 INSURANCE RAA |
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| Can I get insurance if I rent my home? |
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Renters insurance provides financial protection against the loss or destruction of your possessions when you rent a house or apartment. While your landlord may be sympathetic to a burglary you have experienced or a fire caused by your iron, destruction or loss of your possessions is not usually covered by your landlord’s insurance. Because in most cases, renters insurance covers only the value of your belongings, not the physical building, the premium is relatively inexpensive. By purchasing renters insurance, your possessions are covered against losses from fire or smoke, lightning, vandalism, theft, explosion, windstorm and water damage (not including floods). Like homeowners insurance, renters insurance also covers your responsibility to other people injured at your home or elsewhere by you, a family member or your pet and pays legal defense costs if you are taken to court. Renters insurance covers your additional living expenses if you are unable to live in your apartment because of a fire or other covered peril. Most policies will reimburse you the difference between your additional living expenses and your normal living expenses but still may set limits as to the amount they will pay. There are two types of renters insurance policies you may purchase: 1. Actual Cash Value – pays to replace your possessions minus a deduction for depreciation up to the limit of your policy 2. Replacement Cost – pays the actual cost of replacing your possessions (no deduction for depreciation) up to the limit of your policy With either policy, you may want to consider purchasing a floater. A standard renters policy offers only limited coverage for items such as jewelry, silver, furs, etc. If you own property that exceeds these limits, it is recommended that you supplement your policy with a floater. A floater is a separate policy that provides additional insurance for your valuables and covers them for perils not included in your policy such as accidental loss. Article by: Insurance Information Institute Tags: home rent insurance home rental insurance homeowners insurance rental homeowners insurance rental property homeowners insurance for rental property home insurance for rental property vacation home rental insurance home insurance rental property home owners insurance rental homeowners insurance for rental mobile home rental insurance insurance for rental home homeowners insurance on rental florida home insurance buying home insurance rent home texas rent home florida rent loss insurance texas home insurance condo home insurance mortgage home insurance car home insurance condominium home insurance flood home insurance umbrella home insurance hazard home insurance mold home insurance hurricane home insurance dwelling home insurance earthquake home insurance selling home insurance insurance car replacement home insurance calculator home insurance landlord home insurance rent home owner personal home insurance new home insurance car rent insurance quotes purchase home insurance buy home insurance rent house deductible home insurance rate home insurance average home insurance rent real estate cost home insurance property home insurance rent home calculator building home insurance rent home tax house home insurance rent apartment insurance companies rent condo liability insurance insurance quote rent property insurance claims fire insurance rent hertz insurance policy insurance policies |
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