A MUST HAVE INSURANCE FOR THOSE WHO RENT
Renter's insurance protects your property from damage or loss. It also gives you coverage against injuries that occur on your property. If you rent or lease, you MUST have renter's insurance. Your personal property is not covered by the landlord's policy. Renter's insurance covers such items as clothes, furniture, electronics etc. It is quite inexpensive and protects you and your family.
WHAT IS COVERED
Rental insurance comes in different levels of coverage. Some policies limit the amount that pay out for extras such as computers, jewelry etc. An additional (floater) policy can be purchased for items not covered in the policy. You may also purchase additional coverage for losses due to earthquakes, floods or other natural disaster depending what area of the country you live in.
HOW MUCH COVERAGE IS NEEDED?
Everyone has different needs. Sit down and estimate how much it would cost to replace everything in your home if it was all destroyed. Then decide if you need to purchase for additional perils such as floods etc.
DEDUCTIBLE
A deductible is the out of pocket expense before the insurance pays on a claim. This may be a percentage of the value of the actual loss, a percentage of the total value of the insured property or a specific dollar amount.
ACTUAL CASH VALUE OR REPLACEMENT COST
You can insure your property in either of the two above ways. Actual cash value is based on the age and condition of the items claimed. It only pays out what the item(s) on the claim are worth at the time of the claim. You will receive money based on a used replacement. Replacement value will pay on the claim based on purchasing a new item(s).
ADDITIONAL INFORMATION
For students under the age of 26 years old, attending college and living in a dorm, most policies will give limited coverage on your parent's policy.
Roommates or unmarried couples may purchase renter's insurance together. If there is a change in living arrangements ensure that the policy is amended to account for the change.
For peace of mind and protection for your belongings, get your five free, no obligation quotes below.
