Insurance is a very important commodity in today's world. Apart from life insurance, one should also insure their various material possessions. Renter's insurance is a good bet to insure your household goods. Renter's insurance covers your household goods and any other household possessions in the house.
Renter's insurance is very important for tenants. The landlord's house insurance will cover only the house, but not the possessions inside it. For example, the house insurance will cover the walls, but will not cover the furniture and cupboards inside the house. Renter's insurance will also cover your personal belongings like laptops, Music players etc.
Household accidents are like road accidents. It isn't always your doing that creates a calamity. Since we live in a society, sometimes,we have to bear the brunt of the mistakes of our neighbors. You may be living a safe lifestyle, but your neighborhood aunt may always forget to put off her cigarette or her stove. It takes just one fire to bring down an entire building to soot.
Therefore, Renter's Insurance is a must under these circumstances. Renter's Insurance is important to people of all walks of life. A college student or a recent graduate will definitely want some security on his belongings. A newly employed professional will welcome a insurance policy which secure their belongings, while a person with a family will have no idea how many pieces if furniture their house has, but will surely benefit from a Renter's Insurance.
The tenant should also make a list of all their belongings and furniture and keep it away in a safe place, preferably a fireproof box or even a safe vault.
A typical Renter's Insurance will include:
Renter's insurance is very important for tenants. The landlord's house insurance will cover only the house, but not the possessions inside it. For example, the house insurance will cover the walls, but will not cover the furniture and cupboards inside the house. Renter's insurance will also cover your personal belongings like laptops, Music players etc.
Household accidents are like road accidents. It isn't always your doing that creates a calamity. Since we live in a society, sometimes,we have to bear the brunt of the mistakes of our neighbors. You may be living a safe lifestyle, but your neighborhood aunt may always forget to put off her cigarette or her stove. It takes just one fire to bring down an entire building to soot.
Therefore, Renter's Insurance is a must under these circumstances. Renter's Insurance is important to people of all walks of life. A college student or a recent graduate will definitely want some security on his belongings. A newly employed professional will welcome a insurance policy which secure their belongings, while a person with a family will have no idea how many pieces if furniture their house has, but will surely benefit from a Renter's Insurance.
The tenant should also make a list of all their belongings and furniture and keep it away in a safe place, preferably a fireproof box or even a safe vault.
A typical Renter's Insurance will include:
- Fire and Smoke
- Ice, Snow and Sleet
- Explosions
- Volcanoes
- Aircraft and Ground Vehicles
- Windstorms
- Hail and Lightning
- Riots
- Any Civil Disturbances
- Damages caused by electric surges
- Water damage caused by water utilities
- Falling Objects
- Aircraft and Ground Vehicles
- Falling Objects
A typical Renter's Insurance will not cover earthquake or flood damage. These calamities are region specific and therefore are not default in the Renter's Insurance. The insured will have to opt for separate policies to cover the risk of earthquakes and flood damage.Also, a typical Renter's Insurance policy will not cover hurricane damages. Therefore, if one lives in coastal areas, they will have to buy a separate policy for hurricane insurance.
Apart from these features, Renter's Insurance also offer other facilities to the user. For example, if the property rented becomes inhabitable due to some reason, the insurance company covers any displacement cost. They will pay rent for your temporary accommodation for a specific amount of time. The maximum amount of rent the insurance company offers is around 40% of the total value of of your belongings. The maximum amount of time a insurance company will pay the rent is 12 months.
Apart from this, Renter's Insurance also covers the insured's liability regarding injury while on property. The Insurance policy will cover a specific amount as regards the person's medical costs and also any legal expenses if the injured decides to sue.
It is important for the insured to know whether the insurance company repays the 'actual cost' or 'replacement costs'. If the company offers 'actual cost', the insurance company will repay the cost of the product at the time the damage or theft occurred, while in the case of replacement costs, the company will repay you the amount at which the product was bought. Guaranteed replacement cost insurance is a good idea for products with heavy depreciation, for example electronics and other devices.
Many insurance companies offer reduced premiums in the case of proper security and safety precautions taken by the insured. For example, if the insured has offered theft and fire alarms or smoke detectors, fire extinguishers, the insurance company offers reduced premiums.
Before opting for a Renter's Insurance policy, one should do proper research and know the features and offers by various insurance companies. The best place to research is the internet, where many insurance companies also offer free quotes for their insurance policies.
No comments:
Post a Comment