Homeowners are able to protect their asset threw insurance. However this insurance is not extended to renters of the property. If a renter’s belongings suffer damaged the renter many times is left to face the loss alone, if they do not have renters insurance. Following are some questions and answers about renters insurance.
Q. What is renters insurance?
A. Renters insurance offers much of the same protection of the insured’s personal property as homeowners insurance. Whether the insured is living in a home, townhouse, or condo any personal belongings contained within the dwelling is covered. Some policies extend their coverage include personal belongings from the home that are inside of a vehicle as well.
Q. Why do I need renters insurance?
A. According to insurance estimates the cost of replacing a total loss of belongings inside of a two bedroom home can on average $40,000. Fires and floods can happen and totally wipe out all of or a portion of your possessions leaving you to deal with the ordeal all by yourself. Renters insurance offers protection in situations like these covering damaged or stolen belongings.
Q. What if I have pets?
A. This question is best answered directly by insurance companies. While some companies will not issue policies to pet owners, other companies offer pet friendly coverage for a premium.
Q. What if I have expensive jewelry and artwork in my home?
A. Make sure expensive items like jewelry and artwork are properly appraised. Appraisers usually offer appraisal for insurance purposes. Once you have proof of the worth of your prized possessions you will be able to determine if there is a need for additional coverage.
Keeping an up to date long of all of your personal belongings including receipts, and serial number will be of great assistance in the event that you need to file a claim. Supply a copy of the long with photos to the insurance company and ask for them to be added to your file. While insurance companies do not want to accuse customers of improprieties perpetrators of insurance fraud comes from all walks of life. In the end the better documentation you have the more easily your claim will be to process getting you back on track with your life soon as possible.
Renters insurance is a small investment each month that can become invaluable in the blink of an eye. Most individuals are paying a car insurance premium as is. Ask your insurance agent if they are able to bundle your car insurance with your renters insurance policy. If so many companies will offer a savings on your car insurance as a result. The truth is the wrong time to realize that you need any type of insurance is when you need that insurance and do not have it. To keep from being placed in predicaments as such go ahead and contact an trusted insurance agent today about renters insurance it maybe the single most valuable call you ever make.