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Renters insurance is designed for
anyone who rents a home, this could be a house or an apartment. You
do not have to own the place where you live, but you still
may need insurance
to protect you.
Who Needs Renters Insurance
Some reasons you should consider if you are up in the air about
whether you need renters insurance are as follows:
If another person were injured while in your residence or your
dog bites someone you could be held liable for those damages.
Even if you don’t believe your personal belongings are worth
that much, you could be surprised to find out how much it would
cost you to replace everything in the event that your residence
caught fire or you were burglarized.
How Much Insurance Do I Need
Before making initial contact with an insurance agent either on
line of by phone you should make a list of the items you will
want covered in your insurance policy. You should determine what
the cost would be to replace these items in the event that they
are damaged or stolen.
Will you need flood insurance? Additional coverage for items not
normally covered under standard policies? Do you have a pet that
you should consider adding more coverage for?
Will you be eligible for discount rates if you carry your car
insurance through the same carrier as your renters insurance?
And most importantly you should be comfortable with the amount
of deductible you can carry in the event that you would need to
file a claim.
Deductibles
A deductible is the portion of a covered loss that you would be
responsible for in the event that you filed a claim. Deductibles
can vary by state, however they are typically in the amounts of
$250.00, $500.00, and $1,000.00.
In the event that you had to file a claim and your claim was for
damages totally $700.00, if your deductible was $500.00 you
would only receive $200.00 against your claim as you would be
responsible for the first $500.00.
Typically your insurance rates will be lower the higher your
deductible.
Myths about Renters Insurance
Renters Insurance is too expensive – Actually for a small amount
of money every year you can have the protection you need to
cover you in the event of fire, flood or theft.
My apartment building already has coverage – this is true only
to the extent that the building is covered and the owner is
covered in the event that someone is injured and attempts to
file a claim against him/her. Your landlords insurance will not
cover you or your belongings.
I don’t own my own very much – your belongings are probably
worth more than you think. You should estimate how much it would
cost you to replace your possessions in the event they were
lost.
DISCLAIMER:
The information contained in this web site is provided as a
public service. While the information on this site is about
legal issues, it is not legal advice or legal representation and
should not be relied upon as legal advice. Because of the
rapidly changing nature of the law, Renters Insurance
Information.com, its affiliates, employees make no warranty or
guarantee of the accuracy or reliability of information
contained herein or at other sites to which we link. As legal
advice must be tailored to the specific facts and circumstances
of your case, information cannot substitute for the advice of
competent legal counsel.
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