Renters Insurance - How Much Coverage Do You Need?
It can be tempting to skip renters insurance in favor of savings or some other benefits, but that is a big mistake. Learn about what renters insurance does and decide for yourself how much you need. A few clicks may save your bank account - or your life!
A renter's policy typically provides coverage against the following:
- Personal Property Loss: This covers, among other things, any belongings lost due to fire, theft, vandalism and natural disasters. It also covers electronics that are stolen from the rental property. This is the most important coverage to have, and can be purchased for up to $100,000.
- Liability Protection: This protects you from lawsuits if someone is injured or suffers property damage at your rental home. It will automatically protect you in the event that your dog bites someone or if your child throws a baseball through a neighbor's window, among other things.
- Medical Expenses: If someone is injured on the rental property and requires medical attention, this coverage will pay for it without regard to who was at fault (in most cases). It also covers medical equipment such as crutches or wheelchairs.
- Eviction Protection: If you are kicked out of your rental, this coverage will help pay for additional living expenses while you're looking for a new place to live.
- Loss Assessment: This is similar to the other coverage options, only it covers any additional loss assessment (what the insurance company has to pay) if they are found at fault in a lawsuit. The insurance company will use their own money to cover these costs if you don't have enough.
This isn't the full extent of coverage available - there are several other types that you may want to consider such as personal umbrella or earthquake insurance. You can also tailor your policy to include a host of other options.
What amount of coverage should you have? It depends on how much you own and if there is a mortgage on the property. If you don't have much stuff, you can probably get by with $25,000 or so. If you have a lot of expensive items, however, or the property is heavily mortgaged, you may want to consider increasing your coverage to $100,000 or more.
According to the Baltimore Sun , per capita spending on renter's insurance is estimated to be only $12 per year in the United States. That's really not a lot of money to protect your belongings and income, especially if you happen to own expensive items such as electronics, cameras or musical instruments. Even if it isn't a lot of money, however, it's still an expense that can be avoided by not spending at all - and it's an expense you are likely to benefit from in the long run.
Look at your budget and figure out how much coverage you need. If you need something more than $100,000, for example, then adjust your policy accordingly. You may also want to consider increasing your coverage over time as you increase the value of the things in your possession (e.g., when you purchase that new HDTV or guitar).
Be sure to increase or customize your policy as needed. You may also want to purchase home and contents insurance as well. Read up on those types of policies, too.
An important thing to remember is that there are policies that are designed for renters by renters . These types of policies typically have a higher deductible than standard home insurance, meaning you will be responsible for paying some portion of the loss until you reach your deductible amount (usually $250). This may seem like a waste of money, but if it saves you from having to pay out of pocket for a large loss then it wasn't such a bad idea after all.
Consider whether or not your renter's policy covers flood damage. Some do, while others don't. You can check to see if your policy has this type of coverage by contacting your insurance representative.
Personally, I have the maximum amount of coverage available for my rental property under both my renters insurance and home insurance policies. I have home insurance for extra protection (I never know when or whether I'll be renting a place with renters insurance), but most situations will only require the renter's policy (and they tend to be much cheaper anyway).
If you are renting out your house, it is not necessary to purchase renters insurance. However, if you are selling or subletting it (especially in a high-risk neighborhood), then you should definitely provide for the liability yourself.
Buying renters insurance is a smart move for anyone. By purchasing this type of policy, you are protecting your belongings as well as insuring your income. It only takes a few minutes online to take advantage of this kind of coverage. If you are paying for it with a credit card, you may even be able to get some cash back . So go ahead and do it now - before you regret it later!
Source: http://ezinearticles.com/expert/Thomas_N_Baldwin/245331
Renters Insurance Quote
Renters insurance is one of the most important things to have whether you rent or own. As a tenant there are certain things that are not covered for damage or theft. Renters insurance covers those extra items that would leave you in the hole if something were to happen to them. In this article, we will discuss what renters insurance covers and what it does not. For a small monthly fee, you can insure your valuables as well as your income from a rental property should something happen to it while you're renting it out to others.
What Renters Insurance Covers
Renters insurance covers many different things so make sure you buy a policy that will cover the stuff you'll need to insure. This includes big ticket items, like televisions, computers, and stereos. It also includes furniture and appliances as well as all the smaller things you might have in your home. Below is a list of some of the most commonly covered items:
Televisions
Furnishings
Computers
Stereos (CD Players)
Cameras (Film and Digital)
Sports Equipment (such as bikes)
Electronic Accessories (such as cell phone chargers, etc)
Small Appliances (microwave ovens, toasters, etc)
Items Outside Your Home - such as awnings or an old hot tub that you might have sitting out back.
Conclusion
Renters Insurance is a great way to protect both your belongings and your income if anything happens to your rental property. If you want to find out more about renters insurance, please feel free to visit our site.
Quickly Find The Right Policy For You: http://www.pawn-tenders.com/renters-insurance/
3 Reasons Why You Need Renters Insurance
People think that they can just move into a new place, leave their personal items behind and make a new life for themselves with no worries or headaches involved at all. But they are wrong.