Coverage Concerns for Renters: The Cost of Renters Insurance & What it Covers
If you're living in a rented home, renters insurance is an affordable and invaluable type of coverage to invest in, yet only 45 percent of renters have secured this type of policy, according to the Insurance Journal. From the cost of renters insurance, to the different types of coverage a renters insurance policy provides, it's important to familiarize yourself with the coverage concerns associated with living in a rented home, and how renters insurance can provide you with peace of mind, knowing your meaningful possessions will remain protected.
The Cost of Renters Insurance
Dollar for dollar, renters insurance is one of the smartest purchases a renter can make. The cost of renters insurance starts around $125.00 per year. However, there are many factors that can influence this rate, including the specific insurance company and the approximate value of all of your possessions. It's best to work with an independent insurance agent, who will assess your situation, and quote your renters insurance policy with many different companies to find the best rate and coverage options for you.
Do I Have Coverage Under My Landlord's Policy?
Many renters believe that they have coverage under their landlord's policy, but this is typically not the case. In fact, the rented property's owner or landlord usually carries commercial insurance, which generally does not cover you as a renter. For this reason, it's crucial to secure your own coverage in the form of a renters insurance policy.
What Does Renters Insurance Cover?
If you're considering investing in a renters insurance policy, you may wonder: "What does renters insurance cover?" Among the many coverages included in a renters insurance policy, the two main forms of protection are personal property and personal liability coverage.
First, as a renter, it's important to consider the value of your personal property, which quickly adds up when you think about all of your belongings, from expensive electronics to furniture and tableware. Investing in a renters insurance policy will help you ensure that these valuable possesions remain protected against perils like fire and theft.
Secondly, a renters insurance policy provides personal liability coverage, which will help protect you in the event that you are deemed liable for an accident that occurs on your property, such as a guest falling and injuring him/herself. Your landlord's commercial insurance policy generally does not provide this type of coverage, which is important to have in a society in which lawsuits are continuously on the rise.
Some landlords may require that you secure renters insurance in order to rent your apartment, condominium or house, but regardless of whether this type of coverage is required, it will prove invaluable in protecting your belongings in the event of a claim.
At Hunkins & Eaton Insurance Agency in Littleton and Lisbon, N.H, the protection of your assets is important to us. We would be glad to further discuss renters insurance with you, answer any questions you may have and provide you with a free quote. For additional information about our agency, or to get a free quote for renters insurance in Littleton, Lisbon, or the surrounding New Hampshire towns, please visit us online at: www.hunkins-eaton.com.
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ReplyDeleteWilliam Martin
PPI Claims Made Simple
Thanks again, William! We appreciate your continued support of our blog.
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