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RENTER'S HELP - Information you need to know about Renter's Insurance if you are Renting a Home
The worst happens ... and the rental home or house for rent you are living in catches on fire. All of your personal possessions perish in the fire. Is your landlord's homeowner insurance required to reimburse you? Not likely.
Unfortunately, people residing in homes for rent or rentals including rental houses, townhouses, condos, townhomes, duplexes, or apartments, are usually responsible for insuring their personal possessions in the home rental by purchasing a renter's insurance policy. In some cases, this is a requirement of the lease as well. The insurance the landlord carries on the rental home itself covers the landlord's property only. This is important information for the many people living in homes for rent nationally. When you consider the financial impact of losing all of your possessions in the home rental, renter's insurance is downright necessary.
While many renters reside in homes for rent, national insurance statistics indicate that nearly 70 percent of renters still do not carry insurance on their personal belongings. A staggering number when you consider the millions of houses for rent in the U.S.
A typical renters insurance policy issued to people in homes for rent is not unlike home-owners in that it usually covers losses for theft, water damage, fires, vandalism, and more. Some policies do not include flood or earthquake coverage so if that would apply to the area where your home rental is located, be sure to inquire about additional coverage in those cases.
Another benefit of renter's insurance is protection against liability for accidents that may happen in the rental home or injuries to guests or damage to their possessions while in your rental home. You may also be covered for legal expenses in certain situations.
If the home for rent is damaged so badly you can not reside in the rental while it is being repaired, renter's insurance steps in again and provides needed additional living expenses in most cases.
The cost of renter's insurance while living in homes for rent, whether it is a condo, duplex, apartment, townhome or townhouse, is nomimal when you consider the replacement cost of ALL your personal possessions. To find out just how much money it would take to replace those items, take an inventory of the belongings and contents in the home rental. This "total" is the amount of coverage you will need.
There are several types of policies to choose from and the premiums vary based on the type of policy you choose. There are replacement cost policies and actual cost policies, as well as, special policies for unique or special value items such as an antique bedroom set. Factors such as the amount of the deductible affect the price as well.
If you are residing in a rental home, the best financial protection for a loss of personal belongings, is renter's insurance. This is your sole protection in the event a disaster happens to the home for rent where all your worldly possessions are kept. After you take an inventory of your contents, contact your insurance agent for detailed information about all that renter's insurance can provide and start protecting your assets today.
Insurance Guides 101
Information at Insure.com
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