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Renters Insurance - Tenants, Keep Your Belongings Safe

By Compuquotes Team on March 27th, 2008

Renters Insurance

Anyone living in a home has the need to insure it, as well their personal belongings and the people living within. Renter's insurance is much like homeowners insurance, but with some differences. Instead of covering the building they are renting like homeowners insurance, renter's insurance offers other various areas of protection that can help you sleep better at night.

Just as homeowners do, renters need to protect their personal property against disasters and other perils such as theft and fire. The question then becomes how much coverage is enough? Don't be afraid to get extra coverage if you feel it's necessary, that's what it's there for. Protecting your valuables should be your main focus.

The amount of coverage you purchase should be sufficient enough to pay for the value of your personal property at the time of the loss. To be sure you are fully protected, take a complete inventory or better yet, have it professional appraised if necessary.

With modern technology, it's relatively easy to take a video inventory of your personal belongings. This might be an easier way for you to take inventory of your belongings.

Most renters make the mistake of believing they are not responsible for people who are injured while visiting their home. They often believe that they are the responsibility of the landlord. This isn't necessarily so. It all depends on where the accident occurs.

Renters can also get in trouble outside of their home too. If someone is hurt on your property, you could be liable. The liability portion of your renter's insurance policy protects the insured from potential lawsuits in the same manner as a homeowner's liability coverage. It's always a good idea to have protection like this, especially in America. Lawsuits are more common in the States, so having legal coverage is always an added bonus.

Renters often improve their landlord's property to make the property more enjoyable to live on. All improvements considered fixtures are technically the landlord's property when the tenant moves out.

Most people are well aware of this when they are making the improvement, but they don't realize that these new improvements may not be covered under the landlord's insurance policy. In the event that these valuable improvements be damaged or destroyed by a loss, they would not be replaced. In an event like this the tenant's renter's insurance would cover these improvements if it was paid for by the insured tenant and was exclusively used by that tenant.

Improvements and additions can be covered in a renter's policy but the coverage is quite low, usually 10 percent of the amount taken out to protect personal property. If the improvements you made are substantial, seriously consider purchasing extra protection with a building additions and alterations endorsement to your basic policy.

Renters insurance will pay for an increase in living expenses made necessary when your residence cannot be occupied because of damage caused by the usual listed perils. All policies have different specified coverage so read carefully.

As you can see there's plenty of benefits to having renter's insurance, so it's a good idea to utilize it and stay protected.

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