Home Members Tools Credit Cards
   

  • Renters Insurance

    Do you need renters insurance?
    If youíre renting a place to live - whether a house, townhome, or apartment - you may have wondered if you need to have renters insurance. Or you may be just starting out or otherwise feel that you own very little worth insuring. But you probably have much more than you realize.

    Itís unlikely that you went out in one day and purchased every single thing you need to make your place a home - it was probably accumulated over a long period of time. Think of what it would cost to go out and replace all your clothes, personal items, sporting equipment, electronics, appliances, furniture - itís likely to be very expensive. Having a renters insurance policy in place is an affordable solution that can help alleviate some of your financial burden in case of damage or theft.

    What kind of protection do you get with renters insurance?
    Unlike homeowners insurance, which covers both the physical dwelling and the personal property you have in it, renters insurance does not cover the physical dwelling. The property owner (your landlord) should have their own property insurance to cover the building itself.

    But similar to homeowners insurance, renters insurance covers damage or theft of your belongings. This coverage extends to your property even if it isnít physically in the home at the time of loss - for example, valuables that are stolen out of your automobile.

    Also similar to homeowners insurance, renters insurance protects you from liability in the case that someone is hurt in your home. If a guest slips and falls, the renters insurance policy would cover those medical expenses.

    A standard renters insurance policy doesnít cover you in the case of a natural disaster such as earthquake or flood, so you may need to purchase an additional rider if you live in an area prone to earthquakes or floods.

    What type and how much coverage do you need?
    Take an accurate inventory of all your belongings to decide on how much coverage you need. Consider how much it would cost to replace everything you have, not just valuables - a big fire could leave you with nothing.

    Some personal property limitations exist in renters insurance policies. For example, some items that typically have a specific dollar limitation: money, securities, watercraft, trailers, jewelry, silverware, gold-ware, pewter-ware, and business property. Be sure to talk to your agent about items with specific limitations.

    A standard policy covers the actual cash value of your belongings at the time of loss. The actual cash value generally amounts to what you could get for your items if you sold them in their used condition.

    Since it would cost much more to actually replace your belongings than their used market price, you might consider replacement cost coverage. This kind of coverage will cover the cost to replace your items with a like qualify and kind item. You must actually replace the item to get the replacement cost.

    Where do you get renters insurance?
    If you own a car or recently sold a home, check with the company you have your auto policy or homeowners policy with. Most big name insurance agencies offer renters insurance, and you may qualify for a discount if you currently have another type of policy with them.

    And many other insurance companies can be found on the web. Check around and get a quote from several companies - being sure to compare the same kind of coverage - before settling with a particular insurance agency.


    Sources:
    USA.gov
  • Disclaimer

    Information in these articles is brought to you by Finance Globe. Banks, issuers, credit card, and other companies mentioned in the articles do not endorse or guarantee, and are not responsible for, the contents of the articles and is further subject to our terms and conditions.
  • Recent Forum Posts

    EdwardS

    Re: Sam's Club Discover card

    They do still offer the discover card.

    EdwardS July 29th, 2014, 09:56 AM Go to last post
    bocald99

    Re: Report Your "Credit limit Increases" Here!

    Capital One Quicksilver CLI from 500 to 750 auto increase. If this card didn't have the age that it does, I would have fired Cap One already. This card

    bocald99 July 27th, 2014, 11:53 AM Go to last post
    jemannie

    Re: Report Your "Credit limit Increases" Here!

    I have 2 Capital One Platinum cards. Both approved for CLI of $500 to $1500 each. CLI was requested by me online.

    jemannie July 25th, 2014, 02:32 PM Go to last post
    XB2013

    Re: Report Your "Credit limit Increases" Here!

    Ch7 Dis 02/13...

    Cap1= 02/13-$300..09/13-$500..04/14-$2000
    Cfna = 04/13-$900..10/13-$1200..04/14-$2000
    Wlmt= 02/13-denied..06/13-denied..03/14-$900(sp)..06/14-$1700(before

    XB2013 July 25th, 2014, 12:22 PM Go to last post
  • Recent Headlines and Articles

    akfilipp

    Six Steps to Back-to-School Savings

    This time of year, if youíre a parent of school-age kids, you might relate to that old commercial with the dad skipping merrily down the aisles of the office supply store as he tosses school supplies in his cart to a celebratory chorus of ďItís the most wonderful time of the year!Ē Or, perhaps, you... read more
    akfilipp July 31st, 2014, 11:51 PM
    ChrisB

    Tips to Rebuild Credit after Bankruptcy

    Have you recently filed for bankruptcy? It does not matter if you chose to do so through Chapter 7 or Chapter 13, this will have both a positive and negative impact on your finances at the same time.

    Once... read more
    ChrisB July 31st, 2014, 06:44 AM
    ChrisB

    When it makes Sense to Cancel your Credit Card

    A credit card that treated you well in the past may not do the same for you in the future. Despite the fact that you may not want to make the move, there are times when it is a good idea to cancel... read more
    ChrisB July 30th, 2014, 07:50 AM
    ChrisB

    Donít let these Self Employment Questions Stop you

    If you find yourself seriously considering self employment, you will soon realize that there are many questions to answer. While some are sure to be more challenging than others, none should stop you dead in your tracks.... read more
    ChrisB July 28th, 2014, 07:50 AM
    ChrisB

    How to Buy a Reliable Used Car, Not a Lemon

    Many people shy away from buying a used car because they are afraid of what they will end up with. While there may be a few lemons out there, if you take the right approach you know you can save... read more
    ChrisB July 25th, 2014, 08:37 AM
    ChrisB

    Does Vacation have to Cost that Much?

    As summer wears on and you begin to dream of days spent on the beach, it may not be long before you are planning a trip. While a vacation may be something you want, it may not be something you can afford.... read more
    ChrisB July 24th, 2014, 07:46 AM
    ChrisB

    What to do with your Credit Card Debt

    What do you see when you look at your credit card statement? While there is nothing better than a ď0Ē next to your balance, for many people this is not realistic at the present time. Instead, they realize they have some... read more
    ChrisB July 22nd, 2014, 07:57 AM
    ChrisB

    Reasons to Use LinkedIn to Find your Next Job

    Like some, you may be out of work and willing to take on any job. Or much the same as others, you could find yourself looking to make a change to a career that better suits your skills.

    While... read more
    ChrisB July 21st, 2014, 08:04 AM

 

 

 

Credit Cards | Finance Social Network | Credit Card Reviews | Markets
About Us | FG on the Web | Sitemap | Privacy | Terms | Contact


Copyright © 2014 Finance Globe. All rights reserved.