Renter Insurance
Renter Insurance
Renters Insurance Faq
Renters insurance can be confusing, to say the least. Here’s a renters insurance FAQ that explains the basics of renters insurance in simple terms.
Why do I need renters insurance?
Natural disasters like floods and hurricanes are on the rise, theft and vandalism are increasing, and if you don’t have renters insurance you could lose everything you own.
Many renters think their landlord’s insurance will cover damages to their personal possessions, but it won’t. Your landlord’s insurance only covers the building you live in.
What does renters insurance cover?
Renters insurance provides three basic areas of coverage:
1. Personal property coverage pays to replace your possessions when they’re damaged by fire, vandalism, and storms, or when they’re stolen.
2. Loss-of-use coverage pays your hotel and restaurant bills when your residence is being repaired due to damage by fire, vandalism, or storms, and you need temporary living quarters.
3. Personal liability coverage pays for another person’s medical bills and property repair bills when you, your family, or your pet are found responsible for injuring them or damaging their property. It also covers your legal fees if you’re sued.
What’s not covered?
Renters insurance does not cover damage caused by earthquakes or flooding. There are also limits on coverage for expensive items like jewelry, silverware, furs, antiques, and computers. If you live in an earthquake or flood zone, or have expensive items that aren’t fully covered, you can purchase additional insurance.
How much coverage do I need?
You need enough personal property coverage to pay for all your possessions if they’re destroyed, and enough liability insurance to cover all your assets if your sued. Take an inventory of your possessions and use the total value as your coverage amount. Then total your assets – bank accounts, stocks, bond, CDs, etc. – and make sure you have enough coverage to protect them.
How much does renters insurance cost?
Renters insurance is cheap. It can cost as little as $16 a month for $20,000 worth of personal property coverage with $300,000 liability coverage. That’s less than the cost of a music CD to insure all your personal property and all your assets are protected.
Where can I get cheap renters insurance?
The best place to get cheap renters insurance is at an online insurance comparison website. These sites let you get quotes from different companies by filling out a simple questionnaire with information about your residence and the amount of insurance you want. The best of these sites feature a service whereby you can talk with an insurance expert and get answers to your renters insurance questions for free. (See link below.)
Visit http://www.LowerRateQuotes.com/renters-insurance.html or click on the following link to get cheap renters insurance quotes from top-rated companies and see how much you can save. You can get more insurance FAQs in their Articles section.
About the Author
The author, Brian Stevens, is a former insurance agent and financial consultant who has written extensively on renters insurance FAQs.
What insurance company is good for renter’s insurance?
I would like to purchase renter’s insurance and would like to know some good companies, with good rates and coverage. Thanks! Best Answer received 10 points.
The first thing I’d do is call the company you currently insure your car with. Most companies give you a discount if you have more than one type of insurance with them.
If your auto insurer doesn’t offer renter’s insurance you may want to call companies that offer both and get quotes for both. You may save some nice money that way.
In general, though, State Farm, Allstate, Amica and Liberty Mutual are just a few companies with good rates and good reputations. I worked for State Farm for 15 years and was always very pleased with the policy, rates and the service.
Some tips:
* Your main coverages are the coverage on your personal property, or contents, and your personal liability coverage.
* Get quotes in writing from a few companies. That’s the only way to make sure you’re getting apples to apples quotes (one company may be quoting $100,000 in personal property, the other $300,000…).
* Make sure the policy offers Replacement Cost coverage. Otherwise you get the depreciated value and not what it would cost you to replace it.
Best of luck!