Renters Insurance Archives - Cheap Landlord Insurance

Apartment renters insurance: How renters insurance works – Part 1

Renters often think that because the landlord has insurance on the home or apartment building, the possessions they have in the apartment are covered under this insurance. Many find out too late that this is not the case when some accident occurs and they lose everything. When you are renting, ask yourself if you have the finances needed to replace everything you have if the apartment is a complete loss.

Renters insurance offers the same type of coverage on personal possessions as that of homeowners’ insurance. If your apartment is broken into and some of your possessions are stolen, then the policy will cover the cost. The same thing applies if you have a fire in your apartment or if you incur a loss due to broken water pipes or a sewer problem. The damages to the apartment itself and the property will be covered under the landlord’s insurance and your renter’s insurance will take care of your personal property. You also need to have separate flood insurance as a separate clause in your policy.

Along with coverage for your personal property you also have liability coverage under renters insurance. This means that if a person is injured while in your apartment or when leaving, you could be sued for damages. With liability coverage, your insurance policy will pay for the medical expenses and if the case goes to court, the insurance company will also pay the judgement awarded by the court. Without such insurance in place, it would mean financial disaster for you and your future.

The cost of premiums for renters insurance is considerably less than that of homeowner’s insurance. When choosing a policy, you should always opt for replacement cost in the coverage of your personal possessions. Even though this is a little more expensive it will pay off in the end if you do need to make a claim to the insurance policy you will get enough money to replace what you have lost. This is because replacement cost means that you will get the current value of the possessions and what you paid for them when they were first purchased will not matter.

When there are several roommates in an apartment, each person does not need to have his/her own renters insurance. You should check with the insurance company about this, but it is best if all roommates are listed on one policy. This may pose a problem though if the living arrangements are temporary.

There are limits listed in a renters insurance policy as to how much money will be paid in case of a claim. Read over these limits carefully to make sure that you do have enough coverage and ask that it be raised, but you may have to pay extra for this. For example, if your policy allows for $2000 for the theft of firearms and the firearms that you own are worth more than this, you will need to have additional coverage.

The policy you have in place for renting covers you for the term of the policy, which is usually a year, no matter where you are. You can be on vacation for most of the year and still have coverage in place on your apartment.

Affordable Renters Insurance – Where to Get it Online

Looking for renters insurance? Want to know where to get affordable renters insurance with a reliable company? Read on …

What Renters Insurance Covers

Many people think their landlord’s insurance will pay to replace their belongings if they’re damaged or stolen. Not True. Your landlord’s insurance only covers the building and the property your landlord owns, so if you don’t have insurance you could lose everything you own.

Renters insurance pays to replace your personal possessions in the event they’re stolen, or if they’re damaged by fire, water leaks, vandals, or acts of nature. There are two types of coverage:

* Actual cash value coverage which pays to replace your personal possessions, minus a deductions for depreciation.

* Replacement cost coverage which pays the total cost of replacing your personal possessions. If you can afford the extra cost, replacement cost coverage is the way to go.

Renters insurance also pays for court-awarded damages and legal fees if a lawsuit is brought against you and you’re found guilty of injuring another person, or damaging their property.

Last, but not least, if your residence is damaged and you need to live elsewhere while it’s being repaired, renters insurance will pay for your additional living expenses such as your motel and restaurant bills.

Where to Get Affordable Renters Insurance

In order to get affordable renters insurance you need to do a little shopping to compare rates. You have three basic choices:

1. You can spend hours on the phone calling insurance agents.

2. You can spend hours on the Internet visiting insurance company websites.

3. You can spend a few minutes at an insurance comparison website.

Using an insurance comparison website you only have to fill out one simple online questionnaire to get quotes from a number of companies so you can compare them and choose the most affordable one. Most of comparison sites deal only with A-rated companies so you know you’ll be getting good service with a reputable company.

