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Renters Insurance

RENTERS Insurance

Protect the things that matter to you most with renters insurance. Whether you rent or purchase your home, disaster can strike at any moment. Having adequate insurance coverage for your possessions can help you stay prepared.

Many renters falsely believe that their personal items are covered under their landlord’s policy. This is simply not true. As a renter, the only way to protect your valuables is with renters insurance. This type of insurance protects your personal items against loss or damage due to a theft, fire or other specified event.

According the Insurance Institute, approximately 40 percent of renters have insurance. If you experience a fire, the replacement cost of your furniture, clothing, computer, cell phones and tablets can be very expensive. Without insurance, you would be responsible for the out-of-pocket expenses associated with replacing your items.

Purchasing insurance is inexpensive when you compare it to the costs of replacing your personal items. For approximately $200 per year, you can have the peace of mind associated with knowing that your valuables are protected.

There are various types of insurance for renters. Insurance can cover damage or loss associated with several types of disasters.

• Lightning
• Windstorm
• Hail
• Explosion
• Riots
• Damages caused by aircrafts or vehicles
• Smoke
• Vandalism
• Theft
• Falling objects
• Overflow from water due to plumbing

Exclusions for this type of insurance include damages originating from floods, war, neglect, intentional destruction of property and seizure of property. It is important to note that coverage varies depending on the policy type.

There are two ways insurance companies determine how your property will be valued – actual cash value and replacement costs. Actual cash value pays for the value of the item at the time the loss occurred. Replacement cost pays for the amount of money it would cost to replace the item. Both of these valuations are subject to a deductible.

Purchasing the right insurance policy can provide the invaluable protection for your personal items.