Rental Insurance
Your landlord s insurance does not cover your personal possessions, so you need rental insurance to insure your clothing, furniture, TVs, stereos, computers, jewelry, or anything else you own. Rental insurance also covers accidents that occur to visitors in your home, legal costs if they sue you, and any damage you or your family cause to other people s property.
Rental Insurance Coverage
To figure out how much coverage you need, go through your home and take an inventory of all your possessions. The total amount of what you own is the amount of renters insurance you need.
You have the option of insuring your property for it s actual cash value or it s replacement value. Actual cash value coverage pays the used price of an item, while replacement coverage pays the new price of the item. Replacement coverage costs a little more, but it s worth it.
Some companies limit the amount they ll pay on expensive items like jewelry, computers, furs, and collections, so if you want full coverage on these items you may have to purchase extra insurance in the form of a rider.
If you live in a flood or earthquake prone area you may also want to purchase flood or earthquake insurance because standard rental insurance policies do not cover losses due to these disasters.
Rental Insurance Deductibles
A deductible is the amount of money you pay toward a claim before your insurance company pays. So if you file a $1,000 claim and you have a $250 deductible, you ll pay $250 and your insurance company will pay $750.
The higher the deductible, the lower your premium. To save money on your insurance get the highest deductible you can afford.
Rental Insurance Discounts
You can get rental insurance discounts if you purchase your rental and auto insurance through the same company, if you re a non-smoker, if you re a retired senior, or if you have security features installed in your home such as deadbolts, window locks, burglar alarms, and smoke detectors. Before you purchase a policy, ask your agent about the discounts his or her company offers then include all the ones you re eligible for.
Cheap Rental Insurance
The easiest way to find the best rates on rental insurance is to visit an online insurance comparison site where you can compare rates from a number of companies. It s quick, it s easy, and it s free.
The better comparison sites even have a chat feature and a toll-free telephone number so you can get answers to any insurance questions you may have. (See link below).
Visit http://www.LowerRateQuotes.com/renters-insurance.html or click on the following link to get cheap rental insurance quotes online from top-rated companies and see how much you can save. You can get more insurance tips in their Articles section.
The author, Brian Stevens, is a former insurance agent and financial consultant who has written a number of articles on getting cheap rental insurance quotes online.
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