Insurance Coverage for Renters

Emily Ferreira, Managing Editor

Many renters believe that their belongings are covered under their landlords’ home owners’ insurance policy. Unfortunately, a homeowner’s insurance policy only covers the actual structure of a building. Personal belongings are typically covered under a separate insurance policy, even for someone who actually owns their own home.

Renters Insurance

When someone buys a home, they are required by their mortgage company to own a home insurance policy. No one requires renters to have insurance; so many renters remain in the dark about apartment renters insurance and regular renters insurance.

Getting educated about rental insurance can be very informative and eye opening for the average renter. The majority of renters are people who are just starting out in life. Apartment renters insurance can serve as an introduction to insurance products in general, and more importantly, renters insurance can help protect the renter and his or her family against losing everything in a fire or natural disaster.

If a renter wants to insure their personal property, renters insurance is the perfect way to do so. This type of insurance policy will cover everything they own that is inside of their house or apartment.

It can literally take years for a person to fully furnish their home and supply their growing family with things like clothes, dishes, toys and entertainment equipment. Having to pay to replace these kinds of things when disaster strikes can be quite costly and very traumatic.

Renters may find it difficult to replace many personal items that might be lost in a personal tragedy, and it is difficult to come up with ways to cope with these losses. Renter’s insurance policies can at least replace everything that does not have some sentimental value attached to it.

While renters do not own their homes, they can still invest a significant amount of money in making them livable. Because of the high costs of real estate, more people are choosing to rent their homes instead of buying them. But just because they are not homeowners, does not mean that they do not spend money to make their home nice and comfortable.

Building a life in your home can be a very enjoyable experience. Protecting the life you built with a renter’s insurance policy only makes good sense.

Finding Renters Insurance

Purchasing renters insurance is easy to do. Most home insurance companies also sell renters insurance. You can call a renters insurance company or visit one online and get free renters insurance quotes, in just a few minutes.

Knowing what to look for in a good renter’s insurance policy can be the difference between a renter’s satisfaction and regret. With so many renters insurance companies in the marketplace today, it can be difficult to find out which one would be the best fit for you.

Finding a good renters insurance policy is not necessarily difficult, but narrowing down your options to the perfect renters’ insurance company for your needs, can require a lot of time and consideration. An insurance agent that specializes in homeowners and rental insurance can help you narrow down your choices.

Many older, well-established insurance companies have been around long enough to build strong reputations for themselves. A lot of insurance shoppers are most comfortable with these companies that have proven they are stable and reliable.

With the invention of the Internet, online insurance companies have been developing all around the world. Many of these companies can offer lower rates than their counterparts because they have fewer expenses. Internet companies are able to bypass the retail outlets that their offline counterparts require. This reduction in the cost of operation helps the Internet-only insurance company pass their savings on to their customers.

What to Expect when Shopping For Renters Insurance

Insurance for just your personal belongings is much cheaper than other types of homeowners and renters insurance, because the value of the property you are insuring is considerably less than the replacement cost of most homes and buildings.

When requesting a renter’s insurance quote, you will have to calculate the worth of your belongings. The average value determined is generally $60,000.

While this number may seem much larger than necessary, most people do not realize how much they have actually spent on their home furnishings and supplies, at least until they stop and do an actual inventory of their possessions.

Silverware, dishes, towels, and soap might be small items, but their costs quickly add up. Larger items like furniture and appliances would be impossible for the average household to replace all at once without assistance. The replacement costs of clothing and electronics can quickly climb into the thousands of dollars.

Certain collections are worth even more money. If you collect anything of value, additional insurance can be purchased to cover these assets. Jewelry and coin collections can be worth a lot and replacing some collections can be difficult, if not impossible.

In Conclusion

Protecting your personal items with a renter’s insurance policy could permit you to replace anything that you lose or is damaged. Proper renters’ insurance coverage is important for anyone who wants to maintain his or her lifestyle in the event of an accident, fire or other destructive event. Even if you are not planning to stay where you are for a long time, you still plan to take your belongings with you. So, getting the right renters insurance coverage for your belongings will help you get on with living in the event that disaster strikes your world.

When you compare low cost renters insurance to the replacement costs of your home inventory, renters insurance makes a lot of sense. As a renter, you might purchase car insurance only because the law requires it, but for the same reason that it is a good idea to carry insurance on your car, it is also a good idea to have renter’s insurance coverage on all of your belongings.

By: chad
Date: 6/4/2013 3:49:27 PM
Depending on where you live in the country renters insurance can vary. However, i think you will find renters insurance to be very affordable. If you live an an apartment be prepared to pay around $100 per year.

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