Visit http://www.LowerRateQuotes.com/renters-insurance.html or click on the following link to get affordable renters insurance rate quotes from top-rated companies and see how much you can save. You can get more tips and advice in their Articles section, and get answers to your questions from an insurance expert by using their online chat service.

The author, Brian Stevens, is a former insurance agent and financial consultant who has written a number of articles on affordable renters insurance.

How to Get the Best Renters Insurance at the Best Price

Shopping for renters insurance? Want to know how to get the best renters insurance at the best price? Here’s how …

Renters Insurance

Contrary to popular belief, your landlord’s insurance does not cover your personal possessions if they’re damaged or stolen, so if you want to protect them you need to get renters insurance. Here’s what renters insurance covers:

Personal Property

Renters insurance covers your personal property like furniture, clothing, TVs, and electronic equipment. It pays to replace this property when it’s lost or damaged due to fire, theft, vandalism, explosions, wind and water damage (excluding floods).

There are two types of personal property coverage: 1. Cash value coverage which pays the depreciated value of your damaged or stolen property. 2. Replacement cost coverage which pays the full amount of your property. Replacement cost insurance costs a little more than cash value insurance, but it’s worth the extra cost to get full coverage.

Renters insurance pays only a limited amount for expensive items like jewelery, furs, collections, etc., so you’ll need to need to get additional insurance in the form of a rider to cover these items.

Personal Liability

If someone were to slip and fall in your residence you could be sued and be liable for thousands of dollars in damages. Renters liability insurance pays for claims made against you by another person for bodily injury or property damage.

Best Renters Insurance Price

Insurance prices vary dramatically from one company to the next, so the first thing you need to do is to go to an insurance comparison website. Here you can get quotes from a number of different companies so you can get the best rate.

These sites have you fill out a questionnaire so you can tailor your insurance to your needs. You’ll be asked what deductible you prefer and what discounts you want. Get the highest deductible you can afford to pay, and all discounts you’re eligible for.

Some insurance comparison websites also offer a chat feature where you can talk online with an insurance expert who will answer all your questions. You can use this feature to find out what discounts are offered so you can take advantage of them. (See link below.)

Visit http://www.LowerRateQuotes.com/renters-insurance.html or click on the following link to compare the best renters insurance rates from top-rated companies and see how much you can save. You can get more renters insurance tips by checking out their “Articles” section.

Renters Insurance Faq

Renters insurance can be confusing, to say the least. Here’s a renters insurance FAQ that explains the basics of renters insurance in simple terms.

Why do I need renters insurance?

Natural disasters like floods and hurricanes are on the rise, theft and vandalism are increasing, and if you don’t have renters insurance you could lose everything you own.

Many renters think their landlord’s insurance will cover damages to their personal possessions, but it won’t. Your landlord’s insurance only covers the building you live in.

What does renters insurance cover?

Renters insurance provides three basic areas of coverage:

1. Personal property coverage pays to replace your possessions when they’re damaged by fire, vandalism, and storms, or when they’re stolen.

2. Loss-of-use coverage pays your hotel and restaurant bills when your residence is being repaired due to damage by fire, vandalism, or storms, and you need temporary living quarters.

3. Personal liability coverage pays for another person’s medical bills and property repair bills when you, your family, or your pet are found responsible for injuring them or damaging their property. It also covers your legal fees if you’re sued.

What’s not covered?

Renters insurance does not cover damage caused by earthquakes or flooding. There are also limits on coverage for expensive items like jewelry, silverware, furs, antiques, and computers. If you live in an earthquake or flood zone, or have expensive items that aren’t fully covered, you can purchase additional insurance.

How much coverage do I need?

You need enough personal property coverage to pay for all your possessions if they’re destroyed, and enough liability insurance to cover all your assets if your sued. Take an inventory of your possessions and use the total value as your coverage amount. Then total your assets – bank accounts, stocks, bond, CDs, etc. – and make sure you have enough coverage to protect them.

How much does renters insurance cost?

