Good Renters Insurance
Renting is no different than owning when it comes to having a designated space called “home.” It is important to keep in mind how you might end up financially should some kind of an accident or event happen that ends in the total or partial loss of your home. By purchasing a good renters insurance policy you can save significant amounts of money over the long term.
Renters insurance varies from homeowners’ or auto insurance in that this type of coverage only protects the policyholder’s personal items within the walls of the rented dwelling. The landlord will usually have a policy that covers the actual structure within which you (and often others) reside. Should an accident, fire, or individual destroy personal property in your unit or house, then this insurance potentially compensates you for any of the lost or damaged belongings.
Many make the mistake of thinking that their possessions are not worth much, but all would be smart to reconsider for the amount in total can be surprising when all is added up. It can be shocking to see the number at the bottom of the ledger when everything is replaced all at once. Most can’t come up with what are often such large amounts without going into serious debt. And arguably most important, a renter’s insurance policy can also provide protection for you if someone were to injure themselves while inside your apartment. Keep in mind that this coverage is so important that often a landlord insists or even mandates that you buy it.
Normally a renter’s policy will handle losses that result from fire, theft, a broken pipe, severe weather events, etc. However, this policy like the others will usually exclude such specific disasters as floods, hurricanes, or earthquakes. These must be covered by separate policies.
If you need to file a claim, you first need to check that you have been keeping up your premiums. If that is true then next would pay your agreed upon deductible. This is how much you must first pay out-of-pocket before your insurance kicks in. Generally, the bigger your deductible, the lower your premium will be. Call your insurance agent today to find out more!