Why do you need to rent Insurance

Just because you rent your apartment or home does not mean you off the hook when it comes to insurance. Your landlord’s property insurance will cover the construction, if a disaster occurs, but will not involve your item. That’s why you need renters insurance

This affordable insurance – policies cost less than $ 200 a year, on average – from fire or smoke, lightning, vandalism cover rent loss house to live in, theft, explosion, storm and floods (not including floods), according to the Insurance information Institute (III). If your home is damaged by a covered event, you want to live somewhere else, most policies will reimburse the difference between your additional living expenses and normal living expenses. In addition, renters of insurance can help pay for legal fees, because someone is injured in your home, if you are taken to court.

If you do not have a policy – 57% of renters, not – here is from the third in the inventory to help you choose the right range:

Figure how much coverage, you need for your property. to create a home inventory, to determine the value of all your possessions (furniture, appliances, clothing, jewelry, etc.). A replacement costs policy will pay to replace your property (up to the policy limit the amount of money), but the cash value of policy items stolen or damaged when only pay what is worth. Expect to pay about 10% of replacement cost coverage. If you have expensive jewelry, collectibles or artwork, consider adding a float is y our policy is to provide more coverage. Standard policies provide insurance for these projects only a limited amount. You need a receipt or covered by a float used to assess the project.

Understand deducted. pocket deductible is the amount you pay before the insurance kicks inside out. A larger deductible and reduce your premiums. So, if you can afford a $ 1,000 deductible, you will be up to 25%, lower your premiums, according to III. But considering how cheap the rent of insurance, savings may not be worth a lot you have to pay a high table of deduction.

Knows what disaster insurance. Although from fire, lightning, storm, theft, vandalism, explosions and certain types ofLoss of water damage is cove red, standard policies do not cover flood or earthquake. You can get flood insurance through the federal government’s National Flood Insurance Program, and with your insurance company about getting a separate earthquake policy checks.

To make sure you get enough liability insurance. Most policies provide at least $ 100,000 of liability insurance (if someone sue you) and about $ 1,000 to $ 5,000 worth of medical payments range of (someone who hurt you allow the property to be submitted to your medical expenses insurance companies). If you need more than $ three hundred thousand yuan liability insurance, you can consider getting an extra $ 150 to $ 300 a year umbrella policy of $ 10,000 reported (see why you need an umbrella policy).

In the living room becomes aware of the cost R restrictions eimbursements. Although most policies will help pay rent for living expenses, if they have to live elsewhere result in property damage, insurance company or limited time, they will provide cover or place a cap on the amount they will pay.

About the discount. Many insurance companies offer a variety of discounts. For example, you might have if you have a security system, smoke detectors and deadbolt locks pay less. Insurance companies also offer discounts for multiple policies with them who have good credit or over 55 customers. So be sure to inquire about methods to reduce premiums.

You can sites such as InsWeb.com NetQuote.com and compare different policy costs. If you have a roommate, ask if the insurer so that your purchase of a single policy for both of you (then you can cost-sharing).