Renters Insurance is something of a confusing topic but one thing is for sure, it doesn't matter whether you are renting a house, apartment, car or some type of machinery there is always a risk that it will get damaged or destroyed in some way. This is often done on the understanding that the insurance for their house or car for example will cover any equipment that is rented to them.
It is a common misconception that the landlord's insurance policy for example, will cover the tenants he has in the property.
The fact is, though, that you're not; a landlord's property insurance covers damage to the structure of the property itself.
Of course, buildings insurance will not cover any personal belongings or any liability on your part so if property is lost or stolen, it is renters insurance that covers the cost. This can be a bigger problem where any damage to the building is a result of your actions at which point any costs will be the responsibility of the tenants.
While damage to a property is one reason to have rental insurance, there is another equally important reason. Lawyers fees and medical costs will be the renters responsibility if someone is injured owing to negligence so this is a good way to prevent large costs being incurred. All medical fees and legal costs will be paid for you if necessary so it is obviously worth the monthly outlay.
When renting a car you need to check your auto insurance policy to see if it covers rental car insurance as some do offer some rental car insurance coverage and quite often, your credit card will pay for damages to a rental car in the event of a wreck. If either your own auto insurance or the credit card is not able to provide insurance cover then the cost of renters insurance is not expensive at anywhere between seven to thirteen dollars per day which is much cheaper than replacing the car.
This article has only highlighted two areas where renters insurance can be of use but it can be used for anything that can be rented, so that motor home you planned to rent or that yacht for the weekend will fall neatly into this type of insurance. This is not the type of insurance that should be dismissed without thought as it will bring a great deal of peace of mind when you collect that one hundred thousand dollar motor home you are having for a week. The price for rental insurance will depend on many things but be aware that some locations are considered a higher risk and will call for a higher premium and how much deductible is standard will also have a bearing. Take a look around before you decide on what company to use and try looking on the internet as discounts are often found there and adjust the deductible amount until the insurance premium is within your budget.
It is a common misconception that the landlord's insurance policy for example, will cover the tenants he has in the property.
The fact is, though, that you're not; a landlord's property insurance covers damage to the structure of the property itself.
Of course, buildings insurance will not cover any personal belongings or any liability on your part so if property is lost or stolen, it is renters insurance that covers the cost. This can be a bigger problem where any damage to the building is a result of your actions at which point any costs will be the responsibility of the tenants.
While damage to a property is one reason to have rental insurance, there is another equally important reason. Lawyers fees and medical costs will be the renters responsibility if someone is injured owing to negligence so this is a good way to prevent large costs being incurred. All medical fees and legal costs will be paid for you if necessary so it is obviously worth the monthly outlay.
When renting a car you need to check your auto insurance policy to see if it covers rental car insurance as some do offer some rental car insurance coverage and quite often, your credit card will pay for damages to a rental car in the event of a wreck. If either your own auto insurance or the credit card is not able to provide insurance cover then the cost of renters insurance is not expensive at anywhere between seven to thirteen dollars per day which is much cheaper than replacing the car.
This article has only highlighted two areas where renters insurance can be of use but it can be used for anything that can be rented, so that motor home you planned to rent or that yacht for the weekend will fall neatly into this type of insurance. This is not the type of insurance that should be dismissed without thought as it will bring a great deal of peace of mind when you collect that one hundred thousand dollar motor home you are having for a week. The price for rental insurance will depend on many things but be aware that some locations are considered a higher risk and will call for a higher premium and how much deductible is standard will also have a bearing. Take a look around before you decide on what company to use and try looking on the internet as discounts are often found there and adjust the deductible amount until the insurance premium is within your budget.
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