Hi! My name is Brian Stevens, I am a former insurance agent and financial consultant and I want to give you a renters insurance guide that will explain renters insurance in simple terms. Many people think their landlords insurance will cover them if their possessions are stolen or damaged. Not so, your landlords insurance only covers the building you live in, not your possessions.
If you want to protect your possessions, you need to get renters insurance. Renters insurance is one of the least expensive types of insurance. It covers three basic categories. First, personal property coverage pays to replace your possessions if they are stolen or damaged by vandalism, fire, smoke, lightning, explosions, wind storm, burst water pipes, or electrical malfunctions.
There are two types of personal property coverage available. Actual cash value coverage pays to replace your personal property minus the deduction for depreciation. And replacement costs coverage pays to replace your personal property with no depreciation deduction.
Standard policies only provide limited coverage for expensive items like jewelry, furs, silverware and collections. So, you may need to purchase additional coverage for these items. Second, additional living expense coverage pays for your living expenses hotel, motel, and restaurant bills if your home becomes uninhabitable due to the causes mentioned above.
And third personal liability coverage pays for another person’s medical expenses if you, a family member or your pet injures that person. It also covers damages to that person’s property. Some policies do not cover pets such as pit bulls or rottweilers. Standard policies usually come with $100,000 to $300,000 worth of liability coverage but you can purchase more if you have a lot of assets you want to protect from a lawsuit.
The best way to get cheaper renters insurance is to comparison shop. 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 question plus get advice on how to lower your premium from an insurance expert by using their online chat service. To visit this site, just enter LowerRateQuotes.com in your internet browser.
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