Additional Options for Renters Insurance

By Compuquotes Team on March 27th, 2008
Renters Insurance

One of the main reasons that renters invest in renters insurance is for personal property protection. If something happens to the rental and possessions inside the rental are damaged or stolen, renters insurance will help to replace the insured items. All insurance policies have their limits and those with renters insurance are only insured up to a certain amount.

As a renter, if you have personal property that is valued above your insurance limits, you may want to consider increasing your coverage limits on certain possessions. Many insurance companies offer optional coverage that can be added to a standard insurance policy. You can pick and choose the items for which you want additional insurance. Here are some of the standard optional coverage choices.

Flood - The majority of insurance policies do not cover damage from floods even if they cover damage from other natural disasters. Adding flood insurance usually does not increase your premiums greatly. If you have a basement or first floor apartment, rent a single family home, live within a flood zone, or for any reason think your property may get flooded, you should consider adding flood insurance.

Electronic Data Processing Equipment - Computers are invaluable pieces of equipment. The loss of your computer, printer, fax machine, scanner, and other electronic equipment could be very costly. If you have invested a lot in your computer set up, consider adding additional coverage for it.

Audio/video Equipment - Just like computer equipment, if you've got a lot invested in your entertainment system - TV, DVD player, stereo equipment and the like - a standard insurance policy may not cover the replacement of it all. Additional coverage may be necessary to replace your equipment with comparable products.

Jewelry, Watches and Furs - Jewelry, watches and furs and the items that thieves will go for first. They are valuable, easy to transport and easy to sell for quick cash. If you own these items and their value exceeds the amount that your standard renters policy allows, look into additional coverage for them.

Silverware - If you've inherited a set of expensive silverware or invested in a set for yourself, having additional coverage may be a good idea. The insurance money may not cover the sentimental value that your grandmother's silver had, but it can replace the monetary value.

Portable cellular communication systems - As the functionality of cell phones increases, so does their value. If you have a cell phone that also functions as a day timer, a mobile Internet connection, and an MP3 player, you probably paid a good deal for it. For a small amount, you can add additional coverage to your renters insurance. In the event that it gets lost or stolen, you are covered for a replacement.

Engagement presents - Couples get valuable gifts for engagement parties and wedding showers. Those gifts are frequently a target of thieves since they are often still boxed up and in pristine condition. Additional coverage for these expensive, new items is often overlooked by engaged couples, but it is available.

Hobby/sports equipment - Thousands of dollars can be spent on hobby supplies and sports equipment. If you've spent a good deal of money getting your equipment and supplies, you'll want to make sure they are covered in the event of a loss.

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