Renters insurance is a type of policy designed for non-owner occupants living in a home, apartment, duplex, and even residence hall. This insurance is sold for people needing protection and typically consists of two components. The first is personal property coverage and the second is liability coverage. Although renters insurance does not cover the actual structure, it does protect things within the property.
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Keep in mind that even though there are two primary categories associated with renters insurance, there are various policies within those categories specifically established for renters. For instance, HO-4 is one policy commonly purchased, which is specifically for renters. With this type of coverage, personal property would be protected against 17 perils, some of which include civil commotion, vehicles or aircraft, hail or wind, lightening or fire, theft or vandalism, smoke, falling objects, and so on.
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Just as with homeowners insurance, you will also find with renters insurance that flood is not covered. In either case, if you live in a flood zone, then a separate policy would need to be purchased. Another important consideration for renters insurance is opting for actual cash value versus replacement cost. With actual cash value, you would be paid what your personal property is worth at the time it was stolen, lost, or damaged. However, replacement cost would pay you the current market value of those items. For example, if you had a 25-inch television that you purchased three years prior for $300, if you had actual cash value, you may only get $100. However, if that same television would cost you $400 today to replace and you had actual replacement cost renters insurance, then you would be paid $400.
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Although there could be a small difference in price and/or deductible between the two, when buying renters insurance, the replacement cost would be worth the extra money. The bottom line is that for the small price of $10 to $15 a month, renters insurance is definitely something that should be added to the budget. Should something happen to your personal belongings, knowing you are protected is one less thing for you to stress over.
Click Here to Fill Out a Renters Insurance Policy Quote Request Form