Renters Insurance Basics
If you rent a home, apartment, condominium or other dwelling renters insurance is the way to protect your personal possessions. Your landlord will likely have a commercial property or homeowners insurance policy on the structure you are renting, but that policy does not cover your possessions such as furniture, clothing, electronic equipment and other belongings. info/renters-insurance-basics/18″>Renters insurance is relatively inexpensive because it typically only covers your belongings and not the structure, but it does pay to compare renters insurance policies to find the best deal.
Without renters insurance you would have no recourse in the event your dwelling was burglarized or met with a disaster such as a fire, lightning strike, damaging winds or other disasters covered by your renters insurance policy. Your possessions could even be damaged by other renters near you if they cause smoke or water damage in your dwelling.
The exact coverage for your renters insurance policy would fall under the “named perils” in your coverage so it’s important to research and compare renters insurance quotes before choosing your renters insurance policy.
Typical renters insurance coverage:
1) Theft
2) Vandalism
3) Malicious mischief
4) Fire
5) Lightning
6) High winds
7) Smoke
Water damage (but not flooding)
Another benefit of renters insurance is — like homeowners insurance — it provides you liability coverage. Liability protects you against legal action for personal injury or property damage caused by you, members of your family and even your pets. The liability aspect of renters insurance also provides no-fault medical coverage in case someone is injured in your home.
Also like homeowners insurance, renters insurance protects you if your rental dwelling is damaged and you are forced to vacate the premises. Renters insurance pays your expenses while living away from your rental dwelling and covered expenses include hotels, meals and other living expenses. Additional living expenses coverage might be limited depending on your policy.
Renters insurance comes in two basic forms – actual cash value and replacement cost. Actual cash value renters insurance will replace your belongings up to the limit of your policy after a deduction for depreciation. Replacement cost renters insurance provides more coverage in that it pays to replace your lost possessions up to the limit of your policy. There is no deduction for depreciation with replacement cost renters insurance.
Keep in mind renters insurance provides limited coverage for high-dollar items. If you want to ensure these items are fully covered you will need to buy a supplement, called a “floater,” to your renters insurance policy.
Watch the video related to renters insurance
Plantiff is suing for the damages of a rental car purchased in her name after the police broke into it to rescue the drunk defendant. The defendant says, she should have taken out insurance on the vehicle. … judge judy bitch bitches blonde car damage court alcoholic pwned idiot fat bimbo
Help answer the question about renters insurance
If i take renters insurance today, will it cover an item i just lost?My laptop got stolen from my car, that was broken into, today. For various reasons it looks like auto-insurance wont cover it but rental insurance would (i dont own a home).
If i take renters insurance today, any chance that it would cover the laptop that i lost today?
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Posted by American Car Insurance on August 13th, 2009 filed in home insurance | 18 Comments »
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18 Responses to “Renters Insurance Basics”
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Link Partner
August 13th, 2009 at 10:49 am
hahahahaha YOUR FAULT!
August 13th, 2009 at 11:13 am
It’s awkward to see guys and girls be “friends.”
Should be bedtime friends.
August 13th, 2009 at 11:00 am
Look around in your LOCAL area and find an independent insurance agent. Just look in the phone book for the PIA or Big I (Trusted Choice) logos and you should be able to find an agent with several DIFFERENT companies to help you with your insurance needs.
Don't think you will find one that covers flood, however, as you will need a flood policy to cover "rising waters."
Good luck and I hope this helps!
August 13th, 2009 at 11:09 am
When I was an agent for Farmers this was one of my best selling policies. It ran roughly $25-$35 a month depending on the options the insured desired.
Make sure that no matter what type of policy you choose that it contains replacement cost coverage. This means that in the even of a loss the company will pay you to replace the lost item at the cost new, today; not the depreciated value of the property.
Example… Your TV is stolen. It cost $500 when you bought it 5 years ago. The depreciated value today is $75. If you were to receive actual cash value (ACV) then you would get $75 from the company.
