What Does Renters Insurance Cover?
So, as a renter you don't think you need renters insurance
? Did you know that the property owner's insurance most likely only covers their property and real estate and does not cover your personal property? Property owners expect each renter to carry renters insurance. You should also consider that renters are at risk for fire that starts in another unit and spreads to theirs and that they are at a higher risk for theft. All renters should buy a good renters insurance policy, and you will be surprised at how affordable renters insurance really is.Renters insurance typically covers the loss of your personal property or possessions from vandalism, theft or fire at their replacement value. Generally renters insurance coverage offers two types of replacement values: Full coverage and actual cash value. If you buy full coverage, renters insurance will replace your personal property at its full replacement value. This coverage is typically more expensive, but can be worth it. If you buy actual cash value coverage, renters insurance will replace your personal property at its replacement value, minus a depreciation cost. This often means that you are not able to replace everything.
Renters insurance also covers the medical costs of any people injured on the rental property. In addition, your renters insurance policy should cover any legal defense fees and awarded damages if you must go to court. Some renters insurance policies cover unauthorized charges on your credit cards. Food spoilage, under specified conditions such as storms, can also be covered under a renters insurance policy. Also, renters insurance policies cover certain costly repairs to the property. Like house insurance, flood insurance is a separate coverage, but it is available and can be well worth it. And, just like house insurance, renters insurance can cover temporary living expenses while you are living away from your home awaiting repairs after a disaster
You can often get a discount on your auto insurance by bundling it with your renters insurance. In this case, your renters insurance policy might provide additional insurance coverage so that any items stolen from inside your auto are covered and can be replaced.
When you buy renters insurance you will tailor the insurance policy to fit your needs. It's a good idea to list all of your personal property and possessions. Take a video tape of everything you own. If you have a good idea of the worth of your property, you will have an idea of what kind of and how much renters insurance to buy.
It's easy to find a good affordable renters insurance policy in San Jose. Just go online and search for the keywords "renters insurance San Jose" or "renters insurance Fremont." You can get a free insurance quote online and compare policies to find the right renters insurance for you. When you meet with your insurance company agent, check what discounts are available.
Why buy renters insurance? Nothing will probably happen. But then again it might. What if a lit cigarette in someone else's unit catches fire? What if someone gets injured on the property you are renting? When you consider all the safety risks that renters really are exposed to, you will probably be amazed at just how affordable renters insurance really is!
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