What Does Renters Insurance Protect?

By USInsurance.com

If you are living in a house, an apartment, a condo or any other kind of home on a rental basis, you should purchase renters insurance to protect yourself and your possessions. Renters insurance will provide you with essential coverage against a number of unforeseen and unplanned events such as a fire or a robbery and it also serves as an important provision against loss or damage as well as personal injury.

Currently, though, renters insurance is not legally mandated by state laws, so it remains optional for renters - except in instances where the rental agreement specifies this form of insurance at a landlord’s insistence. That said you would need to be a brave individual to decide that you do not want or need renters insurance. Stop to consider all the things that can go wrong and what the consequences are of not having adequate renters insurance, should an unpleasant incident occur. In our modern world, accidents and even calamities are all around us – just switch on your TV and watch the local news, or log onto a well-known web site and look for “breaking news” stories. Maybe it is time to reconsider? Renters insurance is really inexpensive and it will provide you with protection and peace of mind. 

What should I Expect to Pay? 

Typically you can expect to pay a few hundred dollars a year for a policy coverage limitation of between $20,000 and $30,000 dollars. As with any insurance plan, the cost of renters insurance depends on a number of variables. Geographical area, crime statistics, amount of cover required - these are just some of the inputs to the calculation of the premium you can expect to pay. 

What are the Limitations? 

Renters insurance will not cover certain catastrophic losses, such as those suffered in floods or earthquakes. If this worries you then speak to your insurance provider and ask them if you can purchase cover for such events. Good insurance agents can access coverage for you through the National Flood Insurance Program (NFIP). As with all insurance plans make sure that you understand the renters insurance policy wording thoroughly. 

Should I Shop Around? 

If you have the time to study the fine-print then it certainly makes sense to shop around and compare costs and benefits, not forgetting exclusions too. As with most forms of insurance, renters insurance is a highly competitive end of the risk market and there are many companies vying for your business. Remember to compare “apples to apples” so that the policy you end up with is the one best suited to your needs.  

Renters insurance will cover you in the event of a claim. Additionally, the personal property protection offered through renters insurance means that you can sleep well at night and go to work the following morning knowing that your possessions are well protected. A safe bet for a small amount of money makes renters insurance a choice for the modern renter.

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