Replacement cost… Same scenario but… That same TV, or one like it now costs $650. With replacement cost, you get the new TV.
This is true for ALL of your personal property (clothes, etc…). Most policies will pay up tp 400% more than the original cost.
My last suggestion to you… If you do get a policy then get your camera and take a picture of every room for each corner of the room. Take a photo of your closet with all your clothing etc… Take the photos and burn them on a disk and keep it somewhere other than your home. In the even of a total loss (think fire) then you can print out the photos to help jog your memory as to what property was lost. Most people will not recall all of their belongings and once you get the check from the company that is full and final compensation. If you suddenly remember that $500 jacket 2 months later, too bad.
If your in CA, TX or AZ I can recommend a couple of good insurance agents who can assit you.
Kevin 866-562-6838 x 106
kruorock@firstratelending.com
August 13th, 2009 at 5:46 pm
Of course Judge Judy just ASSUMES everything the police were doing it for safety, they need the mental help. They should pay for it. God gets the mall back anyway so that’s how the world goes
August 13th, 2009 at 12:48 pm
You can file a claim against your landlord's General Liability carrier, but it is very unlikely you will be paid.
Yes, the have coverage, but no they were not legally liable for the damage to your vehicle.
If they were to provide security, and the security was inadequate, then possibly they could be found liable.
Renter's insurance would not have covered your vehicle.
Sorry.
August 13th, 2009 at 11:59 pm
PAUSE AT 2:21
Classic judge judy stare down
lol
August 14th, 2009 at 12:24 am
Dang that girl is fine! I’d take a road trip with her anywhere LOL! Who’s with me?
August 14th, 2009 at 4:52 am
It's not a burglary, it's a robbery. Robbery is when people are there and threatened with bodily harm. Burglary is when no one is there.
This is a theft. If you have theft coverage on your policy, YOUR stuff should be covered. Expect your sister to be heavily, heavily interrogated – if this guy was a buddy of hers, or a buddy of a buddy, the insurance company is going to expect you to prosecute EVERYONE involved. Even if it includes your sister.
They'll cover it, eventually, but a claim like this is going to be heavily investigated – after all, the thief was known!!
Plus, you're probably looking at getting your policy cancelled or non-renewed.
August 14th, 2009 at 5:15 am
Insurance is a bet. That quote would probably be TERM life insurance, you'd be pretty young. The insurance company calculates the rates just like a bookie. The lower the rate with a high payoff, the less likely you are to cash it in – just like at the track – the greater the payoff, the less likely you will win.
August 14th, 2009 at 8:31 pm
Checkout their theft rider, and the link for a free quote. http://www.travelex-insurance.com/index.asp?location=07-0018
August 15th, 2009 at 2:59 am
The insurance the plaintiff had wouldn’t cover the rental and you can’t buy rental insurance after the fact. Judy couldn’t order her to have the insurance cover part of the cost in this case.
August 15th, 2009 at 5:14 am
4:24 ….. OWNED… she looks evil when she smiles like that… I LOVE IT!!!
August 15th, 2009 at 7:32 pm
Is that 1 billion or 1 million? If it is get out of it and move. It's a scam….
August 16th, 2009 at 2:19 am
Judge Judy’s eyes at 2:20. I’d run!
August 16th, 2009 at 6:24 am
You file a police report, and list the stolen items. Then you show proof of ownership (photos, receipts, etc). Then they send you a check for depreciated value. Then, if you have replacemetn cost coverage, after you replace them and send the receipt to the adjuster, they give you the difference between depreciated value and replacement cost.
It takes about 3-4 weeks.
BUT. If it's a new policy, and/or they suspect fraud, it can take a long, long time.
August 16th, 2009 at 6:35 am
The standard policy – with $100,000 liability, $20,000 contents, $250 deductible, should run you about $150 a year.
Not many companies will sell you less than $20,000, and no one I know of will sell you less than $15,000.
August 16th, 2009 at 6:19 pm
Yes Sir! Roadtrip!