Compare Renters Insurance Quotes, Compare Renters, Compare Renters Insurance, Renters Insurance Quotes, Personal property coverage, Improvements coverage, liability coverage

Renters Insurance Quotes

Many renters are not aware that their landlord’s policy leaves tens of thousands of dollars of their personal belongings unprotected. In fact, the average renter has $20,000 of personal items that would not be covered under a landlord’s policy. The landlord’s policy also does not offer you any liability protection in the event someone is injured in your apartment or if you cause property damage. In what follows, we’ll explainwhy renters insurance is so important Renters Insurance Facts
The average renters insurance policy costs just $12-$25 per month. That small investment could come in handy if you suffer thousands of dollars in damages. Before you get renters insurance quotes, you should try to estimate the value of your personal belongings by taking a room-by-room inventory. This will help you get an idea of how much coverage you need, and provide you with documentation of the value of your items.

Types of Renters Insurance Coverage

Like homeowners insurance, the main purpose of renters insurance is to protect the policyholder’s personal belongings against vandalism or theft. The following coverage options are typically included in a standard policy:

1. Personal property coverage: Protects your possessions from theft, vandalism, water damage, etc. If your belongings are stolen or damaged, you can file a claim to get reimbursed for the loss. The amount of your reimbursement will depend on your deductibles and the type of property coverage you select. With actual cash value coverage, you will only be reimbursed for the current value of your possessions less depreciation. With replacement cost coverage, you will be reimbursed for what it would cost to buy the item new today.
2. Personal liability coverage: Provides coverage protection for you and any visitors to your rental property. If a guest is injured on your property, renters insurance will pay for the medical expenses and any judgments against you if a lawsuit ensues. Your legal fees will also be covered. Most policies offer around $100,000 of personal liability coverage.
3. Improvements coverage: Protects the policyholder from lawsuits in the event that his/her property is damaged. The coverage will then pay for any improvements or repairs that need to be made to restore the property.
4. Fire legal liability coverage: If you are found liable for a fire that occurs on your rental property, this coverage will pay for any judgments against you and cover the damages that resulted.

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