When purchasing a renter's insurance policy, you will need to choose between actual cash value or replacement cost coverage. If you have expensive jewelry, furs, collectibles, sports equipment, or musical instruments, consider adding a floater to your policy to protect against their loss. A floater policy is a separate policy that provides additional coverage for more costly valuables if they are lost or stolen. If you need additional coverage for your possessions, consider adding a floater to your renter's insurance. You can get earthquake insurance as a separate policy or have it added as an endorsement to your renters' policy. Flood coverage is available from the National Flood Insurance Program and a few private insurers. Like standard homeowner's policies, most renter's insurance policies do not cover floods or earthquakes. But every policy can be different, so make sure you have your insurance agent detail what's covered, so there are no surprises for you if damage occurs. Typical renter's insurance covers you against losses from fire or smoke, lightning, vandalism, theft, explosion, windstorm, and certain types of water damage (such as from a burst pipe). The easiest way to determine the value of all your personal possessions is to create a home inventory - a detailed list of all of your belongings along with their estimated value. Your insurance agent can help explain what disasters your policy covers. Make sure you have enough insurance to replace all your personal possessions in case of a burglary, fire, or other covered disasters. Coverage for personal possessions:Ĭoverage for your personal property is a crucial component of renter's insurance. However, you should check your lease agreement to see what responsibility you, as the renter, may have in the event of damage. The big difference is that renter's insurance doesn't cover the building or structure of the apartment - that's usually the landlord's responsibility. Like most homeowner's insurance, typical renter's insurance includes three main types of financial protection:
0 Comments
Leave a Reply. |
AuthorWrite something about yourself. No need to be fancy, just an overview. ArchivesCategories |