Home Renters Insurance

Home renters insurance is an incredibly affordable way to protect valuable possessions within an apartment or house that is leased or rented. Even if a consumer does not own their own house, many do own a tremendous amount of valuable property when it is actually accounted for. In the event of a flood, fire, or theft, people want their property protected. Home renter insurance is an extremely affordable way to make sure all assets are adequately protected. "Teach me good judgment and knowledge: for I have believed thy commandments." (Proverbs 119:66)

A landlord's policy protects the structure of a rental dwelling that they own, but does not cover any personal possessions of those who pay rent to live there. Furthermore, if someone trips over a rug in the dwelling, the person who rents will be responsible for the medical bills unless he carries home renters insurance. A renter's policy covers personal property in the event of loss due to a variety of traumatic circumstances. Typically, though, home renter insurance policies do not cover damage due to floods or earthquakes unless coverage is purchased with a separate rider that specifies these particular disasters.

The Internet is a valuable tool to use when shopping around for rental coverage. Through online insurance sites, consumers can compare prices for several home renter insurance plans simultaneously. When researching, make sure to compare plan details not just price. Look at whether the policy offers actual cash value or replacement cost coverage for personal belongings. Actual cash value policies only reimburse a consumer for what the property was worth at the time it was damaged or stolen. Thus, because most items depreciate in value, consumers will not be reimbursed what was originally paid for the item. In contrast, replacement cost home renters insurance policies provide a client with what an item actually costs today to replace it, even if it is more than what was paid for the original item.

Replacement cost policies carry higher premiums but less out of pocket expenses if a client ever has to file a claim. Just as with home owners insurance, there are things that those who rent can do to keep premiums low. First, consider raising the deductible. Make sure that the deductible is affordable, but a higher deductible can significantly reduce home renter insurance policy costs. Next, it is always cheaper for those who do not own a dog or cat. Many policies carry higher premiums for animal owners.

Another way to reduce premiums is to install protective devices such as smoke alarms, burglar alarms, and fire extinguishers. Finally, for those who are retired or belong to any professional organization, it can be beneficial to inquire about a possible discount. For a minimal monthly amount, those who rent can protect their possessions and have peace of mind. Even if a consumer does not own a home, he or she does usually own valuable property that should be protected. Purchasing home renters insurance is a responsible way to protect valuable assets in case of damages or loss.



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