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What Types of Renters Insurance are Available?

By Compuquotes Team on May 21st, 2008

Like homeowners insurance, most insurance companies have different levels of polices available for renters insurance. The first type is normally a standard or basic policy which offers protection for your contents from only those perils specifically listed in your policy. This type of renters insurance is basic coverage and with little or no extra coverage, is less expensive than more comprehensive policies.

The second type of renters insurance available is a broad form policy. This type of policy may offer enhancements to the standard policy like coverage for a percentage of your contents that might be temporarily removed from your residence, and others. Depending on your needs, and the value of your contents, this type of renters insurance is one of the most common.

A comprehensive policy is the third type of renters insurance available. Some insurance companies offer this as their only policy, while others will offer the option of a broad form or standard renters insurance. The comprehensive policy will include things like enhanced limits payable for any one item in certain categories like furs, fine arts, jewelry or even cash. Also features like damage from water escape, food spoilage and more, may be included in the policy. It is important to note that with any of the different types of renters insurance available, that the insurance companies do have limited amounts that they will pay for any one item in certain categories. Discuss your requirements and what these limits might be, with your insurance broker or agent, before deciding on which type of renters insurance you need. Comparing the limits and features of the different types of renters insurance is as important as comparing the premiums, when making your decision.

The different types of renters insurance have much in common, and are offered to suit every individual need. With any of these types, the same consideration has to be given in arriving at an amount for which to insure. By making a detailed inventory of your belongings, you will be able to arrive at a figure that will protect you from financial hardship in the event of a total loss. With that inventory and knowledge of the limits of the type of renters insurance you are inquiring about, you and your insurance agent or broker will be able to properly insure your belongings.

One of the easiest ways to arrive at a figure for replacing the contents of your home is through a photographic record or video. Pictures or video of every room, drawer, and closet and storage place will provide the information you need to compile a complete list. The other part of the process is to ascertain what each item will cost to replace at today's prices, and not what you paid for them. Prices on day to day items can change dramatically, and this is a very good reason for maintaining this type of record and reviewing when you renew your renters insurance. Up to date records of your belongings will also help towards the settlement of any claims in the event of a loss.

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