Renters Insurance Information
If you rent a house or apartment, the landlord's property insurance policy likely won't cover your possessions in the event they get damaged or destroyed. Renters insurance policies protect your belongings if they get damaged, destroyed or stolen.
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Low-Cost Protection
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Renters insurance covers the possessions you keep in a house or apartment that you rent. Because the insurance covers only possessions, and not the actual structure of the house or apartment, renters insurance is relatively inexpensive.
What Is Covered
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Renters insurance covers possessions such as furniture, clothing, bedding and other household items. Many renters insurance policies place limits on what they will pay for some items, such as jewelry, firearms and fine art.
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Types of Loss
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Renters insurance will pay to replace items damaged or lost due to fire, water damage, explosion, theft or burglary. Although water damage is included in the coverage, most policies do not include coverage for water damage due to floods.
Other Benefits
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If your rented house or apartment is uninhabitable after a fire or other disaster, your renters insurance policy will cover additional living expenses.
Actual Cash Value Policy
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This type of policy will pay you for the actual value of the your possessions, taking into account age and depreciation.
Replacement-Cost Policy
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A replacement-cost renters insurance policy will pay the actual cost of replacing your possessions, regardless of age, condition or depreciation.
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