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Renters Insurance: Homeowners Insurance for Those
Who Don’t Own a Home
You do not need to own a home to protect what is inside
the place in which you live. Homeowners insurance
coverage for renters, usually called renters insurance,
is a way for people who rent their homes or apartments
to obtain the same protection that homeowners have when
it comes to their assets.
Renters insurance offers financial protections that
cover you for the loss of any possessions that you have
when you rent a house or apartment. While the landlord
needs to have insurance on the dwelling itself, his
homeowners insurance policy does not cover you for the
value of the items you have within it. On the other
hand, renters insurance is only for your belongings, not
the structure of the building, so it is often much less
expensive than regular homeowners insurance.
When you purchase renters insurance, this type of
homeowners insurance policy protects your assets against
smoke, lightning, vandalism, theft, explosion, wind, and
water damage (excluding damage from floods). The
standard homeowners insurance policy for renters also
offers you liability coverage so that you are protected
if people are injured in your residence or if you injure
someone else and are sued by that person.
Also, your renters insurance provides coverage if you
need to live elsewhere should your house or apartment be
unlivable after a disaster. Most homeowners insurance
policies for renters will reimburse the difference
between your normal living expenses and the additional
living expenses. However, know what the limits are as to
the percentages of your policy that your homeowners
insurance provider will pay. Some insurance providers
will allow you to purchase extra coverage for living
expenses coverage.
If you are a renter and decide that you want to purchase
renters insurance, there are two different types of
homeowners insurance policies that you may consider.
First there is the Actual Cash Value homeowners policy
that will pay to replace your possessions less the
depreciation value up to the dollar limit stated in your
policy. A second option is a replacement cost coverage
that will pay the actual cost of replacing any of your
possessions up to that same limit stated by your policy.
This type of homeowners insurance coverage does not take
any money out for the depreciation of your items.
If you rent a home but have some expensive items that
you need to insure, then you need to check into
purchasing a floater to cover the potential replacement
cost of things like jewelry, furs, silver, and more.
Many homeowners insurance policies have definite limits,
so a floater will allow you to cover those items. Also,
if you worry about flood or earthquakes, you may want to
purchase extra flood or earthquake insurance to protect
you in those situations.
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Renting a home does not mean you need to be without
homeowners insurance protection. Obtain a quote to see
just how inexpensive it is to protect your assets
through a renters insurance policy. Use our "free
quote box" above and get free online renters
insurance quotes today!
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