!   Please note: You must have javascript turned on
 to request an insurance quote. To learn how to enable javascript in your browser, please click here. Once it is turned on, simply refresh this page to enable full functionality.

A Renters Guide To Getting The Right Home Insurance Policy

Do you currently rent and want to know how your resources will be protected in the event of a disaster? Think about it: whether it is a fire, hurricane, or burglary, a disaster doesn’t stop to ask questions about who is going to have to replace the mess left behind. Homeowners and renters alike need to be able to protect their worldly goods from damages and theft.

A Renters Guide To Getting The Right Home Insurance PolicyIf you currently rent, then your landlord should have a home insurance policy in place on the building itself, but none of your possessions will be protected with that policy. It is up to you, the renter, to purchase a renter’s insurance policy to protect your personal property. The following questions and answers will help you understand renter’s insurance and find the right renter’s insurance policy.

What’s covered in renter’s insurance?

Typically a renter’s insurance policy will protect your personal belongings in from things such as: fire, volcanoes, hail, explosions, theft, vandalism, damage from plumbing, air and heating systems, falling objects, and damage caused from vehicles and aircraft to name a few.

Am I protected from flooding and earthquakes?

Most renters’ insurance policies do not protect you from damages caused by earthquakes or floods. The same is true for regular home owner’s insurance. If you happen to rent in an area with a high risk of flooding or earthquakes, then you’ll need to purchase additional coverage protection against these disasters.

What’s the difference between replacement cost and cash value coverage?

When you go to buy renter’s insurance find out if the company offers the option between replacement cost and cash value coverage. With cash value coverage, you will only be compensated for the amount that your belongings were worth when they were stolen or destroyed. Since many household electronics and appliances depreciate with age, you may not be able to replace your possessions with ones that are equally nice if you only purchase cash value coverage.

On the other hand, replacement coverage will pay out what it truly costs for you to replace your items. Does replacement coverage cost more? It sure does. But many renter’s insurance policy holders feel that it is well worth it to know that they’ll be fully compensated should disaster strike.

Is my Rolex covered in renter’s insurance?

Don’t just assume that because you have basic renter’s insurance, it means that all of your possessions will be replaced if damaged or stolen. If you own items such as very expensive jewelry or watches, then you’ll need to protect those items with an additional rider.

How much will renter’s insurance cost me?

The total cost that you can expect to pay for renter’s insurance cannot be determined without considering your specific situation. Living in areas that are considered high risk for hurricanes, floods, and earthquakes can raise your renter’s insurance premium.

Factors such as the total value of what you own and the type of coverage (cash value or replacement) that you opt to get will affect the cost as well. Conversely you can attempt to lower your renter’s insurance premiums by shopping around, increasing the security of your place, and taking advantage of discounts offered to veterans, seniors, and members of certain occupations.

Can you get by without renter’s insurance?

In most cases you are not legally obligated to purchase renter’s insurance. However, without renter’s insurance you have zero protection against damage and theft of the possessions within your home. Renter’s insurance is a great inexpensive way to insure against serious losses.