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Renter's Insurance

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Renter's Insurance

Being a renter makes you no less susceptible to theft or peril than a homeowner. Nor does it make you any less concerned for your personal property. Why, then, do so few people consider renter's insurance? Perhaps a lack of good information is the reason why people take the chance of leaving their property uninsured.
Cost could be cited as a prohibitive factor if it weren't for the fact that renter's insurance is surprisingly inexpensive. The average cost of renter's insurance is $200 a year ($16 a month) for around $30,000 worth of property coverage and $100,000 worth of liability coverage

What it Covers

In return for your payments, it will repair or replace your personal property that is damaged, destroyed or stolen as the result of 17 types of peril -- fire or lightning, windstorm or hail, explosions, smoke, vandalism, theft, damage by glass, electrical surge damage, and water-related damage from home utilities, to name a few. If your home is made unlivable by one of these perils, renter's insurance will pay for the associated expenses (cost of a temporary residence, meals eaten out, etc.). However, this coverage usually has a limit of about 30 percent of the total value of the policy.

In addition, renter's insurance will cover your liabilities as a renter. If someone is injured in your home, it will pay for that person's injuries. If this person sues you, it will pay for the court costs and pay for any damages that may be awarded as a result of the suit, up to a predetermined amount.

What it Costs

Your level of coverage depends on what you can afford to pay. Most policies offer at least $4,000 worth of property coverage, with the average being $30,000. Typical reimbursement values are $100 for lost cash; $2,500 for personal property used for business; $500 for valuable papers; and $500 for theft of jewelry, watches and furs. Renters that have items of particular value will need to pay an additional amount to purchase a separate rider to cover that item.

The cost of your coverage is your premium. As mentioned above, an average premium is about $200 per year. Where you live, your deductible, what your building is made of, the need for additional coverage and a variety of other factors can either raise or lower your premium. You may find that your insurance company offers discounts for protective devices such as burglar alarms and fire extinguishers that will help lower your premium.

How it Works

Before your insurance will begin to pay, you will be required to meet your deductible -- a specified amount you must pay before the insurance will kick in. The amount of your deductible is tied to the amount you pay for your insurance. The higher your deductible, the less expensive your insurance will be. Remember, though, that you need to be able to afford your deductible if you're counting on the insurance to pay for your remaining losses.

Your policy will reimburse you in one of two ways: "actual cash value" or "replacement cost coverage." Although you will pay about 15 percent more for it, you're usually better off with replacement cost coverage, which pays for what it actually costs to replace the items you lost. Actual cash value, on the other hand, pays only for what your property was worth at the time it was damaged or stolen. The only drawback of replacement cost coverage is that you are often required to pay for the damaged items first, and then submit your receipts for reimbursement. Keeping a complete inventory of your property, as well as receipts and photos or a video tape of your property in a secure place, will help streamline the reimbursement process.

Whether or not you think renter's insurance is a good investment, it is worth your consideration. It may save you from paying out hundreds and even thousands of dollars in the event that an unforeseen peril destroys your property and leaves you without a home. If you do find this to be a valuable investment, contact us for more information.

Latest News for: Renter's Insurance

  • For college students, it's best to play it safe with renter's ... - Newark Advocate - Students should take precautions against having to pay twice for all these things. This is precisely what would happen if a student's belongings were to be destroyed or stolen without renter's insurance. College students may not always be as ...
  • Assurance with renter's insurance - Journal Times - MOUNT PLEASANT - Among the residents displaced by Friday's Courtyard Apartments fire, Lisa Harris might be one of the luckier ones. Harris, 41, has renter's insurance. Now staying temporarily at the Knights Inn motel, she's not yet sure how ...
  • Two People Escape St. Elmo Duplex Fire - Chattanoogan - Though no one was injured in the blaze, it was reported that smoke detectors were not present in either side of the duplex. Neither of the occupants have renter's insurance and they are being helped by family and friends. The American Red Cross was ...
  • How Much Do You Need? - ClickOnDetroit.com - HO-6: If you own a co-op or condominium, this is the insurance for you. It covers personal property and provides liability coverage. But, similar to a renter's policy, it doesn't cover the structure, since the building will have its own policy. HO-8: ...
  • Protecting Your Property - WISH-TV - A good homeowner’s (or renter’s) insurance policy is critical to recovering from severe weather. Discuss the following with your insurance representative: Valuation of land and structure. Ask about policy and exclusions. Valuation of home ...
  • Get Your Financial House In Order Today! - WHO-TV - Most people have home owners or renter’s insurance as well as auto. But life, long-term care and disability insurance are important too. If you have children dependent on your income, you need life insurance, he said. Most people need more ...
  • Movie Talk - AccessAtlanta - The entry titled "Spike Lee's Katrina," and any of the comments about it. The first segment of Spike Lee’s “When the Levees Broke: A Requiem in Four Acts,” aired on HBO Monday night, with Part Two to follow Tuesday. (All four segments will be ...
  • About the fire - Journal Times - I hope the people find new homes and get back on their feet. I would like to know how many of the units actually had renter's insurance. I hope they all did. I just seriously doubt it. Not a good way to die at all. But better than going through a ...
  • Students Brace for iPod, Laptop Thefts - TechNewsWorld - Renter's insurance can cost as little as $12 a month for $25,000 of personal property coverage and a $500 deductible. There are some loopholes for single students trying to get renter's insurance. Few companies want to insure students who move in with ...
  • Your Hometown News - Gulfport - WLOX - Glenda Foster says she was assured by her insurance agent that her renter's policy had "all the bells and whistles'' needed. After Katrina, Foster was told that much of the damage to the contents of her home were not covered. Foster testified Tuesday ...
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