Insurance For Renters
If you rent a house or apartment you should carry renters insurance to protect your belongings
. If the house you are renting or the apartment building you live in should be damaged by fire, wind or some other disaster, you could lose everything you have including your clothing and furnishings.
Your landlord owns the house or apartment building you are living in and his insurance covers the loss of or damage to the property itself, but not the contents. Anyone renting living space inside the building is responsible for their belongings and should carry insurance to cover any loss to them.
The renters insurance policy typically covers everything contained in your dwelling place. The policy is not based on an itemized list of your belongings, but the estimated replacement cost of those items. You will need to estimate that amount for yourself, although the insurance agent can help you decide on that amount. The coverage will depend on how much you want to spend on insurance and your deductible.
Since your renters insurance is not based on individual items, the value of any collectibles should be included in the total estimated value of the policy.
The cost of renters insurance is relatively inexpensive considering the peace of mind it provides to you. You can choose an estimated value of your belongings, and your premium is based on that amount. You may insure all your belongings for a value of $25,000 and if disaster occurs you will get $25,000 minus your deductible. A typical deductible might be $500, and that is the amount of loss you need to incur before the insurance company pays anything out. For example, you might lose the value of a furniture item stored in a basement locker, but only the amount above $500 will be made in a payment to you. The premium cost ranges between $5 to $40 per month, based on the estimated value of the contents of your home.
Most insurance companies provide renters insurance policies. Check your local phone listings under insurance companies and call some to compare coverages available and the cost involved. You can also check online to locate companies that provide insurance for renters in your area.
Once you have collected a few renters insurance quotes, you will be able to make a good choice in a provider. Select a reputable company, purchase the policy that's right for you, and then enjoy the peace that comes with knowing you're belongings are covered should the unthinkable happen.
by: Serena Klein
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