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Renters Insurance vs Homeowners
Rent or Own
In today's shakey economy losing your job is certainly a possibility which makes the flexibility of renting attractive to many who might otherwise buy. The sluggish housing market is a concern as homes may sit for months or even years before they sell which causes an obvious problem for someone who has been let go from their job and needs to relocate.
Property is no longer appreciating as it did in the past making homeownership not look so good at the present time, although homeowners do enjoy tax deductions. Renters don't enjoy the advantage of tax deductions but they do save money on insurance. Renters insurance is generally less expensive than homeowners. If you're one of the many considering renting here are some things to know about renters insurance.
What's covered by renters insurance?
Items such as electronics, furniture, clothing, jewelry etc are generally covered by renters insurance. It's a good idea to inventory your belongings and use pictures or video to document what you own. In the event of a disaster it could make settling your claim faster and easier.
The landlords insurance covers the unit itself. However if you rent a home be sure to check with the landlord to see if the appliances, interior lighting, and walls are covered in their policy. If not talk to your insurer to make sure your covered.
If the unexpected does happen-then what?
If disaster occurs due to one of about a dozen situations, your renters insurance will pay for the damage. Types of damage your policy will cover include fire, wind damage, hail, vandalism, explosion, broken glass, freezing, and falling objects. You're also covered if a thief breaks in and steals your belongings.
Renters insurance protects you in the event someone accidentally gets hurt in your home as well. Your policy will cover medical bills for the person injured and legal representation for you in the case of a liability claim.
If you decide to rent find the right insurance coverage to protect yourself. Using an online referral service can make the process of finding the right coverage, for the best price, faster and easier.
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