WEDNESDAY, MARCH 9, 2011
If you are renting a house or an apartment, renters insurance could be one of the best investments you will ever make. It is important for renters to know what renters insurance covers in order to ensure that their possessions are protected from loss, theft, or damage.
 No one likes to think about it, but a burglar could break into your home while you're at work or on vacation and steal your jewelry, computer, entertainment system, or other valuable items. Unless you have renters insurance, the cost to replace the stolen items will have to come out of your own pocket. By choosing to purchase renter's insurance, you will be covered for either the replacement costs of the stolen items or the current value of the items, depending on the type of coverage you chose.
When selecting renters insurance there are 3 coverages that you should consider. The first is coverage to replace personal property if they are stolen or damaged by fire, etc. The second is personal liability coverage in case a claim is brought against you for personal injury or property damage. And the third is compensation for temporary relocation in the case of the event of a loss.
Perhaps you don't think there is a high probability of burglary in your neighborhood. But what about fire? Fires can start randomly and often begin from things which are out of your control, like poor electrical wiring. You could come home one day only to find that everything you own has been destroyed. By choosing to buy renters insurance, you will at least have the money to start over, should something this horrible should happen to you.
Renters insurance also covers personal liability, something that most people don't even consider. If someone visiting your home should injure themselves, you could be held liable for any medical expenses. With renters insurance can protect you from this liability.
Many people make the mistake of thinking their possessions are covered by their landlord's insurance, but this is not the case. Normally, a landlords insurance only covers loss or damage to their property. It also covers their liability for personal injury on the property, but does not always covers injuries inside a renter's apartment.
Before talking to an agent about a renters insurance policy, take an inventory of all items that you would want to replace should they be lost or damaged. Especially take note of any high value items or items that would be difficult to replace. You should record detailed information about those items such as serial numbers, make, and model. It may also be beneficial to take photos of these items for identification purposes. Be sure to talk with your insurance agent about any high value items that you may have since they may require additional coverage.
Similar to other insurance policies, renters policies have deductibles (the amount of money you will have to pay before you receive any money from the insurance company). So if you have a policy with a $500 deductible and you have a $1500 camera that is stolen, you would be reimbursed by the insurance company for $1000. You can lower the premiums of your insurance by choosing a higher deductible, but if there is a loss you will have more out-of-pocket costs.
Most renters insurance doesn't cover "acts of God", such as floods or earthquakes, but you can often get additional coverage for these. If you live in an area with a high probability of one of these events, the extra coverage may be well worth the money.
Depending on where you live, renters insurance can be extremely inexpensive. Most renters can get all the coverage they will need for as little as $20 - $30 a month. The benefits and peace of mind that these policies provide far outweighs the cost of protection. Don't be one of the many people who don't realize the benefits of renters insurance until it's too late.
If you don't have a renters insurance policy, you can get a free renters insurance quote and see for yourself just how affordable renters insurance can be. Or if you have questions about your current policy, feel free to contact one of our agents. They can answer any questions you may have and help you get the coverage you need.
By Matt Reynolds - Google+
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