Renters Insurance Companies

Renters insurance companies will provide the kind of coverage needed for the personal belongings of anyone renting an apartment. This protects against the various disasters and misfortunes that can beset the apartment dweller. The landlord's coverage will not cover the damage caused by a burst pipe that floods an apartment, or a burglary, fire, or injury to a guest. A renters insurance company will provide a policy that protects personal belongings and pays the medical and legal bills if a guest falls and breaks an arm. The landlord's coverage will cover loss of his property by fire and injury to someone on his property, but not the things inside the apartment. Contacting a renters insurance company is one of the first things a lessee should do. Agencies may provide their coverage for a few hundred dollars a year. This puts monetary protection for a lessees belongings within reach of almost anyone's budget.

Suppose sharing an apartment with a friend is the situation, and the roommate has coverage with a renters insurance company on her belongings. Will her policy cover the other roommate? Not unless they are listed on her policy. Each tenant needs her own coverage from an agency. How do you decide which renters insurance companies to look to for coverage? Talk with a car insurance agent and see what they can offer, and talk to friends and family to see what they have done about coverage for their personal items. A basic policy offered by a typical agency covers actual cash value of personal belongings, which usually allow for depreciation. In the case of a three-year-old computer, that can mean a world of difference in reimbursement. Expensive electronics, if owned, may be better suited for a replacement policy. It's more expensive, but may be worth it. Do not over inflate the cost of an item either. This is considered fraud, and is not the way God intended. "Seest thou a man diligent in his business? He shall stand before kings; He shall not stand before mean men" (Proverbs 22:29).

Most policies usually have a deductible clause, and the higher the deductible the lower the premium. The policyholder will need to balance the amount of the deductible against the savings on the premium payments to decide just how much of a deductible can be afforded. A renters insurance company policy won't cover "acts of God," but there can be endorsements for those occurrences. In the event that something happens (such as the broken pipe), and the tenant will have to live somewhere else for a while, the policy may include coverage for that loss just as a car insurance policy provides for a rental car when it is in the shop. Renters insurance companies can accommodate the policyholder with coverage for valuable jewelry, stereo or computer equipment, furs, antiques, etc. by adding what they call "floaters" to the policy. Keep all information on these items such as make, model, serial numbers, age and cost of purchase and replacement in a safe place like a fireproof box or safety deposit box at the bank. Photographs help too, if a claim has to be filed. In the case of extremely valuable items, an appraisal is the best way to prove value, and copies should be given to the agent.


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