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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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Renters insurance is an optional but highly recommended form of coverage available to protect renters in a variety of ways. From personal property to liability protection and other areas of coverage, you can get a lot for a little in a renters insurance policy. Whether you rent a small apartment or a large townhouse, as a renter you should take a serious look at this insurance option. There are several separate areas of protection included in a renters insurance policy. To fully understand the moving expenses included in a renters plan, it is useful to take a look at all these areas of protection.

Personal Property and Liability Insurance

The most basic areas of protection in a renters insurance plan are the personal property and personal liability coverage. There is a connection to moving expense protection to the property portion that will be mentioned later. Personal property plans take on the risk of loss to your personal effects from any covered event. Included event types are fire, lightning, windstorm, hail, explosion, vandalism and theft. There are other covered occurrences as well, which may vary by state and by provider. Check the language of your individual policy to get the full details on what's covered and what's left out. One significant fairly standard exclusion from renters insurance plans is flood protection. In flood prone areas you can purchase flood insurance as a separate area of coverage.

When renters set down to figure their needs for property insurance, they should do so with an eye toward complete protection. Renters insurance is cheap, but the policy is priceless. If you are thinking of getting coverage, make sure you get prices for sufficient property plans for all your things. This may come in handy later if you have to file a claim against your insurance plan. Renters insurance is only as good as the level of policy you select.

The property protection in a renters policy does have a moving expenses component in that your personal goods are usually insured for a certain covered period of time while you are moving from one place to another following a covered event rendering the home you are vacating unlivable. After that covered period you have to start a new policy at your new residence to continue your property protection on your renters insurance plan.

Personal liability protection is an important part of a rental insurance policy, although it does not have a moving expense component. It protects the insured party or parties from civil liability cases such as those caused by an injury to someone on the covered premises or a property loss caused by a covered party away from the insured premises.

Medical Expense Renters Plans

Medical expense coverage is available on rental plans as well. It comes in certain monetary increments in most cases. Covered policy holders can buy blocks of protection. This coverage insures you and those who are living in the covered home against the reasonable cost of medical care stemming from a covered claim at your house. The premium paid for renters insurance plans provides a wide base of coverage that protects the covered policy holders in many different ways. This medical coverage is one example of the wide reach of a renters policy.

Loss of Use/Fair Value

Loss of use or fair value plans is some ways in which a renters insurance policy does provide for moving expenses. The specifics of the situation are important because not every renter moving to a new place gets his expenses paid for just because he has a policy. The reason for moving is the key to consideration of loss of use or fair value coverage. Whether you are moving out of a loft or a condo does not matter. The reason for vacating has to be covered for this protection to kick in.

Loss of use protection provides certain aid to the renter when a home has to be vacated due to loss of use. Loss of use in this circumstance means a condominium or other rented dwelling is vacated because it is unlivable due to a covered event. For example, if a fire swept through your condominium and gutted it, there is obviously no way you could live there any longer. Loss of use allows you certain coverage for expenses you incur in mobbing from the unlivable home to a new home. This is where the idea of fair value comes in as well.

The specific stipulations of your renters insurance plan will dictate what type and how much coverage you can get. Generally, you might get assistance with the additional cost of renting a similar home elsewhere once you were forced out of your home by the claim event. That extra assistance will usually last only a certain specified period of time. The fair value issue comes in at this point. An insurer will only compensate you based on what it deems is a fair value for a rental similar to the one you have vacated in your area. Often it is closely related to the rent you previously paid, so the assistance can be quite limited in a lot of cases.

The assistance renters insurance provides for moving expenses in covered situations is limited, but it can be valuable nonetheless. Even with this being the case, the moving provisions of a renters policy may not be the most important part of a policy even in cases when you are able to take advantage of these parts of a plan. More important in most cases are the general personal property insurance provisions, because their total monetary value is much higher. And in most cases when renters run into a situation necessitating a covered move, they are experiencing a total property loss. Thus, although assistance with moving expenses is a helpful component of a renters insurance policy, it is probably not the main reason to consider this insurance plan.

Whether you are a student or a senior citizen, the overall appeal of renters insurance is in the total package of coverage it offers to covered policy holders. It is a comprehensive plan that covers you an insured consumer in multiple ways. It is a great policy type that you can get at a great price. A single renter or an entire family living in an apartment or house can each benefit in their own way from the value of this policy type. Again, the specific provisions for moving expenses are usually limited, but this is no reason to opt against taking out a renters policy for your family. It simply means that this should not be the focus of the policy but only regarded as a bonus area of coverage that can come in handy when it is needed.

Rental insurance is a wonderful optional form of coverage that many people renting homes elect to take on to protect them and their possessions against property loss and civil liability claims. The reach of a policy broad and the protection it affords versatile and strong. Take a look at adding renters insurance to your coverage, not just for moving expenses coverage, but for the total protection it represents.