Renters Insurance Covers You and Your Belongings
If you rent a house or apartment, you may be like many renters and assume your landlords’ insurance policy covers your personal belongings. But you’d be wrong. Your landlords’ coverage protects his structure, not his tenants’ possessions. For less than $20 a month, you can buy property and liability protection, according to the Insurance Information Institute. Yet, even though renters insurance is affordable and just as important as homeowners insurance, III reports that fewer than 50 percent of those who rent either a home or an apartment have coverage. If you are a tenant, make sure you shop around for renters insurance quotes.
Personal possessions
This covers the loss or damage of your personal belongings. If you want to make sure your possessions are protected, even when they are not in your home, make sure you have off-premises coverage. Renters insurance will cover your belongings in your home against losses from fire, smoke, lightning, vandalism, theft, explosions and windstorms. To determine how much renters insurance coverage you need, conduct a home inventory. Start by going from room to room and compiling a detailed list of all your personal possessions and their estimated value. Make note of items that may have appreciated in value since you acquired them. Having a record of your valuable items ensures that they are protected properly. Estimate how much your possessions are worth, before you apply for renters insurance quotes.
Liability protection
This provides legal representation and protection against judgments for covered events. If someone is injured at your home or elsewhere by you, one of your family members or your pet, and you are sued, liability protection coverage will pay your legal defense costs. If you don’t have this protection, your retirement accounts, investments and other assets could be at risk. Renters insurance also provides guest medical protection to pay for costs that are not covered by your liability protection. Make sure you ask for enough coverage, when you obtain renters insurance quotes.
Living expenses
This reimburses you for temporary housing costs, if you are unable to live in your rental property due to a fire, water damage or other disaster. Like home insurance policies, renters policies usually provide for what is called “additional living expenses” or ALE, according to the Insurance Information Institute. The ALE provision will cover hotel bills, restaurant meals and other costs you incur, while your home is being repaired or rebuilt. Review your policy to find out more about your ALE coverage. Make sure you ask for sufficient coverage, when you apply for home insurance quotes.
Remember when you buy a homeowners or a renters policy, you’re insuring the structure of your home and your personal belongings in your home. Once you have determined the best coverage for your family’s needs, you’re ready to obtain renters insurance quotes. Call agents in your local area, contact several insurance companies directly or use InsuranceQuotes.com to instantly get competitive renters insurance quotes from the nation’s leading insurance providers. Take the time to protect you and your family today.
