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Renters Insurance

Renting a home is a common practice in today’s society. Renters are usually required to sign a lease contract that outlines the responsibilities of the landlord and of the renter regarding the home. Many renters believe that their personal property is covered against a loss through the landlord’s insurance or even through the lease. This is simply not the case. If you are renting a home, you need a specific type of insurance called renters insurance that will protect your personal property.

To be sure you receive just the right kind of coverage you need, it is important to have an understanding of the differences between renters insurance and landlord insurance. Landlord insurance covers the structure of the home while a renters policy covers the contents of the home. If there was a house fire, for example, the landlord policy would cover the rental home, but if there is no renters policy, the renter will lose all of his personal property.

A renters policy is surprisingly inexpensive. Because of the low cost, it is especially unfortunate that many renters take chances with their property in a rental home by not purchasing coverage. There have been so many cases of rental homes being damaged by weather, fire, theft and many other types of perils which results in great losses that could have been avoided otherwise.

It is simple and easy to purchase a renters policy. First, you would need to take inventory of your personal property inside your rental home. Personal property includes your furniture, electronic items, clothes and anything else you have in the home that you want to protect. Then, you need to decide on a value of that property. If you determine the value of your property to be $30,000, for example, you would purchase $30,000 for your renters policy.

In the event you had a loss, the renters policy would provide money, based on the amount of coverage purchased, to help you replace your property. It is a good idea to take pictures of the items you have in your home, and keep receipts for larger purchases, such as furniture, in a safety deposit box. This helps to justify the value of your property should an unfortunate event occur.