If you are a homeowner, you are required to insure your house and belongings. But renters don't usually face the same requirement. It is an excellent idea to get a renter's insurance policy when you are renting a house or apartment, however. Too often, renters don't think they need insurance.
Renter's Insurance
The renter and their property are protected by a renter's insurance policy. You will set both the coverage amount and the amount of the deductible. You should be comfortable with the deductible. The higher the deductible, the lower the premium.
Some people are surprised to learn that their landlord's insurance policy does not cover them. But if there are major unexpected damages or losses, renters need to be financially protected. Tenant's insurance is affordable. It is a small price to pay for the financial protection for all the possessions that renters normally keep at home, as well as liability coverage to cover, for example, an injury suffered by a visitor who slips and gets injured while at your home.
Many renters choose not to take out tenant's insurance because they underestimate the value of their personal belongings. Conduct a home inventory to estimate what your belongings are worth. List everything you own, including clothing and furniture, and estimate the total replacement cost.
Having 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. If you have a good renter's policy, you will have help covering the costs of litigation.
It might be a surprise to you that renters are legally responsible for any damage they cause to their building, and to others living in or visiting it. 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. You will be able to replace or repair your belongings if they are lost or damaged if you have contents coverage.
Clearly, the positives of renter's insurance make it essential for anyone renting an apartment or home. It can cost between $125 and $200 a year for a basic tenant's insurance package for an apartment in a building. The risk increases if you add additional coverage for items of higher value, or if the space also is used for business purposes. But, considering the entire replacement cost, purchasing insurance coverage is very affordable.
Renter's Insurance
The renter and their property are protected by a renter's insurance policy. You will set both the coverage amount and the amount of the deductible. You should be comfortable with the deductible. The higher the deductible, the lower the premium.
Some people are surprised to learn that their landlord's insurance policy does not cover them. But if there are major unexpected damages or losses, renters need to be financially protected. Tenant's insurance is affordable. It is a small price to pay for the financial protection for all the possessions that renters normally keep at home, as well as liability coverage to cover, for example, an injury suffered by a visitor who slips and gets injured while at your home.
Many renters choose not to take out tenant's insurance because they underestimate the value of their personal belongings. Conduct a home inventory to estimate what your belongings are worth. List everything you own, including clothing and furniture, and estimate the total replacement cost.
Having 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. If you have a good renter's policy, you will have help covering the costs of litigation.
It might be a surprise to you that renters are legally responsible for any damage they cause to their building, and to others living in or visiting it. 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. You will be able to replace or repair your belongings if they are lost or damaged if you have contents coverage.
Clearly, the positives of renter's insurance make it essential for anyone renting an apartment or home. It can cost between $125 and $200 a year for a basic tenant's insurance package for an apartment in a building. The risk increases if you add additional coverage for items of higher value, or if the space also is used for business purposes. But, considering the entire replacement cost, purchasing insurance coverage is very affordable.
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