Index | Different Articles | Renters Insurance Advice

Renters Insurance Advice

Renters Insurance is a form of Homeowners Insurance that comes into play to cover your possessions against losses from fires or smoke, lighting, vandalism, theft, explosion, windstorm, water damage from plumbing. Renters Insurance takes care of the additional costs which descend upon you when you are temporarily living away from your home because of its being damaged by fire, severe storm or other insured disaster. Renters Insurance also covers your responsibility to other people injured at your home and pays legal defense costs if you are sued.

Before getting Renters Insurance you must decide upon several things:

1.Decide how much insurance you need. You must add up the cost of everything you would want to replace if it were damaged or stolen. For this you can make an inventory which will make filing a claim easier.

2.Check with an insurance company about standard coverage limits. This piece of information is of much help as you will know whether you need to get an additional coverage for some other belongings, like expensive jewelry, collections and art works.

3.Make sure that the insurance company provides such coverage as cash value coverage and replacement cost coverage. Cash value coverage pays for what your property was worth at the time it was damaged or stolen. Replacement cost will pay for what it actually costs to replace the items you have lost.

4.Enquire about deductibles. A deductible is your out-of -pocket cost before the insurance pays. The higher the deductible the less you will pay in premiums. Make sure you have enough money to cover the deductible.