Looking for renters insurance?
Renters often face
the same risk as homeowners in cases of disasters striking their
dwelling or apartment. The most important thing to understand is
that your landlord or condo association may have insurance, but
this only protects the building, not your things in it. Renters
insurance can protect your belongings in case of disaster.
Renters Insurance Shop
will save you money on your renter's insurance policy. To get
started, simply enter your zip code and compare instantly or
rentersinsurance.net for additional quotes from multiple
There are several
types of residential insurance policies. The HO-4 policy is
designed for renters, while the HO-6 policy is for condo owners.
Both HO-4 and HO-6 cover losses to your personal property from
16 types of perils:
Riot or civil
ice, snow, or sleet
discharge or overflow of water or steam from within a
plumbing, heating, air conditioning, or automatic
fire-protective sprinkler system, or from a household
accidental tearing apart, cracking, burning, or bulging of a
steam or hot water heating system, an air conditioning or
automatic fire-protective system.
Freezing of a
plumbing, heating, air conditioning or automatic,
fire-protective sprinkler system, or of a household
accidental damage from artificially generated electrical
current (does not include loss to a tube, transistor or
similar electronic component)
Floods and earthquakes aren't on the list. If you live in an
area prone to either, you'll need to buy a separate policy or a
rider. In some coastal regions, where hurricanes might pose a
threat, you might also need to buy a separate rider to cover
One thing to look at
is whether the insurance company will offer "actual cash value"
(ACV) or "replacement cost coverage" for your belongings. As the
name implies, ACV coverage will pay only for what your property
was worth at the time it was damaged or stolen. So, if you
bought a television five years ago for $500, it would be worth
significantly less today. While you'd still need to spend about
$500 for a new TV, your insurance company will pay only for what
the old one was worth, minus your deductible.
coverage, on the other hand, will pay what it actually costs to
replace the items you lost, again minus the deductible. In some
regions, most insurers write ACV coverage. In others, they'll
quote you replacement cost coverage by default. Replacement cost
coverage will cost you more in premiums, but it will also pay
out more if you ever need to file a claim.
Let your agent know
about any particularly valuable items you have. Jewelry,
antiques, and electronics might be covered up to a certain
amount. If you have some items that are unusually expensive,
such as a diamond ring, you'll probably want to purchase a
separate rider. If you don't talk to your agent about an
expensive item when you buy the policy, you probably won't be
able to recover the full loss.
ensure you are compensated for any belongings you lose from a
fire, storm or other catastrophe, you should inventory all of
your personal belongings. Your inventory should list each item,
its value, and serial number. Photograph or videotape each room,
including closets, open drawers, storage buildings, and your
garage. Keep receipts for major items in a fireproof place.
your apartment or condominium becomes uninhabitable due to a
fire, burst pipes, or any other reason covered by your policy,
your insurance will cover your "additional living expenses."
Generally, that means paying for you to live somewhere else.
This coverage has a
limit of about 30 to 50 percent of the total value of the
policy. So, if you're insured for $100,000, your "additional
living expenses" limit will be $30,000 to $50,000, depending on
your policy terms. Your insurance company will continue to pay
while your home is being repaired or rebuilt, or until you
permanently relocate. Sometimes 12 months is the longest an
insurance company will continue paying. With some policies,
you're limited to what the insurance company considers a
"reasonable length of time."
is also standard with most renters and condo policies. This
means if someone in your unit slips and falls, you're covered
for any costs, up to your liability limit. If this person sues
you, you're covered for what they win in a court judgment as
well as your legal expenses, up to your policy's limit.
Just like any other
type of homeowners insurance policy, your premium depends on a
number of factors: where you live, your deductible, your
insurance company, and whether you need any additional coverage.
There are ways to
reduce your renters or condo owners insurance bill. Increasing
your deductible (the amount you pay before your coverage kicks
in) is one strategy. Make sure you can afford whatever
deductible you choose. If you're thinking about getting a dog,
you might want to think twice. Some insurance companies are
reluctant to write policies for owners of certain breeds. Most
insurers offer a discount for "protective devices," including
smoke and fire detectors, burglar alarms, and fire
extinguishers. Some insurers might offer discounts to
policyholders who are over age 55 and retired. Others might
offer a discount if you buy both an auto and renters policy
(called a multi-line discount).
Renters Insurance is available throughout the United States: Alabama,
Alaska, Arizona, Arkansas, California, Colorado, Connecticut,
Delaware, Florida, Georgia, Hawaii, Idaho, Illinois, Indiana,
Iowa, Kansas, Kentucky, Louisiana, Maine, Maryland,
Massachusetts, Michigan, Minnesota, Mississippi, Missouri,
Montana, Nebraska, Nevada, New Hampshire, New Jersey, New
Mexico, New York, North Carolina, North Dakota, Ohio, Oklahoma,
Oregon, Pennsylvania, Puerto Rico, Rhode Island, South Carolina,
South Dakota, Tennessee, Texas, United States, Utah, Vermont,
Virginia, Washington, West Virginia, Wisconsin, Wyoming, AL,
AK, AZ, AR, CA, CO, CT, DE, FL, GA, HI, IA, ID, IL, IN, IO, KS,
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El Paso, Fort Worth, Fresno, Honolulu, Houston, Indianapolis,
Jacksonville, Kansas City, Las Vegas, Long Beach, Los Angeles,
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