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Renters Insurance

Due to the risks involved in living in an apartment building, many property managers are including mandatory renter's insurance clauses in their leasing agreements. This means if you do not have renters insurance, you are in violation of your lease agreement and are subject to eviction.

Many apartment complexes do not have this stipulation. But, you should still consider getting renters insurance for your own benefit. One of the disadvantages of living in an apartment is the fact that you are forced to put trust in your neighbors.

You have to trust in things such as them not leaving a candle burning near the curtains or leaving the stove on while they go on vacation. Apartment incidents are very common across the country. Water pipes breaking and flooding a downstairs apartment, fire, and theft are just a few incidents that can leave an individual in a serious predicament.

Considering that renters insurance generally costs under $30.00 a month, the benefits outweigh the cost by far. There are different levels of renters insurance, and the coverage types vary as well. You must determine what plan will best suite your needs.


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A few things you should be aware of when shopping for renters insurance are:

What should the insurance pay for?
What your insurance pays for is based on the coverage you get.

If you get liability coverage, it will pay for treatment of injuries sustained by your guests in your apartment. This coverage has set payout limits for each incident. You should know what these are and determine if they are sufficient.

If you get loss of use coverage, your insurance will pay for a place for you to stay, in the event your apartment becomes uninhabitable because of damages. Renters insurance generally does not cover acts of God like tornados, earthquakes, hurricanes and so forth.

Find out what the insurance company determines an act of God, and make preparations if you are in a high risk area for such events. You can usually get coverage for these events with Endorsements. Endorsements can also be used to increase your coverage. Talk to your insurance company about this option.

If you get coverage for property theft or damage, the insurance company will pay either the replacement cost, or the actual value of your property. You should find out what options you have, and make your choice depending on the property you own.

Replacement cost will pay for the cost of replacing your property. This coverage is good for items that depreciate in value over time, like electronics. If your television market value is now $50.00, and you have replacement cost coverage; you should get enough money to pay for a television that is comparable.

Actual value coverage is only good for items that go up in value, like collectables. Because most renters insurance do not fully cover these items, it is probably best to stick with the replacement cost option. In most cases you can add a floaters or special items coverage for these items.

Floaters or Special Items coverage, is coverage for specific items of value, that you may own. The cost is usually minimal and worth the investment.

How much is your deductible?
Your deductible amount, is the amount of money you pay in the event of an incident. This amount will vary, and you can usually choose how much you want this to be - based on what you want your premiums to look like. The higher the deductible is; the lower your premiums should be.

You should keep in mind that the deductible amount is due in full before any claims will be settled by the insurance company. So make sure you balance your deductible with your premium rate, to not stretch yourself thin.

Appriasal
Another very important thing you should consider when getting renters insurance is the value of you your property. You should do an inventory of your belongings and have your valuable items appraised.

Your reason for doing this is to make sure your coverage is enough to replace all your belongings, if there is a total loss.

Finding a Renters Insurance Policy
To find a renters insurance policy that will meet your needs, at a cost that you are comfortable with, try an online quotes service. These services are generally free, and there is no commitment involved. So, if you are planning on moving, or if you just want so see what is out there... give it a shot.


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