|
Below, you'll find extensive information on leading
renter's insurance online articles and products to help you on your way
to success.
What Is Renter's Insurance & Do I Need It?
If you are moving into an apartment you may want to consider investing in insurance. Along with the first month's rent, chances are you will be asked to pay a security deposit. This is a type of insurance for your landlord. The landlord can use this deposit to pay for any damages caused during your residency. For you, security comes in the form of renter's insurance. Most renters use the homeowner's form of insurance known as the HO4 policy. This policy will typically cover furniture, clothing, and most personal property in the event of fire or smoke, lightning, vandalism, theft, explosion, windstorm, or water damage from plumbing. In most cases, the insurance company will take your word for what you think your property is worth. However, if you're wanting to insure your jewelry, art pieces or other collected items, you might need to pay extra for what's called a "Scheduled Personal Property Endorsement." For this type of coverage, the insurance company will send out an appraiser. An appraiser will also be sent out to your property in the event that your insured items have been damaged. For a little extra, most insurance companies will cover your things on a replacement-cost basis. For example, if your old microwave is only worth fifty dollars, but it would cost one hundred and fifty to replace it, the company will insure that microwave for a hundred and fifty dollars. That way, in the event of an actual disaster, or if your property is damaged and your insurance company is going to cover it, you won't be reimbursed for a ten year old refrigerator or a five year old couch, but for what it will cost to replace them. The HO4 policy also pays any necessary additional living expenses you are forced to make due to a natural disaster or in case your apartment asks you to move out for a short period of time while they remodel, fumigate, etc. If your apartment building is hit by a tornado, it's going to take more than a couple of days to rebuild your complex. Eating every meal out and living in a motel can add up quickly. By investing in this policy, you won't have to worry about these expenses. Renter's insurance is typically priced around $200/yr for $30K worth of coverage and $100K worth of liability. However, the cost for renter's insurance may vary depending on several factors. For example, you will pay a lower premium if you're next door to the fire department than if you're two miles away. If you are in a high crime area, your premium will be considerably more than someone living in a picture book neighborhood. In older apartments without up-to-date wiring, the premium will be a bit higher. For complete details, contact your local insurance company.. dan the roommate manwww.roommateexpress.com
|
|
We strive to provide only quality articles, so if there
is a specific topic related to renters insurance that you
would like us to cover, please contact us at any time.
And again, thank you to those contributing to our
renter's insurance online website.
Real Men Own Life Insurance
Men have a shorter life expectancy than women, and this needs to be taken into account when planning for long–term financial security...Enhancing Whole Life with an OPP Rider
Need additional paid–up life insurance coverage? Want to increase your policy's cash value? Learn how an OPP Rider works and how it can help to accomplish these goals...Budget Calculators
Calculators for spending, saving, and investing decisions...Free Consultation!
Complete this short form to consult a local New York Life agent.Try our Life Insurance Quiz!
Take our interactive life insurance quiz and find out how much you know.
|
