KENTUCKY RENTERS INSURANCE
Kentucky renters insurance is an underappreciated commodity for stalling asset loss. According to the experts at the National Association of Insurance Commissioners, it is estimated that less than 25% of the renters in Kentucky possess renters insurance. In Kentucky, renters insurance is fairly inexpensive, and the tangible benefits that it provides can be invaluable. Financially and economically, it makes sense to obtain Kentucky renters insurance.
In today's economy, many consumers in Kentucky and elsewhere are seeking to save money where they can. Therefore, they may not view Kentucky renters insurance as a necessity. These consumers may be simply ignorant of the benefits that renters coverage can provide for the insured. The average cost of a Kentucky renters insurance policy in 2006 was only $161. This averages out to roughly $13.42 a month for coverage. This is about the cost of one dinner at a sit down restaurant. For this amount, you can obtain roughly about $25,000 worth of Kentucky renters insurance for your condominium, loft, or house. By comparison, the same about of protection would cost a homeowner in Kentucky almost five times that amount.
Why There Is a Need For Kentucky Renters Insurance
When you look around among your possessions, it can be easy to assume that you do own anything of particular value that would warrant Kentucky tenants coverage. While you may not own rare antiques or own the priciest jewelry in the world, think about all of the things you do own, such as your electronic equipment, your collectibles, your furniture, etc. Now, if you were to lose these items, would you have the money to replace them readily available? For most consumers, the answer to that question is no. This is why Kentucky renters insurance is so singularly important.
It is a common misconception among renters, be it senior citizens, college students, or a young family, that they do not need tenants coverage because their landlord already has insurance. This is absolutely not true. The type of coverage that your landlord possesses is only designed to cover the building itself. The contents of your rented home or condo are not included in this form of coverage. A typical landlord's policy will not cover any of your possessions unless it can be proven beyond a doubt that your losses were incurred because of their negligence. Because this can be difficult to prove, you need to obtain Kentucky renters insurance.
Another reason for the necessity of renters insurance is because of the protection its accompanying liability insurance. For example, if a guest in your home falls down the stairs and breaks his or her's arm, they can sue you. In Kentucky, you could be sued for their medical bills, lost wages, and even their pain and suffering. Most people would quickly scoff at the idea that their friends would do this to them. However, it is a very real scenario that has occurred many times in the past. If you do not have sufficient coverage to protect you in the event that a judgment is rendered against you, you could potentially face devastating losses of your assets.
What Does Kentucky Renters Insurance Cost?
Many renters in Kentucky wonder exactly how much renters insurance coverage will cost. This is a question that only you can answer. In order to do so, you must first take a complete and thorough stock of all of your belongings. Grab a notebook and walk through your home room by room. You should list each item that you believe has value, either monetary or sentimental. As you record each item, you should also write down the replacement value of the item. You shouldn't write down what you paid for the item. This is because an insurance company will only pay you the replacement value of the item. For example, the computer that you bought several years ago may now be considered obsolete, and it would cost you significantly more to replace it than what you paid for it two, three, or four years ago.
Upon the completion of your inventory, you should make certain that you make several copies. You should keep one copy with you in your rented Kentucky residence. The others should be entrusted to a friend or family member, stored in a safety deposit box, or another secure location in Kentucky. It would be unwise to keep all of your copies in your home. If the worst were to occur and your house or townhome were destroyed, you would want to have quick access to a copy of your inventory so you can quickly file a claim with your Kentucky renters insurance provider. It is also highly important that you keep your inventory updated. If you purchase an expensive item for your home, you will want to ensure that Kentucky renters insurance increases correspondingly.
It is important to be familiar with the types of calamities that might occur in your geographic location. Most renters insurance policies in Kentucky are limited to roughly twenty scenarios that your coverage will extend too. Such scenarios can include theft, fire, snow and ice damage, etc. However, most Kentucky renters insurance policies do not cover floods, for example. If you live in a flood plain, you made want to purchase federal flood protection from the government as your renters policy will not cover it. The policy that you purchase should ideally also pay for your lodging if a disaster will force you to seek temporary housing. Before selecting an insurance company to conduct business with, you should speak to an agent to ensure that these provisions will be made within your policy. Although it can affect how high your premiums may be, you will not want to receive any nasty surprises in your time of need.
There are also several precautions that you can take, in addition to your Kentucky renters insurance, in order to protect your belongings. The first one of these is to make certain that you have secure locks on the doors and windows of your residence. The second precaution is to be discreet about your possessions. The more you flash expensive items around, the more likely you are to expose yourself to potential theft. The third precaution is to keep your valuables well hidden. The fourth, and final, precaution is to take pictures of you valuables and store those pictures in a secure location. Doing so could assist police in identifying your property in the event of theft.
When you are looking for a new location to rent, you should be sure to consider the crime rate in the community you are looking to move to. The crime rates for a community allow a company to surmise how likely you are to be victimized by a crime, and it may potentially increase your premiums.
In Kentucky, you can get renters insurance in an almost effortless process. Locate a website that offers price comparison techniques on the Internet. Fill out the required information, and you'll instantly receive a quote from different providers on the policy that you are interested in purchasing. Although the amount of research that you perform is at your discretion, the more quotes you receive will increase the likelihood that you will find an affordable rate.
So what are you waiting for? Compare cost and coverage details from the Kentucky cities of: Louisville, Lexington, Fayette, Owensboro, Elizabethtown, Bowling Green, Campbellsville, Central City, Corbin, Danville, Frankfort, Glasgow, London, Madisonville, Mayfield, Maysville, Middlesborough, Mount Sterling, Murray, Paducah, Richmond, Somerset and more...
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