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 Renters Insurance 



Renters Insurance is another type of home owners insurance that is specifically designed to protect renters. Often renters of apartments or town homes assume that they are covered by the insurance of the land lord. This is usually not the case. The insurance that the land lord carries often only covers the building and not the renter's possessions. This has caused many renters much grief as they find out this fact after a fire, theft, or other disaster where they have lost everything.

To protect renters, there is renters insurance. Renters insurance covers the valuables and possessions of the renter against damage and/or theft. There are all sorts of renter's insurance policies, so the renter should review their policy in detail and ask questions of both the insurance agent and of their landlord.

The policy may also protect valuables when they are not present in your residence. For example, if you have camera that gets stolen while on vacation, your policy may cover this. Different policies have different levels of renter's coverage. A policy may just cover the depreciated value of the item. For example, the insurance company may value your camera at $500, but it may cost you $750 to buy a new one. Some policies cover the full replacement cost.

Another important item in renters insurance is liability. This may help protect your finances if you are found responsible for injury to another person or damage to another person's property. Depending on the policy you may have liability protection not only at the residence where you are renting but also general protection regardless of where the incident takes place.

Renter's insurance premiums are often based on similar factors as home owner's premiums. They typically have a deductible which must be paid by the policy holder for each claim. The lower the deductible, the higher the renter's insurance premium will be.

Most major insurance companies like State Farm and Allstate offer renter's insurance. Be sure listen to your insurance agent and get a clear understanding of what is covered and what isn't.

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Please Note: THIS IS NOT PROFESSIONAL ADVICE. If you need specific advice please seek a professional who is licensed or knowledgeable in that area.  Please note that we are not insurance experts or lawyers. We accept no liabilty and claim no validity for the information on this site. Information on this site may not be accurate.  Insurance customers should always consult their insurance company and/or agent as well as their lawyer to get a good understanding of coverage and other legal questions/concerns about their insurance policy or any policy they intend to buy.

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