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Why Renters Insurance Helps You

By Compuquotes Team on March 27th, 2008

Renters Insurance

Some might think that they aren't liable for someone's injury on their rental property because it isn't your legal property. Think again. If you are one of the millions of Americans who are renting an apartment or home, then you should seriously consider renters insurance, not only for liability, but to protect the things you spend your precious money on.

Many renters hope that if their property owner has insurance on the property that their items will be protected through the homeowner's insurance policy. When property owners purchase homeowners insurance it is simply to cover the basics of the building, not who and what resides within it.

Property damage in a Renters insurance policy will cover an inventory of items lost due to theft, fire, lightening, windstorm, hailstorm, an explosion, vandalism, or water damage. With out any protection if you were to face such a tragedy you could be left without any furniture or clothes and no way to replace them.

The first thing you need to do before calling around to any renters insurance companies sit to take a complete inventory of everything you own that you would want to cover. Have receipts and estimates for necessary items, especially antiques. After you have completed this list keep it in a safe and fire proof place such as a safety deposit box or other security case. You will need to constantly update this list as you buy new things. Your best bet is to keep receipts.

An important part of renters insurance and possibly the most expensive is personal liability. This liability protection covers you in the event that you are sued because of an injury that someone else suffered while visiting your residence. This coverage will pay for related damages such as medical bills as well any relevant legal bills. This type of coverage is usually offered in a minimum of $100,000 and covers any injuries or damage that happens on your residence, and also any damages caused by the policy holder or their kids or pets.

When searching around different renters insurance companies trying to find the best deal with the most coverage, keep in mind that this is a competitive market. If you are willing to put in the effort you can certainly find some great offers. Don't be afraid to call around and get quotes remember they are trying to get your business. They want to answer all the questions you have.

There are all different types of insurance policies to suit every need. Different policies will include different regulations and terms. It is crucial to fully understand what type of coverage you are buying and if there are any limits of coverage involved. Nothing is worse than having a loss occur and think that you are covered, the come to find out you aren't. It's like losing twice.

Unfortunately you can't predict the future. We will never be ready the day a storm hits and causes extensive damage, or when a robber decides to break in and steal all of your prized possessions. The trick is to be ready for the unpredictable, because it is more common that we all want to believe.

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