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RENTERS INSURANCE 101

Renters insurance is an optional but extremely valuable form of protection for those who live in rented dwellings. If you rent a house or condo, you should include renters insurance in your monthly budget simply for the potentially huge expenses it can save you from down the road. Every renter can benefit from this important insurance type regardless of how old they are or what kind of rented dwelling they live in. Renters insurance is available from most major insurers, both in traditional formats and online. It includes both property and liability protection for the covered policy holder, as well as certain additional benefits.

Who Should Have Renters Insurance

Renters insurance plans are valuable to anyone renting a home, no matter what kind of home it is or where it is located. A college student renting a loft just off campus and commuting to class each day can greatly benefit from the protection offered by this policy. If you are living on your own for the first time and you are just getting used to the freedom and responsibility that go along with being out in the world, this type of policy is a very inexpensive way to take good care of yourself and your belongings. For a small premium, you can protect all the things you own against any covered loss, from fire to theft and even vandalism. Paying this small fee saves you from much bigger out of pocket expenses if a major claim ever comes to pass. For example, if a fire sweeps through your apartment and destroys most of your belongings, you do not have to merely start over accumulating the basic necessities of life like clothing and furniture. The compensation you receive in this type of event can help you get a fresh start without such a drastic effect on your life and finances.

Growing families renting homes either to save money or just to avoid the hassle of home ownership also need renters insurance. As your family grows, so too does the sheer volume of your family's possessions. Just think about the potential cost of replacing all the clothing you need to properly dress every member of your family. Now multiply that cost by all the possessions you own and you can surely see the value of an inexpensive policy that saves you from such an unsavory prospect. The chances of liability issues also multiply as your family grows, so having a solid policy on hand to go to work for you is essential.

This need for protection does not go away as the kids leave home and it's back to just the two of you. Living in a condo by yourself or even in a senior living home does not preclude your need to insure your things. Accidents still happen; thefts are still possible; there are a number of scenarios you still need to protect yourself against even while you are downsizing and getting set to retire. The last thing you want to deal with is the cost of having to replace all your possessions after a fire or a civil liability judgment after a friend gets injured at your townhouse. It's better to just be prepared ahead of time than to risk the consequences. Renters insurance is affordable and extremely useful in many circumstances.

Where to Find a Policy

Renters insurance is sold by traditional insurers and so called new school corporations alike. There are, of course, multiple ways to go about finding the right policy to suit you. For example, if you have an existing relationship with an agent at a local agency, your first call will probably be there. No doubt you may be able to find some good prices, especially if you are able to get a multi policy discount included in your premium. It never hurts to explore this option, even if you are more inclined to look elsewhere. Exhausting all your options ensures that you find the best plan for the best price.

With this in mind, the online market has emerged as really the best place to consistently locate good deals on renters insurance coverage. There are multiple reasons for this. First of all, many customers shopping online deal with online only providers who cut costs partially by limiting labor and administrative expenses as well as the cost of maintaining physical dwellings. For this reason, it is important to choose an online provider you know has strong claims and customer service departments. The sticker price on your policy will be a distant memory when you are waiting on an adjuster or arguing over some financial matter following a major claim event. A good deal is only a good deal if it includes adequate service.

Another reason for the low price nature of the online insurance market is the way the whole marketplace is set up. In many instances, such as on this site, competing companies are pitted side by side against one another. Consumers can grab multiple quotes online much faster than they can by using traditional means, so competitors must keep their prices honest to remain in the fray for business. While renters insurance is an excellent value in general because of the coverage it includes, it becomes an even better deal when you shop online and find the lowest price possible for your policy.

What's Included in Renters Plans

And this policy itself is another example of the value of renters coverage. The breadth and span of protection consumers get for the generally small annual premium is quite remarkable. For just a few hundred dollars a year or somewhere thereabouts, you get a comprehensive policy designed to protect you in a number of ways.

The personal property protection is probably the best known part of a rental plan, and maybe also the most common reason people buy these policies. Personal property coverage insures your belongings against any covered loss for their actual cash value or full replacement cost, depending on the specifics of your policy. Many different loss types are covered, like theft, fire, vandalism, and electrical damage. But there are some important exclusions to coverage as well. Notable examples include flood and hurricane damage. For protection from excluded losses, renters can apply for endorsements or separate coverage insuring them from these losses. You can usually find a flood policy from any insurer in flood prone areas, for example.

Personal or family liability coverage is also part of a renters insurance plan. This component of the policy safeguards the named insured policyholders from personally having to deal with the financial cost of civil liability cases stemming from injuries on the rented premises or certain covered property issues.

Renters insurance is a tremendous value and a great investment for all renters. If you live in a rented house or a senior condo, you should take the time to get some prices together for a policy. There are numerous qualified providers ready and willing to sell policies for a reasonable cost, so the price tag should not be much of an issue given the low average cost of coverage. Given it wide range of coverage, renters insurance is an essential form of protection.

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