Renters insurance is a specific type of coverage for people renting an apartment or house. It insure your possessions are covered in the event of theft or damage from most natural disasters. Some landlords require tenants to have it, but it is a good investment anyways because it's not expensive to have but can save you a lot of headache.
FIND SOME RENTERS INSURANCE PROVIDERS to choose from. Search online and check out any local providers in the area. Also, you can get recommendations from some of your neighbors if you ask. Get as many renters insurance quotes as you can.
CHOOSE BETWEEN ACTUAL CASH VALUE OR REPLACEMENT COST. When comparing renters insurance quotes you need to select between either Actual Cash Value (ACV) or Replace Cost (RC). ACV coverage will only reimburse you for the depreciated value of damage / stolen items. RC coverage will refund the exact dollar amount you paid for your possessions, but costs more than ACV coverage.
COMPARE RENTERS INSURANCE POLICY OPTIONS. In addition to property protection, renters insurance policies may also offer two additional options: liability protection and / or paying any additional living expenses should your house become unlivable. Liability protection covers you if someone slips or falls on your premises and tries to sue you.
COMPARE PREMIUMS AND CHOOSE A POLICY, which are the final steps of shopping for renters insurance. Most policies only cost a couple hundred dollars, which is why its such a worthy investment. Find the best price you can and make if official!
Tips & Warnings
- Installing security devices, sprinkler systems fire extinguishers can reduce monthly renters insurance premiums.
- Paying a higher deductible can also lower the cost of renters insurance premiums.
- Owning a dog can greatly affect your renters insurance options. If the dog is of a certain breed, like a pitbull or a rottweiler, you may end up paying more for renters insurance, or even being denied coverage.
- Renters insurance doesn't cover floods and earthquakes. You will have to buy a separate policy to insure against them if they are frequent in your area.
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