What Renters’ Insurance Covers

Renter’s insurance is a type of policy that property renters can purchase. It is advised that anyone who rents should purchase renter’s insurance because it can cover a variety of things that the property owner’s insurance may not. The property owner’s homeowner’s policy will cover the property itself, but it will not cover YOUR personal property should a fire, flood, theft, or act of vandalism were to occur.

There are other instances in which a renter’s insurance policy will be useful. For example, what if something is stolen from your car – like your purse, computer, etc…? Most car policies do not cover this, but they most likely will be covered by your renter’s insurance. When traveling worldwide, your luggage – or items in your luggage (like computers or other electronic equipment) – could be lost or stolen. If this happens, you might think that the airline or airport should be responsible, but you will quickly learn that they are not. It is “fly at your own risk” as far as they are concerned. However, by having a renter’s insurance policy, you can rest assured knowing that your personal items are covered in case something like this happens.

To decide whether you need renter’s insurance or not, first take an inventory of all your personal items, including electronics, furniture, clothing, college books, jewelry, cooking ware, dcor, CD or DVD collections – everything. If you find that your list is not very long, you might be able to get by without renter’s insurance, at least until you come to own additional personal property. While looking at your list, ask yourself if you can afford to replace everything on that list with the savings and income that you already have. If you cannot afford to do that, then you would definitely benefit from having renter’s insurance.

Next, ask yourself if having peace of mind knowing your personal items are protected in case of a devastating event is important to you. If it is, then that is another great reason to look into renter’s insurance.

Lastly, think about what would happen if someone was injured on your property? Would you be able to pay all their medical bills? What if they decided to sue? Would you be able to pay for all the legal fees involved with that? If not, then that is another reason to inquire about renter’s insurance.

As you can see there are many benefits and protections that having a renter’s insurance policy can offer. You might be thinking that you cannot afford to get a policy right now, but remember – what would happen to you financially if someone got hurt or the property was destroyed or you lost everything? Would you be able to afford the costs required to pay for the bills and replacement of your items if something were to happen?

There are some options to help you better afford renter’s insurance. One way is to ask your auto insurance company if they also offer renter’s insurance policies. By combining the policies, you may be eligible to receive some great discounts on your rates and sometimes you can even save more money than you spend depending on these same very discounts! In addition to that there maybe some other ways to save on your renter’s insurance include:

- Keeping fire extinguishers handy in your rental unit – usually one per floor;

- Having dead bolts on all exterior doors (which sometimes your landlord will install);

- Having a fire alarm or burglar alarm that is monitored; and

- Living in a unit which includes a sprinkler system.

To find out more about your individual state rates and policy terms call your agent or get a free no obligation renters quote here. Also, learn more about accident forgiveness on your car insurance at http://www.accidentforgivenessinsurance.com.

Author: Loreen Worden
Article Source: EzineArticles.com
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