Understanding Renters Insurance And How To Get The Best Coverage

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Understanding Renters Insurance And How To Get
The Best Coverage
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• Renters insurance is for people who rent an
  apartment, home or basically live in any housing
  which they dont own. When it comes to your
  possessions or household items, renters face
  almost the same kind of risks as homeowners.

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What Would Happen To Your Possessions In The
Event If

• There was a fire in your apartment building?
• There was water damage within the home that you
  were renting?
• A burglary occurs and some items are taken from
  your home?
• A disaster causes your rental home to become
  unlivable?

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• To protect against these kind of risks, it is
  recommended that a renter should always consider
  purchasing renters insurance.

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Standard Coverages in Renter Insurance

• Fire damage
• Burglary 
• Wind or hail storms damage
• Smoke damage
• Damage from appliances, plumbing, leaking roofs
  and cooling or heating systems 
• Vandalism or malicious mischief
• Weight of ice, snow, or sleet

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Personal Liability

• Personal liability in your renters policy
  protects you from legal costs relating to
  negligence. It covers injury to another person on
  your property.

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Living Expenses

• In the event a disaster strikes and makes your
  home unlivable, your renters policy helps cover
  additional living expenses. Standard renters
  policies cover you for expenses related to
  lodging and other related costs while the home is
  being rebuilt or repaired.

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Ways To Save Money On Renters Insurance

• Compare rates always compare renters insurance
  quotes from multiple insurance companies.
• Bundle coverage bundling multiple insurance
  policies is always a good idea. Renters insurance
  can be a slight incremental cost when you bundle
  it with auto insurance or other similar policies.
  
• Raise your deductible a higher deductible
  always saves you money on your renters insurance
  policy. Pick a deductible as high as you can
  afford to pay out of pocket. People usually pick
  between 250 and 500.

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What is not covered in my standard renters
insurance policy?

• Some Natural Disasters
• Most common examples are floods and earthquakes.
  If you live in an area prone to floods or
  earthquakes, special policies can be purchased to
  cover these events.
• Personal Business Items
• If you work from home, your renters insurance
  might not cover your work related belongings. For
  example your home office computer is technically
  company property. Separate insurance coverage can
  be taken to cover such items.

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