Do I need Renters Insurance?
If you rent an apartment, townhouse or house you should consider the need to protect your assets from a disaster. How much would it cost to replace all of your clothing, furniture and necessities you’ve worked so hard to earn? It can add up to thousands quickly. A low cost renter’s policy may be the answer.
What is covered?
A renter’s policy, also known as an HO-4, is a homeowner’s insurance policy that provides coverage in three main areas: personal property, additional living expenses and liability coverage. It includes a broad range of coverage’s including; fire, wind, hail, theft, explosion, vandalism, and water damage from pipe burst to mention a few.
Personal Property coverage is simply all your “stuff”. It includes clothing, furniture, TV’s, stereo systems and much more. Imagine turning your apartment upside down, anything that falls out is considered personal property. Internal limits may apply to high value items like jewelry, fine arts and collectibles. If you have any of these items be sure to have an appraisal handy so you can schedule or list them on your policy.
Additional Living Expenses
Let’s say you rent an apartment and the next day your building catches fire and becomes uninhabitable. You’ve just paid your rent/security deposit – Now what?
Renters insurance will cover reasonable expenses to put you up in another apartment until your apartment is rebuilt or repaired. This coverage will have either a dollar amount limit, $25,000 for example, or a time limit, like 6 months. Be sure to check your policy and understand which limits apply to you.
Many people refer to liability coverage as “trip and fall” coverage. While that’s true, it covers much more than that. Liability coverage isn’t limited to just the premises. It follows you wherever you go and can provide excellent protection should you get sued for something-like shanking a golf ball and causing property damage or bodily injury to something or someone.
How much does it cost?
Well that depends…how much “stuff” do you have? The majority of the rate is based on how much personal property coverage you need. Other rating factors include location, prior claims and the amount of liability coverage you desire. Renters insurance is usually very inexpensive for the coverage it provides. A policy can range from $180-$300 for the year if your personal property doesn’t exceed $50,000.
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