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Roy renters insurance is affordable and a necessity for people who rent their homes. Renting is generally more carefree than buying a home. Maintenance and lawncare are taken care of, no property taxes to worry about and no mortgage payment. But homeowners insurance is not exclusive to people who own their homes. Renters should also invest in a form of homeowners insurance, HO-4, which is specially designed for those who rent.

One perk of renting is that, if a tree limb comes through the roof, the landlord or property manager will handle the repairs. But what many Roy renters don't realize is that the landlord is not responsible for any property inside that is damaged. Furniture, electronics and valuables can all be lost to a fire, windstorm or theft, and you must have Roy renters insurance to recover that loss.

Roy is a city in northern Utah bordering Hill Air Force Base to the west. Members of the military often rent their homes because they tend to move so frequently. For them, Roy renters insurance is a valuable financial safeguard. Many have young families, and losing everything to a disaster could be devastating. Protect yourself from unforeseen expenses, and talk to a Roy insurance agent today.

Protections for Renters

Any Utah renters policy has four main components. The coverage afforded Roy renters is the same as those provided by a standard homeowners policy, excluding coverage related to structural damage. The limits are tailored to the value of your belongings, so you can be sure you have adequate coverage in any situation.

Roy renters insurance policies are categorized as either named peril policies or open peril policies. Named perils include fire, theft, vandalism, falling objects, windstorms and burst pipes, among others. Only the perils listed on the policy are covered. As the name suggests, open peril policies cover claims caused by any sort of disaster, and they are very expensive. For most Roy residents, a named peril policy is sufficient, and endorsements can be added to cover instances that are not listed on the policy.

Roy renters insurance covers loss of or damage to personal property inside the rental unit. Renters are compensated for the value of their goods in one of two ways, actual cash value or replacement cost. Actual cash value is the market value of the item less depreciation. If you bought a TV five years ago for $800, you might only get $500 for the claim since that TV is worth less today. If you are covered for replacement cost, you will receive whatever it costs to replace the TV with a comparable model.

The second form of coverage pays for the cost of alternate living arrangements if the rental is rendered unlivable by a named peril. If an ice storm collapses the roof, the UT insurance company will pay for you to stay in a hotel or another unit while repairs are made. This does not cover all expenses, only those beyond what you normally pay for rent and utilities.

An important component of Roy renters insurance is liability coverage. If someone is injured on your UT rental property and sues you for negligence, the Roy insurance policy covers your legal expenses including counsel and any settlement or judgment awarded the plaintiff. Liability coverage usually begins at $100,000, and that limit can be raised if you wish. In cases where someone is injured at your Utah home but chooses not to sue, your policy also pays reasonable medical expenses. This coverage begins at $10,000 and can be increased.

Making an Inventory

Roy renters insurance coverage limits are calculated based on what you actually own. This ensures you have the coverage you need to replace your lost belongings after a disaster. Most UT insurance providers will ask that you devise an inventory so an accurate estimation can be made of your belongings' worth. This inventory can also help you recover stolen items and identify what was lost in a fire or other peril.

To make a Roy renters insurance inventory, list every item with a description, from hanging wall pictures to expensive rugs, have the original value and the year the item was purchased. For electronics and firearms, list the serial numbers, which can help Utah police track down stolen goods. Attach any receipts, certificates or other relevant documentation. Finally, take pictures of the items or make a video of you walking through the house or apartment.

You should review your inventory every year and make necessary changes. If you make a significant purchase, contact your Roy renters insurance agent immediately to add a valuable item to the inventory. If your new entertainment system is stolen before it gets onto the inventory, you may not receive compensation. The same rules apply when you get rid of substantial items; receiving compensation for things you no longer own can be considered fraud.