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Renters Insurance

Renters Insurance Basics

Renters insurance is a policy issued by an insurance company that provides benefits to people who rent a property from someone else. Some property management companies or landlords require those who rent from them to purchase this type of insurance. However, it is not always required.

Someone who is renting an apartment, townhome, condo, or home can purchase renter’s insurance that will cover that specific address. While a landlord or condo association may have purchased insurance, the policy they have purchased only overs the building structure. It will not pay for replacing personal items.

Coverage limits can be customized. Of course, the cost of a policy increases based on the amount of coverage purchased. Deductible amounts can also be customized as well, depending upon the desires of the purchaser of the policy. Before purchasing a policy, it is a good idea for people to check with the owner of the property that they are going to rent from, to make sure they purchase at least the amount of insurance that is required. It may be possible that a person should purchase more than what is required, depending on their specific circumstances. They may have items of value that would be very expensive to place. The required policy amount may be less than what they would need.

Renters insurance policies cover property inside a rental home or apartment such as computers, clothes, electronics, etch. It may also cover items in a garage, on a deck, or driveway. An HO-4 policy covers damages from different types of perils. Fire, vandalism, theft, accidental water overflows, etc. are covered under this type of policy.

Policies are available that will pay either the current cash value of items covered or the replacement cost of the items covered. Actual cash value coverage means that the monetary value of the property at the time it was damaged or stolen would be paid. Replacement cost coverage means the cost it takes to replace the items would be paid (minus the policy deductible). Replacement cost policies are more expensive and will pay out more if a claim is made.

People who have personal property insurance and experience a covered event, are able to receive money to help them replace items that may have been damaged or destroyed. This can be extremely helpful compared to someone who may have experienced a calamity and do not have insurance. They would have to start over on their own.

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