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Renters Should Be Insured Too

Jun 5, 2008
Since it is closely related to home insurance, renters insurance is something that is unfortunately less of a priority than the other. It is an often neglected form of protection for those who rent an apartment or a house. If it not neglected, renters insurance is simply not as widely known in some areas. Many renters may not even know that such insurance coverage is available for them and their particular housing situations.

Renters insurance is there to provide protection of the renter's possession against possible damage or theft just like homeowner's insurance provides. Everyone who isn't familiar with renters insurance should learn what they can about it and see if they are eligible for coverage under renters insurance. Most of the time, it is not that difficult to obtain this qualify for such coverage.

What specific coverage is afforded by renters insurance? There are basic policies that provide some areas of minimum coverage for all the policyholder's personal property such as furniture, electronics, appliances, and clothing from a variety of situations. Whether it is a natural disaster, a fire, or theft, you can have some protection. In some cases, the policies also cover accidental injuries on the rental property premises.

If you have renters insurance you can also opt for additional coverage areas that provide you added security and may be more comprehensive as well. Yet, these extra points will make your policy's cost higher so you should be aware of that when you are considering different renters insurance. You want something that will effectively meet your needs and concerns.

Here is a short list of the different types of renters insurance coverage you might want to consider purchasing:

Personal property coverage. With this type of coverage, you will have basic protection of your personal property. In the event that your rental is damaged due to fire, hail, smoke, vandalism, lightning, or plumbing problems, you can file a claim for some sort of compensation for a portion of its total value. Personal property coverage protects you when a break in occurs and some of your property is stolen. This coverage requires that you list all of your possessions and attached an estimated total dollar value. The amount you decide will be what your policy amount will be that you can expect to obtain in a claim. Be sure that you give a reasonable estimate that takes everything in to account.

Personal liability protection. This form of renters' insurance coverage is used to protect the renter from any legal claims made against them on behalf of people who suffered some injury while on the premises. Liability protection may also deal with associated damages to the property or people that are caused by an accident, including any potential legal and medical costs. There is a minimum amount required by most policies totally about $100,000 although it can be more in many cases depending upon the amount of coverage purchased.

Improvements coverage. In some cases, it is possible to obtain what is called improvements coverage. This type of renters insurance covers circumstances where the rental has suffered damage. It provides financial coverage to make improvements or repairs to the property.

Fire legal liability policy. In the event a fire happens on the premises, there are some instances where the renter is held liable. This coverage is offered to protect the renter from legal responsibility. You can avoid legal fees and other difficulties by having this form of insurance coverage.

As you can see, there are different elements you can add to build a comprehensive renters insurance policy that will afford you the maximum amount of coverage and security allowable by law. It could benefit you to consider these coverage options if you are a renter. They could help both you and your family recover from loss of property and save you from dealing with legal ramifications.
About the Author
Joe Kenny writes for Ridoe.net, offering cheap auto insurance and for home protection, home insurance . Visit today for more insurance articles and tips.
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