Home Owner Renter's Insurance
Yes, You Really Do Need It
By Elizabeth Newberry
Many people enjoy the convenience of renting a house or apartment. Thereís no real commitment, you donít have to worry about selling it if you decide to move, and if something breaks Ė well, you can usually just call the landlord. Yes, renters seem to have it easy sometimes! However, despite the convenience, rented houses or apartments arenít exempt from risks such as fires and smoke, theft and vandalism, water and electricity damage, or damage from weather elements. Itís most likely that your landlord isnít going to pay to replace all your clothing should your apartment catch fire or be burglarized. Therefore, you still need to purchase renterís insurance.
Renterís insurance will cover living expenses, with possible limits, if you are unable to live in your rented home or apartment due to damages. This is extremely beneficial to those who donít have family members or friends nearby with room for boarding. And, if youíre renting a home because itís more financially practical for you, thereís good news Ė renterís insurance is most often much less than home ownerís insurance because youíre only insuring your possessions. Your landlord will have insurance for the house or apartment; the house or apartment itself isnít yours to repair
There are two basic policies for renterís insurance Ė the actual cash value policy, which covers the cost to replace your possessions with a deduction for depreciation up to your policy limit, and the replacement cost policy, which covers up to your policy limit with no deduction. Itís important to remember that many policies only cover a certain kind of valuables, so check with your agent to find out what the limits are. If you need more possessions insured, you may want to consider purchasing a separate floater policy that will cover the additional items.
So remember, just because renting offers the luxury of less worry and maintenance, you still need to protect your possessions within your rented house or apartment.
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