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Renters Insurance Freqently Asked Questions

By Compuquotes Team on May 9th, 2008
Renters Insurance

Renters insurance provides protection for contents belonging to people who lease or rent their homes or apartments, and are not responsible for the physical structure. Also providing personal liability coverage with most insurance companies, renters insurance will insure your belongings against loss or damage due to an insured peril such as fire or theft. Although the actual owners will have the structure insured, their policy will not cover your personal belongings. By acquiring renters insurance, you will ensure that you will be compensated for any loss or damages to the contents of your rented home or apartment.

  • Do I have to have renters insurance?

Although some landlords do insist on tenants having renters insurance before agreeing to a lease, it is not normally required. However, without renters insurance in place and in the event of a loss, you would be personally responsible for any loss or damage to your own contents. Many people do not realize just how expensive it would be to replace everything they own in the event of a total loss.

  • How much renters insurance do I need?

As the premium for renters insurance is based for the most part on the amount of insurance you require, that amount should be the total replacement cost of everything in your home. Making a detailed list of your contents including furniture, clothing, furs, fine arts, jewelry, electronics, etc, will help you arrive at the amount you will need to insure. While compiling the list of contents, keep in mind that you will want to insure for the amount that a particular item will cost to replace, and not what you paid for it several years ago. That same list will be beneficial in the event of a loss, as will photographs or video of your belongings.

  • Will renters insurance cover my business equipment that I have at home?

Home businesses and related equipment can be included in your renter's insurance policy. Your insurance company must be informed as to the details of your business and any business related equipment, may have to be scheduled or listed. Your business and the business related equipment may require a separate policy depending on the type of home-based business. Because different insurance companies will have different limits as to what they will pay for any one item in certain categories, ask your broker or agent what those limits are, and insure your equipment accordingly.

  • Will renters insurance cover my family heirlooms?

Many insurance companies may have a limit as to what they will pay for any one item, including, but not limited to, items like jewelry, furs, fine arts, photography equipment, musical instruments and other expensive electronics. In order to properly insure these items, the insurance company may require that you list or schedule the items and have them professionally appraised as to value. Once this is done, they will be covered specifically on your policy. Although your renters insurance policy will normally state what items may have a limited amount payable, contact your insurance broker or agent if you have any questions.

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