Renter’s Insurance Renters face many of the same risks as homeowners. Your landlord may have insurance, but it only protects the building structure, not your personal property.
Renters' insurance is sometimes called tenants' insurance and it provides some of the benefits of homeowners' insurance, but does not include coverage for the dwelling, or structure. The owner of the building is responsible for insuring the dwelling itself but has no responsibility for the tenant's belongings which is left to the Rental Property Insurance .
It provides liability insurance and the renter’s personal property is covered against perils such as fire, theft, and vandalism. It also pays expenses when the renter has to move out of the dwelling due to any perils. Renter’s Insurance is significantly less expensive than a homeowners policy. Renters insurance can protect your belongings in case of disaster. Liability protection is also standard with most renters’ policies.
MyMoneyMyQuotes can help decide how much renter’s insurance you need by connecting you to top insurance agents and insurance companies about the property you want to protect and the property hazards you would like to be insured from. Your agent can give you coverage policy specifics based on your state and the type of policy you want. Get the Rental Insurance Quotes Online at MymoneyMyQuotes for free.
Some of the questions commonly asked about rental insurance include:
"Actual cash value" (ACV) coverage will pay only for what your property was worth at the time it was damaged or stolen. So, if you bought a television five years ago for $500, it would be worth significantly less today. While you'd still need to spend about $500 for a new TV, your insurance company will pay only what the old one is worth, minus your deductible. Replacement cost coverage will pay what it actually costs to replace the items you lost, minus the deductible. Replacement cost coverage will have a higher premium, but it will pay out more if you ever need to file a claim.
A home inventory, along with photos and proof of ownership, makes it easier to file an accurate insurance claim in case your home is damaged or destroyed. A home inventory can also help determine how much coverage you need from your renter's insurance. Group your possessions into logical categories, i.e., by hobby, by room in your home, etc. Your list should include special purchases like jewelry and art, as well as everyday leisure items such as televisions and guitars.
Don't forget items that are used rarely such as holiday decorations, sports equipment, tools, etc. Pull together copies of original sales receipts and/or appraisal documents. Also note model and serial numbers. Carefully photograph or videotape each item and document a brief description, including age, purchase price and estimated current value. Store your home inventory and related documents in a safe, easily accessible place online, on your computer or in a fire-proof box or safe deposit box.
MyMoneyMyQuotes’ smart advisor helps you identify the relevant information for free Renter’s insurance quotes based on your specific needs. Find the coverages and premiums that fits your budget in 3 simple steps in just a few minutes using our Renter’s insurance quotes online tool . Get multiple free Home insurance quotes now for the best Renter’s insurance rates !