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Guest
Home renter insurance is a necessity, even when you are not a homeowner, when disaster strikes, renters face the same risk as homeowners. It isn’t your responsibility as a renter to insure the dwelling itself but it is to insure your personal property.
Home renter insurance will provide coverage in the event that your personal property perishes or is damaged in the event of wind, hail, lightning, fire, theft, vandalism, smoke, the weight of ice, snow, or sleet, etc. It won’t cover things like earthquakes, hurricanes, or flooding. If you live in areas that are prone to those catastrophes then you will likely have to buy a separate rider for those provisions.
Pay attention to your policy and see if you have purchased replacement cost coverage or actual cash value as there is a very big difference. Actual cash value only covers what you paid for your things way back when. If you bought something years ago and it gets wrecked the insurance company will look at what you paid for it then and you get the difference and you also have to pay the deductible too.
Replacement cost coverage for home renter insurance is much different and then obviously will cost more as well. This type of coverage will actually pay to replace your items for what they would cost now, minus the deductible. The premiums are going to be higher but you will be glad you took this policy if you ever need it.
Very expensive items might also require a rider policy to recoup full money replacement for these kinds of items. Make sure that you have a record and pictures of everything that you would add to a claim and put it in a safety deposit box or somewhere where it is not subject to any threat of damage. You might save some hundreds of dollars by just receiving and comparing quotes from about five insurance quotes sites. And, it will take just a total of 25 minutes.
By: Mercy Gabriel-Odimba
Home renter insurance will provide coverage in the event that your personal property perishes or is damaged in the event of wind, hail, lightning, fire, theft, vandalism, smoke, the weight of ice, snow, or sleet, etc. It won’t cover things like earthquakes, hurricanes, or flooding. If you live in areas that are prone to those catastrophes then you will likely have to buy a separate rider for those provisions.
Pay attention to your policy and see if you have purchased replacement cost coverage or actual cash value as there is a very big difference. Actual cash value only covers what you paid for your things way back when. If you bought something years ago and it gets wrecked the insurance company will look at what you paid for it then and you get the difference and you also have to pay the deductible too.
Replacement cost coverage for home renter insurance is much different and then obviously will cost more as well. This type of coverage will actually pay to replace your items for what they would cost now, minus the deductible. The premiums are going to be higher but you will be glad you took this policy if you ever need it.
Very expensive items might also require a rider policy to recoup full money replacement for these kinds of items. Make sure that you have a record and pictures of everything that you would add to a claim and put it in a safety deposit box or somewhere where it is not subject to any threat of damage. You might save some hundreds of dollars by just receiving and comparing quotes from about five insurance quotes sites. And, it will take just a total of 25 minutes.
By: Mercy Gabriel-Odimba