by Guest » Thu Nov 06, 2008 08:58 am
Usually when we think about insurance, we think of insuring our cars or home. Now even as a renter you can protect your belongings with renters insurance. Protecting property isn't always for homeowners. You may want to have renters insurance to be able to protect your belongings since your landlord's policy will not cover your personal property.
What is covered under renters insurance?
Your personal property is covered under renters insurance/tenant's insurance. You may be living in rented property but no matter whether your landlord owns homeowners' insurance or not, your personal belongings will not be covered under that policy. Your renters insurance covers you against certain "named peril" like:- Fire/Lightning
- Smoke
- Theft
- Sabotage
- Malicious Mischief
- Windstorm
- Sudden accidental water discharge
- Floods
- Freezing of a plumbing system
- Falling objects
- Damage caused by a burst water pipe
- Any civil commotion
- Damage from aircraft and vehicles
- Liability Protection: This insurance pays for bodily injuries or property damage that you cause to someone else. It may even pay for any legal defense in situations like this.
- Medical Protection of your guests: It covers the medical expenses (if required) of those who do not live in the rental property that you have insured but was injured in your apartment.
- Raise in living expenses: If you have to live elsewhere due to a loss and your cost of living goes up because of that, your insurance policy will cover such a case up to a certain limit.
- Loss of property while traveling: If the airline you are traveling by loses your baggage, some renters insurance covers that too.
What are the things to consider before getting renters insurance?
When you have decided on getting renters insurance, you must be aware of:- The dollar value of coverage: There will be a fixed dollar amount that will be decided on all of your property. The bigger your coverage the higher is the policy amount.
- Your deductible: This will decide the out-of-pocket money that you will have to pay for your policy. You will have to pay a deductible for everything else except liability insurance.
- Actual Cash Value (ACV): It is also known as replacement cost. ACV means that the insurance company, when it pays for the loss, pays the actual cash value of the property at the time of loss. However, if you choose replacement cost, you will be entitled to an actual replacement. This means that if any property is damaged, you will be provided with as much amount required to be able to replace it.
- Location and claim history: If the area you live in is prone to burglary, your policy cost may go up. Similarly, if you or the person who rented the apartment before you or even if the neighbors have had a big amount of claims, the cost of your policy may go up due to this.
Hi,
A financial adviser once said that its not easy to save on my renters insurance. Is there a way that I may save something out of it?
BarbieL
A financial adviser once said that its not easy to save on my renters insurance. Is there a way that I may save something out of it?
BarbieL
Posted: Thu Nov 06, 2008 09:00 am Post Subject:
Hey don't fall prey to such calls. I'm gonna say that it is quite possible for you to save money out of such insurance policies. I agree to most of you who'd say that the policies are already cheap for that purpose.But tell me one thing...is it always necessary that whatever comes cheaper is worth it?
If not, it is better to do a bit of window shopping.
Crossbreed
Posted: Thu Nov 06, 2008 10:27 am Post Subject:
See, if you could choose the same carrier for insuring both your car as well as your apartment! This would certainly come to your advantage whenever you're gonna shop for a cheaper renters insurance. The insurance agent would be the right person to calculate and tell you the exact amount of discount that you're gonna get for covering your car and apartment with one carrier. ArindamSenIndies
Posted: Thu Nov 06, 2008 10:51 am Post Subject:
IMO by shopping around you can always save on the premium. I agree with the Crossbreed that you don't have to accept what the insurance agent has offered you. Feel free to shop around and compare both the rates along with the benefits. Don't settle for a plan by seeing its cost only, afterall, the purpose of a policy is to offer coverage against the perils.
Thanks,
Rupert
Posted: Thu Nov 06, 2008 11:19 am Post Subject:
One good thing that you may look forward to is to increase your renters insurance deductible. It would increase your savings. Even when you have smaller claims, you won't be using your renters insurance due to its large deductible.
You must have heard how the renters insurance companies are enforcing more of surcharge for all claims even if it is a little one. Depending on your frequency of filing claims over a particular period, your surcharges may vary between 10-85%.
Roddick
Posted: Thu Nov 06, 2008 01:27 pm Post Subject:
Hi,
You may set special burglar alarms or other security check systems in order to reduce your insurance rates. Lesser the risks, lesser would be your insurance costs. You might get discounts. If your systems would directly connect with the police or fire stations, you might be entitled to achieve more discounts.
Regards, Fatman
Posted: Fri Nov 07, 2008 12:56 am Post Subject:
I have heard of these discounts on home alarm systems and am glad they offer them. Home owners policies have these also. It is a nice incentive to have one or even to go get one.
Posted: Mon May 02, 2011 08:06 am Post Subject: Medical Payments on Renters Ins
Hi,
I was surprised to be told that injuries due to an accident at home are not covered in Renters insurance.
Basically, this is my short story. I had a chandelier hanging from a roof, which is pretty low. Doing my regular chores, I raised my hand, hit the glass in the chandelier, the glass broke, fell back and slit my wrist. Couple of tendons were cut; luckily important parts like arteries were not hurt. But, I had to undergo surgery immediately.
So, my question and disappointment to the answer I got from my insurance company is - "Why don't they cover this situation of medical payment". Whoever gets hurt "due to an accident at the covered apartment" should be treated, correct? This came as a complete surprise to me.
Appreciate everyone's thoughts.
Shaks
Posted: Mon May 23, 2011 04:04 pm Post Subject: oeszdLLerpYuzB
Renters.. Retweeted it :)
Posted: Thu Jun 02, 2011 12:07 am Post Subject: insurance
I have gone to a few Insurance companies looking for 'Renters Insurance'. I live in a trailer now. Some Insurance companies (in my local area) don't carry 'Renters Ins.' for trailers. Other places, I've gone to, have Renters Ins' at a very high price. Any suggestions?
Posted: Wed Oct 09, 2013 02:29 pm Post Subject:
Renter's insurance is a good investment in order to protect your property. Check with your insurance company to see if adding a security system would help lower your renter's insurance.
Joe Strada
Owner Del-Air Security(www.delairsecurity.com)
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