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What Is Renters Insurance Really All About?


Renter's insurance is protection intended for anyone who rents an apartment, home or other live-in dwelling. Purchasing renter's insurance can protect you against the risk of fire, theft, windstorms, falling objects, smoke, and vandalism. Another important aspect of renter' insurance is that it protects you against liability in the unlikely event that someone meets harm or injury in your home.

While it is true that your landlord more than likely holds insurance on your residence his insurance normally only covers the actual building you reside in. The burden of replacing your personal property lies on you. The landlord's insurance definitely will not cover any legal responsibility for injury or damage to a guest or their property. In many cases rental insurance may even provide for the cost of a legal defense.

It is also important to make sure you are aware of the different types of coverage and that you provide yourself with adequate protection. Personal property coverage protects the assets in your home such as your furniture and clothing. It also provides protection for those things you may have with you while traveling or away from home.

Loss of use coverage pays for living expenses when an insured loss prevents you from habitation of your home. This includes food and shelter for the duration of time while your home is being repaired or replaced for up to two years.

Inflation coverage routinely augments the amount of your insurance coverage as cost of living expenses increase. Personal liability coverage grants payment for legal accountability according to the limits of your individual policy for damages based on bodily injury or property damage, which are incurred in your home.

Medical payments to others coverage pays the medical expenses for visitors who are accidentally injured while a guest on your premises. This coverage does not pay out to you or your family members who reside with you.

When purchasing renter's insurance you will need to make a decision as to whether to insure your possessions based on their actual cash value or their replacement value. Actual cash value payouts will be based on how much your property is worth post depreciation, meaning if you lose a 10-year-old computer to wind or storm damage you will be paid the cost to replace the same 10-year-old computer. Replacement coverage pays a return without consideration of depreciation.

The best thing about renter's insurance is that for the amount of protection it provides it is still relatively inexpensive and if you purchase your renter's insurance from the same company that insures your automobile you may be eligible for a significant discount.

As with any insurance that you purchase it is important to make sure you understand exactly what may or may not be covered by your renter's insurance policy. Some losses that may not be covered include but are not limited to flood or underground water damage, earthquake, mud or landslide damage or even nuclear hazards. Although your renter's insurance may not cover these disasters it is highly probable that optional or additional coverage may be available for an additional premium.

Timothy Gorman is a successful Webmaster and publisher of Best-Free-Insurance-Quotes.com. He provides more insurance information and offers free money saving auto, home, life, health and renters insurance quotes that you can research in your pajamas on his website.


MORE RESOURCES:

Insurance - Google News

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California wildfires: New bills aim to ease insurance headaches - Santa Cruz Sentinel


Santa Cruz Sentinel

California wildfires: New bills aim to ease insurance headaches
Santa Cruz Sentinel
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How To See The Dentist Without Insurance - NBC 5 Dallas-Fort Worth


NBC 5 Dallas-Fort Worth

How To See The Dentist Without Insurance
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Enlarging insurance pool makes sense - Baltimore Sun


Baltimore Sun

Enlarging insurance pool makes sense
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Dan Morhaim for his continuing focus on improving the state's procurement processes to benefit taxpayers (“Pooling insurance makes sense for Maryland,” Jan. 10). Once again, he proposes an innovative approach to saving taxpayer dollars and improving ...

GE reignites break-up talk after $11 billion insurance, tax hit - Reuters


Reuters

GE reignites break-up talk after $11 billion insurance, tax hit
Reuters
GE said it will provide another update on its review in the spring. A decision could come then, CNBC reported, citing sources close to GE, adding that a breakup was “likely.” GE's fourth-quarter $11 billion charge includes $6.2 billion after tax for ...
At GE, $6.2 Billion Charge for Finance Unit Hurts CEO's Turnaround Push New York Times
GE shares dive after 'deeply disappointing' $6.2 billion insurance portfolio charge CNBC
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Seeking Alpha  - Washington Examiner  - Insurance Journal  - Zacks Investment Research
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Oklahoma Says Farmowners Insurance Program Insurer, Rockingham, not Licensed - Insurance Journal


Oklahoma Says Farmowners Insurance Program Insurer, Rockingham, not Licensed
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The Oklahoma Insurance Department says a farmowners insurance program being advertised in Oklahoma is not valid because the insurer, Rockingham Casualty Company, is not licensed to operate in the state. In early January, Rockingham Casualty and Edmond ...

3.2 Million Americans Gave Up Health Insurance Last Year, Study Finds - New York Magazine


New York Magazine

3.2 Million Americans Gave Up Health Insurance Last Year, Study Finds
New York Magazine
Volunteers provide free dental services to patients at the Remote Area Medical (RAM) mobile clinic on July 21, 2017 in Wise, Virginia. Photo: John Moore/Getty Images. Donald Trump and his congressional allies spent most of last year trying to push 22 ...
Number of Americans without health insurance jumped by more than 3 million under Trump CNBC
Number of Americans without health insurance grows in Trump's first year, new figures show Los Angeles Times
The number of Americans without health insurance jumped by 3.2 million in 2017 — and Congress could be to blame Business Insider
ThinkProgress  - KGO-TV  - Insurance Journal  - Gallup News
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E&S Exit: State Auto's Rockhill Sells Environmental Insurance Renewals to CapSpecialty - Insurance Journal


E&S Exit: State Auto's Rockhill Sells Environmental Insurance Renewals to CapSpecialty
Insurance Journal
“CapSpecialty is committed to offering our wholesale brokers and insured customers access to strong environmental coverage, and Rockhill's appetite, products and focus on small to mid-sized business are all well aligned with those of CapSpecialty ...

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