Renters Insurance Protection Plans
By Richard Farrell
Special to USInsurance.com
As a renter, it is your responsibility to insure that your belongings are
protected since a landlord or property owner won't cover them. When living in an
apartment, renters should consider renters
insurance, which underwrites your personal property against damage or loss
caused by theft, or other specified events. Many policies also include cover in
case a third party is injured while visiting you at home.
Why You Need Renters Insurance:
For an amount as low as $20 a month you can buy peace of mind, and indemnity
from having to pay for a new computer, television or clothes yourself in case
they get lost or damaged. If you think you do not need this insurance, then
first work out how much it could cost to replace all those things, and where you
would find the money.
What Events Renters Insurance Covers:
Renters insurance normally covers you
against loss or damage arising from any of the following occurrences (although
individual insurance policies may vary in the details):
• Electrical Damage
• Explosion
• Falling Objects
• Fire
• Riots
and Civil Commotion
• Theft
• Vandalism
• Vehicles and
Aircraft
• Water Damage
• Weather Damage
Your personal property may also be covered if it is stolen from your car or
away from home.
Further Information:
Renters insurance offers a smorgasbord of choices that allow you to pick the
bits you need to save you money. These modules usually include
Personal property cover – your personal possessions such as
jewelry, clothing, furniture, electronic equipment etc
Additional living expenses – what you have to pay to live
elsewhere if your rented home becomes uninhabitable, say due to fire, ongoing
theft or vandalism.
Personal liability – cover in case a third party visitor is
injured at your property, and holds you responsible.
Hurricane and flood damage may not be covered. You must check this detail
carefully before signing.
Other Things to Think About:
Insurance policies
are like motor cars. Every one is different and prices vary too. As a general
rule if you buy cheap then cheap is what you get, usually in the form of high
first payments and drawn-out settlement terms. It can also be a false economy to
go direct instead of using a good broker. That’s because a good broker should
not cost you anything extra, and will fight hard for you if you have a renter’s
insurance claim.
You must also always read the small print carefully. The fact that you cannot
test-drive an insurance policy or arrange a demo is good enough reason to check
the wording out carefully, don’t you think?
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Renters Insurance