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Homeowners Basics What are the top things to know? What is in a standard homeowners insurance policy? Are there different types of policies? What type of insurance do I need for a co-op or condo? What type of disasters are covered? Can I own a home without homeowners insurance?
How do I take a home inventory and why? What's the difference between cancellation and nonrenewal? ........................... ........................... ........................... ........................... ........................... | |||||||||||
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Home Insurance - What is renters insurance? |
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Renters
insurance provides financial protection against the loss or destruction
of your possessions when you rent a house or apartment. While your
landlord may be sympathetic to a burglary you have experienced or a fire
caused by your iron, destruction or loss of your possessions is not
usually covered by your landlord’s insurance. Because in most cases,
renters insurance covers only the value of your belongings, not the
physical building, the premium is relatively inexpensive. By purchasing renters insurance, your possessions are covered against losses from fire or smoke, lightning, vandalism, theft, explosion, windstorm and water damage (not including floods). Like homeowners insurance, renters insurance also covers your responsibility to other people injured at your home or elsewhere by you, a family member or your pet and pays legal defense costs if you are taken to court. Renters insurance covers your additional living expenses if you are unable to live in your apartment because of a fire or other covered peril. Most policies will reimburse you the difference between your additional living expenses and your normal living expenses but still may set limits as to the amount they will pay. There are two types of renters insurance policies you may purchase:
With either policy, you may want to consider purchasing a floater. A standard renters policy offers only limited coverage for items such as jewelry, silver, furs, etc. If you own property that exceeds these limits, it is recommended that you supplement your policy with a floater. A floater is a separate policy that provides additional insurance for your valuables and covers them for perils not included in your policy such as accidental loss. |
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