If you own your own home, you will be required to have an insurance policy that covers your home and your possessions. But renters don't usually face the same requirement. When you are renting a house or apartment, getting a renter's insurance policy is an excellent idea though. Too often, renters don't think they need insurance.
Renter's Insurance
Renter's insurance is there to protect the renter and their belongings. A coverage amount and a deductible amount will need to be selected by you. The deductible is what you are able to pay in the event of a claim. You will get a lower premium with a higher deductible.
Some people are surprised to learn that their landlord's insurance policy does not cover them. However, it's extremely important for renters to be protected financially in the event of major unexpected damages or losses. It is not expensive to get tenant's insurance. It is a modest amount to protect all the possessions in your rented home, not to mention the liability in case someone is injured in your home.
Many renters do not have tenant's insurance because they don't realize the real value of all their possessions. A home inventory will help you estimate the worth of your belongings. Estimate what it would cost to replace everything on a list of all your goods, including clothing and furniture.
You'll Have Liability Coverage
Although the property is not owned by you, protecting visitors or guests is your responsibility. If they fall, or are injured by an animal, they may decide to sue you for the damages. A good renter's policy can help cover the costs of a successful lawsuit.
You may be surprised to learn that as a renter, you are legally responsible for the harm you cause to any part of your building, and to others who live or visit there. Tenant's insurance policies vary from one insurance company to the next, but they generally include two types of coverage: liability and contents. Liability coverage protects you if you or your guests cause damage to the building, or if someone is injured in your home and sues for damages. If your belongings are lost or damaged, contents coverage enables you to replace or repair them.
Clearly, the positives of renter's insurance make it essential for anyone renting an apartment or home. Per year, it will cost between $125 and $200 for a basic tenant's insurance package covering an apartment. Adding coverage for items of higher value, or using the space for business purposes will increase the risk. However, when you consider what it would cost to replace everything, buying insurance coverage is a smart investment that won't break the bank.
Renter's Insurance
Renter's insurance is there to protect the renter and their belongings. A coverage amount and a deductible amount will need to be selected by you. The deductible is what you are able to pay in the event of a claim. You will get a lower premium with a higher deductible.
Some people are surprised to learn that their landlord's insurance policy does not cover them. However, it's extremely important for renters to be protected financially in the event of major unexpected damages or losses. It is not expensive to get tenant's insurance. It is a modest amount to protect all the possessions in your rented home, not to mention the liability in case someone is injured in your home.
Many renters do not have tenant's insurance because they don't realize the real value of all their possessions. A home inventory will help you estimate the worth of your belongings. Estimate what it would cost to replace everything on a list of all your goods, including clothing and furniture.
You'll Have Liability Coverage
Although the property is not owned by you, protecting visitors or guests is your responsibility. If they fall, or are injured by an animal, they may decide to sue you for the damages. A good renter's policy can help cover the costs of a successful lawsuit.
You may be surprised to learn that as a renter, you are legally responsible for the harm you cause to any part of your building, and to others who live or visit there. Tenant's insurance policies vary from one insurance company to the next, but they generally include two types of coverage: liability and contents. Liability coverage protects you if you or your guests cause damage to the building, or if someone is injured in your home and sues for damages. If your belongings are lost or damaged, contents coverage enables you to replace or repair them.
Clearly, the positives of renter's insurance make it essential for anyone renting an apartment or home. Per year, it will cost between $125 and $200 for a basic tenant's insurance package covering an apartment. Adding coverage for items of higher value, or using the space for business purposes will increase the risk. However, when you consider what it would cost to replace everything, buying insurance coverage is a smart investment that won't break the bank.
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