a home security system. You can also choose for a higher deductible policy. If your covered possessions are lost, damaged or stolen, you may have to pay more upfront before your insurance policy pays a claim. But typically, choosing a higher deductible will cost you lower monthly premiums.
How to Shop for Renters Insurance
Determine the value of your possessions prior to shopping for renters insurance. Make an inventory of the items that you own in your home or apartment. If possible, indicate a brand name and serial number for each item, along with what you paid. To understand how much coverage you will need, this will give you a good starting point.
Afterwards, decide whether you want coverage to replace items at their current market value or their actual cash value. Although choosing replacement value may cost you a bit more in premium payment, in the event of a covered loss, you may cover the cost to replace your items with comparable new ones.
If you choose actual cash value, it means you’re covered for the lost item’s current value. For example, if your five-year old television is lost in a fire, you’re covered for what it would cost to buy another five-year old television rather than what it would cost to replace it with a new television.
Buying a replacement value policy may be the best decision if you have some high-end possessions. While it is more expensive than an actual cash value policy, this type of policy would pay you the current market value to replace covered lost or damaged possessions.