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 Headlines and Articles

    ChrisB

    Want a Promotion? Do these Three Things

    There is nothing better than these words: you are getting a promotion. Not only does this mean more responsibility, which is something many workers crave, but it could mean more money as well. Talk about the best of... read more
    ChrisB February 26th, 2015, 09:56 AM
    ChrisB

    Donít make these 3 Tax Filing Mistakes

    When tax season rolls around, it is time to start thinking about your final return. It doesnít matter if you are filing your own return or hiring a tax professional to do the work for you, there are mistakes... read more
    ChrisB February 24th, 2015, 10:09 AM
    ChrisB

    Budgeting Challenges that are Easy to Overcome

    In a perfect world, you would never run into issues related to your budget. Unfortunately, this is not the way things work out.

    You will be presented with many budgeting challenges on a regular basis. Some... read more
    ChrisB February 23rd, 2015, 10:16 AM
    ChrisB

    Mistakes that Kill your Chance of Self-Employment Success

    Do you have dreams of working as a self-employed professional? Are you ready to take the leap and prove to yourself that you have what it takes?

    As excited as you may be, you will be faced with... read more
    ChrisB February 20th, 2015, 09:50 AM
    ChrisB

    Here are 3 Ways you are Wasting Money at the Office

    When you head to the office, you know one thing to be true: you are going to make some money. But is there a chance you are wasting money along the way as well?

    Believe it or not, some people spend hundreds... read more
    ChrisB February 19th, 2015, 10:05 AM
    ChrisB

    Ask your CPA these Questions During Tax Season

    With tax season in full swing, there is a good chance you have already contacted your CPA about filing your final return. If you havenít, you will (or should) be doing so in the near future.... read more
    ChrisB February 18th, 2015, 09:58 AM
    ChrisB

    5 Top Reasons to File a Tax Extension

    With the April 15 tax filing deadline bearing down on you, there is no better time than now to get organized. If you donít, you could find yourself up against the deadline, rushing around and... read more
    ChrisB February 17th, 2015, 10:18 AM

 

 

 

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


Copyright © 2015 Finance Globe. All rights reserved.