If you are a tenant, it is imperative that you invest in renters insurance to protect your personal property. While the landlord does carry insurance to cover the property, renters insurance is designed to cover potential claims that can affect you as a tenant. Personal property, loss of use, and liability coverage are the most common coverage options offered by a renter’s insurance contract. If you understand what these specialized property insurance contracts cover and how much you can expect to pay for coverage, you will get peace of mind…
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Why Renters Insurance Is a Necessity
When you rent a place to live, it is necessary to understand that the property insurance that your property owner has, does not cover your personal assets and belongings – This is where renters insurance steps in. Therefore, it is always advisable that you take out renters insurance before moving in. As a tenant, you may find this type of insurance necessary when you are going to share spaces with other tenants, the place is a temporary housing facility, has shared bathrooms or kitchens with the owner’s family, or the…
Read MoreRenters insurance options that are available when a home is leased
What tenants should know about protecting their possessions. Renters insurance is one of the only ways that tenants can protect themselves against the destruction or loss of their possessions while renting an apartment or house. The NAIC says that a tenant’s contents aren’t protected by a landlord’s coverage. One of the most common misconceptions about coverage, says the National Association of Insurance Commissioners (NAIC), is that the belongings of tenants, contained in the rental property, are covered by the policy of the landlord. Many people think that renters insurance is…
Read MoreWhat type of insurance coverage should a college student consider?
If your child is already in college, or will be headed there within the next few months or years, then you may want to begin thinking about the different types of insurance coverage that may be important for him or her during this first time away from home. The odds are that he or she will remain free if incident throughout the entire time at college, but just in case some of those close calls go awry, it is best to be protected. The following are some of the types…
Read MoreSmart renters purchase insurance coverage
Last year came with a wide range of tremendous disasters ranging from extreme weather to tornadoes, which brought the importance of insurance coverage to the attention of many renters who didn’t think that they needed this protection. Unfortunately, all too many renters discovered that they were wrong when they assumed that their landlords’ policies would cover them, as well. The reality, though, is that the landlords’ policies extend only to the protection of the building itself, and not the contents of the units. Renters’ insurance, also known as contents insurance,…
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