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Why Do Renters Need Insurance?

By Compuquotes Team on March 27th, 2008

Renters Insurance

There are millions of people who are renting their residence and own thousands of dollars worth of property that is not insured. You insure your health and your car, so why wouldn't you insure your personal belongings? The cost of renters insurance can be as little as $12 a month for $10,000 worth of coverage. The costs are so low it is crazy to go without it.

The renters insurance industry is very competitive which makes it possible for you to get the most amount of coverage for the lowest possible price. There are hundreds of insurance companies offering several different policies that generally cover losses due to fire, vandalism, windstorm, theft, explosions, and other covered perils.

There is also the liability portion of your renters insurance policy which covers bodily injury to others if you were help liable. Some examples of this are if your pet bit someone or if one of your children's friends broke their arm while playing in your back yard. The typical liability coverage is from about $25,000 to $300,000. Additional coverage includes loss of use and personal property away from home.

You can follow a few suggestions to get the best coverage at the best rate. You can usually save money by getting a renters insurance policy through the same company as your auto insurance company. Get quotes from several reputable companies before going with any certain company. Make certain that you get a high enough limit to protect the actual value of your personal property.

Depending on the price of your personal property you may want to consider going with a replacement cost policy which will reimburse you for the cost of replacement, rather than giving you the depreciated value of your damaged or lost items. It is wise to get this type of coverage for items such as electronics such as TVs and computers that can depreciate in value quickly.

Also be sure to ask your agent what types of documents you should save that would help in the event of loss such as taking pictures of a video of your property, or saving all of your receipts from purchases. You should make a detailed list that includes a detailed description of your personal property such as the price and condition of the item.

Renters insurance is beneficial in many ways. Your renters insurance company will even pay the rent for a different property while your original property is begin repaired, or until you permanently relocate into a new home. Generally there is a time limit that comes with this type of coverage. When you reach the limit which is usually a year, the insurance company will not provide you will coverage of your bills any longer.

By far the most beneficial part of your renters insurance policy is the liability coverage. This coverage will provide you with the protection you need to cover a person's medical expenses, and your legal costs if they pursue a lawsuit, as well as any damages that they may have been awarded.

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