Homeowners are required to have an insurance policy covering their possessions and home. However, renters are often not subject to a similar requirement. It is an excellent idea to get a renter's insurance policy when you are renting a house or apartment, however. Too many renters don't think they need to be insured.
Basics of Renter's Insurance
Renter's insurance is there to protect the renter and their belongings. You will set both the coverage amount and the amount of the deductible. The deductible is really what you are comfortable with. A higher deductible will have a lower premium.
Don't be surprised that your landlord's insurance policy doesn't cover you. However, it's extremely important for renters to be protected financially in the event of major unexpected damages or losses. It is not expensive to get tenant's insurance. To financially protect all the possessions that renters normally keep at home, as well as liability coverage to cover, for example, an injury suffered by a visitor who slips and gets injured while at your home, it is a small price to pay.
Many renters underestimate the value of their personal belongings, and as a result choose not to take out tenant's insurance. To estimate what your belongings are worth, conduct a home inventory. List everything you own, including clothing and furniture, and estimate the total replacement cost.
You'll Have Liability Coverage
Although the property is not owned by you, protecting visitors or guests is your responsibility. They may decide to sue you for the damages if they fall, or are injured by an animal. Most of the costs of a successful lawsuit will be covered by a good renter's policy.
It might be a surprise to you that renters are legally responsible for any damage they cause to their building, and to others living in or visiting it. Generally, tenant's insurance policies vary depending on the insurance company, but liability and contents are usually the two types of coverage included. If you or your guests cause damage to the building, or if someone is injured in your home and sues for damages, liability coverage protects you. Contents coverage enables you to replace or repair your belongings if they are lost or damaged.
Clearly, the positives of renter's insurance make it essential for anyone renting an apartment or home. Per year, it will cost between $125 and $200 for a basic tenant's insurance package covering an apartment. The risk increases if you add additional coverage for items of higher value, or if the space also is used for business purposes. Buying insurance coverage is a smart investment that won't break the bank though, when you consider what it would cost to replace everything.
Basics of Renter's Insurance
Renter's insurance is there to protect the renter and their belongings. You will set both the coverage amount and the amount of the deductible. The deductible is really what you are comfortable with. A higher deductible will have a lower premium.
Don't be surprised that your landlord's insurance policy doesn't cover you. However, it's extremely important for renters to be protected financially in the event of major unexpected damages or losses. It is not expensive to get tenant's insurance. To financially protect all the possessions that renters normally keep at home, as well as liability coverage to cover, for example, an injury suffered by a visitor who slips and gets injured while at your home, it is a small price to pay.
Many renters underestimate the value of their personal belongings, and as a result choose not to take out tenant's insurance. To estimate what your belongings are worth, conduct a home inventory. List everything you own, including clothing and furniture, and estimate the total replacement cost.
You'll Have Liability Coverage
Although the property is not owned by you, protecting visitors or guests is your responsibility. They may decide to sue you for the damages if they fall, or are injured by an animal. Most of the costs of a successful lawsuit will be covered by a good renter's policy.
It might be a surprise to you that renters are legally responsible for any damage they cause to their building, and to others living in or visiting it. Generally, tenant's insurance policies vary depending on the insurance company, but liability and contents are usually the two types of coverage included. If you or your guests cause damage to the building, or if someone is injured in your home and sues for damages, liability coverage protects you. Contents coverage enables you to replace or repair your belongings if they are lost or damaged.
Clearly, the positives of renter's insurance make it essential for anyone renting an apartment or home. Per year, it will cost between $125 and $200 for a basic tenant's insurance package covering an apartment. The risk increases if you add additional coverage for items of higher value, or if the space also is used for business purposes. Buying insurance coverage is a smart investment that won't break the bank though, when you consider what it would cost to replace everything.
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To learn more, visit insure your bc home, or if you're insuring your apartment visit www.squareoneinsurance.ca.
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