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Renter's Insurance

Published Tuesday, September 2, 2008 by bloggerblognet26206 | E-mail this post

Renter's insurance is designed to protect you in times of disaster. If you are a renter, you need as insurance as much as the home owner. This is because the home owner's insurance only covers the protection of the building and not your belongings.

There are different types of renter's insurance. The HO-4 policy is for renters while HO-6 is for condo owners. Both policies would cover the holder from 16 different disasters.

1. Weight of ice, snow or sleet

2. Fire or lightening

3. Volcanic eruption

4. Windstorm or hail

5. Civil unrest or riot

6. Vandalism or acts of malicious mischief

7. Theft

8. Falling object

9. Domestic accidents that happen because of plumbing, heating, air conditioner, sprinklers or other household appliances.

10. Explosion

11. Freezing of plumbing, air conditioner or other household appliances.

12. Electrical power surge

13. Sudden damage of household appliances

14. Damage caused by vehicles

15. Damage caused by aircrafts

16. Smoke damage

Notice that flood is not on the list. You need to take out flood insurance if you are in an area that is prone to flood, or on NFIP. For those who live in coastal areas where hurricane is a threat, you should also consider a separate rider to cover wind damage.

Consider whether your policy is replacement cost or actual cash value coverage. Actual cash value coverage would pay the cost of the property when it was damaged or lost minus your deductible. Replacement cost would pay for the current cot of replacing the property this is also minus your deductible.

Replacement cost coverage would pay you more when you file a claim but you also pay higher rates.

Be upfront with your agent about all your valuables. There are some things that you need to take out a separate rider for the very expensive items so that you'll be able to recover them in case of damage or loss. (Things like diamond rings, Persian rugs, collector's coins etc).

Whatever you do as renter, do not neglect the protection of your belongings. There are a lot of insurance companies so you have a lot of options. Only ensure that you make out time to do a thorough search to pick the one that would serve your best interest.

Here are recommended pages for home insurance quotes...

InsureMe Home Insurance Quotes

Home Insurance Quotes

Chisomeje Odimba writes for Quality-Insurance-4-Less.

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