The Importance Of Renter"s Insurance And Why You Should Have It
Tenants typically are most concerned with ensuring they are getting the best deal with regards to rent and deposit requirements.
However, it is just as important for renters to have renter's insurance.
This protects your financial investment in all of your personal belongings and is a wise financial decision.
Most renters don't stop to consider that the landlord's property and land are insured.
Your landlord's policy has no impact your ability to obtain a policy to insure your own personal property.
The insurance covering your landlord's building and land cover only his property, never the property of tenants.
In order for you to ever recoup any losses from disasters such as fire, burglary or flood, you must have already purchased an insurance policy on your own for your own property.
Many renters make the error of thinking that their property is not worth much and therefore does not need to be insured.
This is a common mistake.
While the resale value of your personal property may not be worth much, the expense to replace personal property usually is much more than the resale value.
Renter's insurance should be purchased based on what it would cost you to replace all your property.
Look at what you own with that in mind to see why it would be a smart decision to obtain renter's insurance.
Renter's insurance policies typically cover items that are stolen or damaged through named perils.
The vast majority of policies will cover damage to your property from perils such as fire, smoke, water or vandalism.
Earthquakes may be covered as well.
Renter's insurance is a form of property insurance, which typically covers property either at the depreciated value of the property or for the replacement value of the property.
The best protection is afforded by selecting replacement value insurance.
For example, if you had purchased a 32" television for $800 three years ago and the television is destroyed in a fire, replacement value insurance would provide you with enough money to get a new 32" television with similar features.
Depreciated value insurance might only provide you with $100 or so, what you might have been able to sell the three-year-old television for if you had held a garage sale.
Most renter's insurance policies will cover items that are in a typical household, such as clothes, books, household goods and the like.
If you have unusual items, such as a stamp collection, extensive jewelry or furs, you may need to add them as listed items onto the policy.
Generally anything with a value can, and should be, insured.
Renter's insurance policies may also provide coverage for lawsuits for negligence and medical injuries that occur within your rental home.
Carefully read any policy you are considering to ensure that the coverage you want is included.
Clearly renter's insurance should be an important element in anyone's financial plan.
However, it is just as important for renters to have renter's insurance.
This protects your financial investment in all of your personal belongings and is a wise financial decision.
Most renters don't stop to consider that the landlord's property and land are insured.
Your landlord's policy has no impact your ability to obtain a policy to insure your own personal property.
The insurance covering your landlord's building and land cover only his property, never the property of tenants.
In order for you to ever recoup any losses from disasters such as fire, burglary or flood, you must have already purchased an insurance policy on your own for your own property.
Many renters make the error of thinking that their property is not worth much and therefore does not need to be insured.
This is a common mistake.
While the resale value of your personal property may not be worth much, the expense to replace personal property usually is much more than the resale value.
Renter's insurance should be purchased based on what it would cost you to replace all your property.
Look at what you own with that in mind to see why it would be a smart decision to obtain renter's insurance.
Renter's insurance policies typically cover items that are stolen or damaged through named perils.
The vast majority of policies will cover damage to your property from perils such as fire, smoke, water or vandalism.
Earthquakes may be covered as well.
Renter's insurance is a form of property insurance, which typically covers property either at the depreciated value of the property or for the replacement value of the property.
The best protection is afforded by selecting replacement value insurance.
For example, if you had purchased a 32" television for $800 three years ago and the television is destroyed in a fire, replacement value insurance would provide you with enough money to get a new 32" television with similar features.
Depreciated value insurance might only provide you with $100 or so, what you might have been able to sell the three-year-old television for if you had held a garage sale.
Most renter's insurance policies will cover items that are in a typical household, such as clothes, books, household goods and the like.
If you have unusual items, such as a stamp collection, extensive jewelry or furs, you may need to add them as listed items onto the policy.
Generally anything with a value can, and should be, insured.
Renter's insurance policies may also provide coverage for lawsuits for negligence and medical injuries that occur within your rental home.
Carefully read any policy you are considering to ensure that the coverage you want is included.
Clearly renter's insurance should be an important element in anyone's financial plan.
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