Renters Insurance - Keeping the Valuables Protected

By Compuquotes Team on March 27th, 2008

Renters Insurance

Theft and vandalism happen in every city, regardless of whether you rent or own a home you need to protect your property. Some may thing that if you rent an apartment rather than buying a home that you don't need, or aren't able to receive insurance for your property.

If you have anything in your home worth insuring, even if you're renting, you should insure it for a low cost. Most insurance agencies offer several options that make it more flexible for you depending on your own needs.

For a small premium payment you can purchase renters insurance that will cover your personal belongings in the event of theft, fire, or other natural disaster. The common types of covered items are furniture, clothing, and electronics.

You can purchase personal property coverage to protect you if there is damage to your property related to fire, hail, smoke, vandalism, lightening, and plumbing. If you are away on vacation and someone steals your covered camera, then you can file a claim on your renters insurance. To take out a policy of this kind you will decide a value on your property and the policy will be written accordingly. Don't under or over estimate when deciding value or you may find yourself under covered or overpaying.

Renters insurance also offers liability insurance that protects the policy holder in the unfortunate event that they are sued because of an injury that occurred on the property by someone visiting the residence. Liability insurance is an important coverage to have because it covers related damages and all relevant legal costs. The minimum for these policies are generally $100,000 and will cover any injury that happens on your property or that was caused by the you, your children, or your pet.

As an addition to this policy you may want to consider something known as additional living expenses. If there should be a time when you aren't able to live in your rented residence due to a hazard that is covered in your policy, this coverage will pay up to 20 percent of the contents coverage amount to be able for you to pay additional living expenses. These living expenses are hotel, meal, and laundry costs until you are able to safely move back into your residence.

You can also purchase an additional coverage known as improvements coverage. This will let you apply up to 10 percent of your contents coverage to be able to replace or repair items that you redecorated or altered before a covered hazard occurred.

Another added protection is fire legal liability. This type of policy would protect you in the even that you are held legally liable for a fire causing property damage.

When searching for renters insurance know that it is a very competitive market and you are sure to find a great deal if you put the in the time and effort. There are deductibles with renter's insurance policies as well as any other insurance policy. To save a lot of money it is recommended to raise your deductible.

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