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Renters Insurance

Homeowners aren't the only ones who need insurance. If you rent your home, your belongings are at risk because your landlord's home insurance policy won't cover them. Renters insurance is a very affordable way to protect your personal possessions. It is also ideal for condominium owners because their dwelling is already insured by the condominium association.

Renters Insurance Coverage

Renters insurance covers anything that is inside your dwelling. This could be your television, radio, sofa, and dining set – just about anything, actually. It will protect your belongings from all sorts of hazards including fires from faulty electrical wiring, natural disasters like storms, or theft. Some plans provide protection from natural disasters like floods and earthquakes while others won't. If this is not included, you can extend the plans with add-ons.

How Much Renters Insurance Should You Get

This would depend on how much your personal properties actually cost. You should first calculate how much all your personal belongings are worth. Ideally, you should insure them at 100% their value.

Types of Renters insurance

You should determine if the renters insurance you are getting will provide actual cash value coverage or replacement cost coverage. With actual cash value, you can only claim your property's value at the time of the loss. If your property has depreciated since the time of the original purchase, then you will suffer a permanent loss. With replacement cost coverage, the insurance provider will give you the actual amount needed to replace the item. As can be expected, insurance providing replacement cost coverage has a higher premium.

Most insurance plans have a provision to cover your living expenses in the unfortunate event that your house becomes inhabitable. The reason why your dwelling has become unlivable must be because of a covered loss. In this event, the insurance provider will reimburse you of the additional cost incurred living elsewhere.

*NOTE* How much the insurance provider will provide depends on what was stipulated in your insurance policy.

Like other forms of insurance, renters insurance also offers personal liability insurance. If someone accidentally slips in your house and sustains injuries, your insurance will take care of his medical expenses. Claims can also be made against accidental damage to someone else's property.

Lowering Your Insurance Cost

Renters insurance is typically inexpensive. But there are other factors that can actually drive the cost of your insurance down. For instance, insurance providers often give a discount to those who secure their homes with burglar alarms or fire extinguishers.


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