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Renters Insurance - Why Carry It?

By Compuquotes Team on March 27th, 2008
Renters Insurance

If you rent your living abode, renters insurance is designed to protect the belongings inside of your home. Perhaps your landlord or condominium association carry insurance, as well. You should know this insurance only protects the building. It is a safe bet that your belongings are not covered under your landlord's policy. This is the main reason you should consider carrying renters insurance ... to protect your possessions.

Although there are several types of renters insurance available to help renters to protect their belongings, there are some basic factors the policy will protect your belongings from. These factors can include:

� storm damage
� wind damage
� civil commotion
� vehicle damage
� aircraft damage
� smoke damage
� vandalism
� theft

Storms are unpredictable, as are all of the above factors prone to cause damage. If you do not carry renters insurance, and your possessions are damaged or ruined by any of these circumstances, you could suffer some great losses. Having a good renters insurance policy can help you to replace what you have lost because of circumstances beyond your control. Also covered under most renters insurance policies is damaged caused by other factors including water related damage (from faulty utilities) and damaged caused from electrical surges.

Now that you know what is most generally covered under a basic renters insurance policy, you should know what is typically not covered. Damage caused by floods and earthquakes are often not covered under basic renters insurance policies. If you happen to be renting a home in an area that is prone to either floods or earthquakes, it may be necessary to purchase a separate policy for coverage. The same rule applies to you if you live in an area prone to hurricanes. You may need a separate policy, or a rider, to cover the damage a hurricane can cause.

Imagine this scenario. A tree near the home you rent has been struck by lighting and falls into your roof. In turn, your roof catches on fire, and all of your possessions are destroyed. What happens now? Your landlord likely has homeowners insurance, to cover the damage to the actual building, but what about the losses you've just suffered? Most importantly, where will you now live until the home is repaired?

With renters insurance its fairly simple. Depending on the policy you chose, the insurance company will assist you to restore your life to what it was before the storm. They will provide you with the funds to fix or replace your belongings, as well as assist you with living expenses while your home is being repaired. It is very important to read the terms of your policy to fully understand what your exact benefits are.

While there are a lot of people renting, who never even consider renters insurance, all renters should give it some thought. There are occurrences in everyday living, that are beyond anyone's control. It is much better to be prepared, and to be protected by renters insurance, than to lose everything you have.

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