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What People Are Saying

Thanks for making it easy to find the cheapest renters insurance. Knowing our stuff is always protected gives me peace of mind.

Matt and Bethany, Charleston SC

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Buildings and content insurance for homeowners is elementary. As a homeowner, you want to do as much as you possibly can to shore up your assets and protect both your structure and your belongings from devastation and destruction. As a homeowner, you've worked hard to achieve your financial goals. Even if it isn't a condition of your mortgage, it would be unwise to not maintain your homeowners policy.

If you own rental property, as a landlord it's up to you to insure structures. Much the same as homeowners, your buildings and contents insurance protects and provides for rebuilding and repairing of your structures. Even if you aren't paying for a mortgage on the rental property, you must still protect your investment.

Structure and Contents Coverage

Why do you need to insure your buildings as a landlord? You would lose your investment, and all you've put into it, should your buildings be destroyed or damaged to the point of needing substantial repair. How would you pay repairs? What about the rental income? Buildings and contents insurance prices are vital for both the landlord and the renter.

As a tenant, it's often a requirement of your lease agreement to obtain coverage for your personal property. Your landlord maintains adequate coverage to protect his buildings, but if something should happen which devastates your rental home and it's contents, what would be your recourse? You would be left with flood or fire damage to your personal property and the loss of your belongings.

Loss of Personal Property as a Tenant

Though buildings and contents insurance are typically two different types of coverage when it comes to rental properties, both are essential in a landlord/tenant relationship. If your landlord doesn't require that you obtain protection for your personal property, you owe it to yourself to purchase buildings and contents insurance. You won't regret acquiring this type of protection.

If you're concerned about the cost of your buildings and contents insurance policy, you can rest easy. By shopping for quotes and comparing rates, you are sure to be paying a low premium.

Buildings and contents insurance isn't necessarily very expensive anyway. For the amount of a nice meal out, you'll find you can afford the monthly premiums for contents insurance without much hardship. As the tenant, your main concern is the contents insurance. Contents insurance provides monetary compensation for your personal property in the event of loss. Loss can come from fire, flood, or theft, most commonly.

Determining the amount of coverage you need is the most important, though minimally time consuming, task of securing buildings and contents insurance. In order to determine the limit amount, which is the amount of value you place on your personal property, you'll first need a list of everything that belongs to you which is in the apartment, house or condominium you are renting. Make certain you list everything of value, no matter how large or small.

Next, assign an amount for replacing the item. Some items, such as well worn clothing, or out of date electronics, don't really need to be assigned a replacement value. For insurance purposes, and in order to keep your premiums low, simply assign a cash value, or what that item would be worth if you sold it today. Once you have your value amounts determined you'll have your limit amount. Speak to your insurer should you need further clarification.

If you own items of great worth, such as antiques or fine jewelry, you may need to seek a separate policy, or a rider on your buildings and content insurance policy, depending on how much the item is worth. If you own expensive musical instruments or tools of your trade, you will need a separate policy to protect them. Again, speak to your insurer about riders and expanding your policies.

It's advisable that you keep a copy of your inventory, along with any receipts or proof of purchase, in a safe deposit box or safekeeping away from your home. That way if there are any fires or floods which devastate or destroy your contents, you will be able to recall value more easily. Oftentimes policyholders are traumatized by the loss and may be in a state of shock when it comes time to make the claim.

Sometimes liability coverage falls under buildings and contents insurance for renters. Liability will protect you in the event someone is injured by an occurrence in your home. Your friend or acquaintance will be compensated for his or her injuries by a claim made to your insurer. Should legal action be brought against you, your insurer would advise you further.

Buildings and contents insurance are not always mandated, but are vital to safeguard your buildings and belongings. You can't predict tomorrow. Shouldn't you obtain your policy as soon as you possibly can?