Renters insurance is cheap. It can cost as little as $16 a month for $20,000 worth of personal property coverage with $300,000 liability coverage. That’s less than the cost of a music CD to insure all your personal property and all your assets are protected.

Where can I get cheap renters insurance?

The best place to get cheap renters insurance is at an online insurance comparison website. These sites let you get quotes from different companies by filling out a simple questionnaire with information about your residence and the amount of insurance you want. The best of these sites feature a service whereby you can talk with an insurance expert and get answers to your renters insurance questions for free. (See link below.)

Visit http://www.LowerRateQuotes.com/renters-insurance.html or click on the following link to get cheap renters insurance quotes from top-rated companies and see how much you can save. You can get more insurance FAQs in their Articles section.

Importance of Home Insurance

Whether you rent or own a home you need to have home insurance to cover those unforeseen circumstances such as theft and fire. Even if you rent you need to have a form of home insurance in order to take care of your own personal possessions. The landlord is only obligated to provide fire insurance on the building, so if you want to protect your possessions you must obtain renters insurance. When most people think of home insurance they think of homeowners’ insurance which covers both the building and the possessions inside the building.

Before you select an insurance carrier for your home insurance you want to make sure you make inquiries of several insurance companies. During your research you want to compare rates and coverage and how they compare to the market in general. Each home insurance company has its own premiums and levels of coverage, so you want to take some time to review what each home insurance company offers before you make your final choice. By taking time to review, you will be able to review in depth the offerings of other home insurance companies before making any choices.

Home insurance is a very important investment and one that every person who owns a home needs to have. Do not settle for just what the mortgage company requires but make sure you protect your personal possessions as well. If you choose to cover only your building you are making a serious mistake because you can lose everything in case of a fire or vandalism. Make the choice to protect yourself with home insurance. Do some investigation and then choose the home insurance company that offers the most for the money. AHS can put show you where to obtain home insurance for the best prices for your home insurance choices.

Home contents insurance: Understanding the threshold amount

As a licensed insurance producer, I often get asked the question: What is contents coverage and how much do I need?

The easiest way to describe content coverage is if you turn your house upsidedown and shake it, everything that would fall out is considered contents or personal belongings….ie: furniture, appliances, clothing, bedding, electronics, dishes, silverware, etc. Home contents coverage also includes items like: lawn mowers, above-ground swimming pools, trampolines, etc.

There are two types of home contents coverage. One, is automatically included in a home owner’s package and is usually 50 – 70% of the total dwelling coverage.

For instance, you have $100,000 of coverage on your dwelling (structure, home) then your content coverage is automatically $50,000. If you have “replacement cost” on your contents then that coverage is increased up to 70% ($70,000) depending on the package. If that is still not enough, some companies will allow you to write content coverage equal to but not more than the dwelling or structure amount – in this case $100,000.

The other type of home contents coverage is commonly known as renters insurance. This is coverage that will protect your belongings in the home or apartment you rent. Many times it also provides liability coverage which comes into play if someone gets hurt while visiting you and sues or if you or your children damage the landlord’s property and he sues you.

For the purpose of this article, we’re going to discuss Contents Only (renters) insurance.

Many folks mistakenly believe that their personal belongings are covered under the landlord’s dwelling insurance but this is far from the truth. Others, especially young people, think they don’t have a lot of stuff, so they shouldn’t worry. This too, is not wise.

When taking into consideration the amount of contents coverage my customers need I use the rule of thumb of a minimum of $1000 per room. I also encourage them to consider worst case scenario – total loss.

If your home or apartment were destroyed due to a fire, how much would it take to replace ALL of your belongings? How much would it take to start over somewhere else?

Remember, the expense to start over also includes, rental deposits (usually first and last month’s rent + a security deposit) and utility deposits or transfer fees in addition to replacing your stuff.

One-thousand-dollars per room may not sound like much, but should cover the bare basics should you find yourself in the position of starting over after a total loss. In most cases it is wise to double that when purchasing home contents insurance.