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Coverage Level of Renters Insurance

By Compuquotes Team on April 21st, 2008

Renters Insurance

While many people know that Renters insurance can provide coverage against the loss of personal property due to fires, theft, or other unforeseen events, they may not know that the coverage provided by Renters insurance can vary from one policy to the next. There are actually different types of Renters insurance available, letting tenants choose the exact types of insurance coverage that they would like to have on their policy. Different policies may have different limitations on what is covered and what isn't as well as how much coverage is offered on certain items, so it's important that you understand the differences between different types of Renters insurance so that you can pick the policy that provides you the coverage that will suit you best.

The most common type of Renters insurance is known as personal property insurance. This insurance provides protection against theft and certain types of damage for a number of common household items including furniture, clothing, and electronics. This coverage isn't complete coverage, of course; certain items such as computers, jewelry, and antiques may have some limitations applied to the coverage that they receive because if the increased likelihood that they could be stolen or damaged in various ways. This doesn't mean that coverage won't be provided for them, but it does mean that care should be taken when choosing a personal property policy because some insurance providers will only reimburse a portion of their value or will only cover them if the damage or theft occurred in certain ways.

Another common type of Renters insurance is known as natural hazards insurance and it differs significantly from personal property insurance. Natural hazards policies provide protection against hail damage, broken water pipes, fallen limbs, and a number of other of sources of damage which can occur that are beyond the renter's control. Many of these policies even include damage caused by vandalism, even though it isn't a natural hazard by its definition. It should be noted that not all types of natural disasters are immediately covered by natural hazards insurance and that damage caused by earthquakes and floods will more than likely require additional coverage to be bought before they will be covered. Make sure to check with your insurance provider in order to find out exactly what types of natural disasters are and aren't covered by a basic natural hazards policy so that you can determine whether or not you'll be in need of additional coverage.

There are of course combinations of the two types of Renters insurance available, allowing you to have full coverage for your belongings under a single insurance policy. It's generally a good idea to shop around and see what policies and coverage levels are available from different insurance providers before you buy, as you may find that it's cheaper to buy separate policies from different providers than to get an all-inclusive policy from a single provider; be sure to ask and see how much coverage is provided with separate and combined policies so that you don't end up buying a Renters insurance policy that doesn't provide you with the coverage that you're expecting.

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