Hi, my name is Bryan Stevens. I am a former insurance agent and financial consultant and I want to show you how much renters insurance you need to protect yourself and your personal property.
Renters insurance is actually a three insurance policies in one. It insures your personal property, provides you with personal liability protection, and covers you if your home is on inhabitable and need temporary living quarters.
Personal property coverage pays to replace your personal possessions when they are stolen or when they are damaged or destroyed by fire, smoke, vandalism, plumbing leaks or bad weather. Expensive items such as jewelries, silver, antiques and collections are only covered up to a certain amount. So you may need to purchase additional insurance for them.
Also, damage caused by flooding and earthquakes is not covered. So if you live in a flood or earthquake zone you need to purchase additional insurance to cover these disasters. To figure out how much coverage you need, take inventory of everything you own and use the total value of your possessions as your amount of personal property coverage.
Keep your inventory in sales receipts in a safe place so if you need to file a claim you will have a record of what you own. There are two types of personal property coverage, replacement cost coverage which pays to replace your possessions when they have been damaged or stolen and cash value coverage which pays to replace your possessions minus the deduction for depreciation.
If you want total protection, you need to purchase replacement cost coverage. Personal liability coverage pays for another person’s medical bills and property damage expenses when you, your family, or your pets injure that person or damages his/her property. You want enough liability coverage to protect your assets in the event that you are sued.
Lost of use coverage reimburses you for any expenses you incur above and beyond your ordinary living expenses when your home is being repaired because of fire, smoke, plumbing leaks, vandalism, or bad weather. It covers your hotel, motel, and restaurant bills plus other expenses that exceed your normal living expenses.
The best way to get low cost renters insurance is to comparison shop and the easiest way to do that is to get quotes from an insurance comparison website. It is quick, it is easy and it is free. Visit lowerratequotes.com to get renters insurance quotes from top rated companies and see how much you can save. You can get more insurance tips in their article section and get answers to your questions, plus get advice on how to lower your premium from an insurance expert by using your online chat service.
To visit this site just enter lowerratequotes.com in your internet browser.
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