Renters Insurance Quotes
Property owners are not required to provide content insurance for their tenants, but some do as a courtesy and make it part of the lease. Those who rent or lease have the opportunity to purchase their own insurance to cover their personal belongings in the event of theft, fire, water damage or damage from other disasters.
Renters insurance quotes can be obtained from most insurance companies that offer homeowners insurance. Renters insurance is broken into two categories: contents and liability. Renter’s insurance is meant to provide coverage for the renter’s personal belongings and does not provide coverage for the property not owned by the renter up to the amount that is covered. People who rent are subject to the same disasters such as fire, flood, earthquakes and storm related events as those who purchase their home. Renters are also subject to the same disasters as homeowners who experience plumbing problems that result in water damage to the contents of the house. The property owner will fix the plumbing, but the renter is responsible for their personal belongings. It makes sense to get renters insurance quotes when considering a new apartment or house to rent or lease.
The other form of renters insurance is liability insurance. Liability insurance will cover the renter in the event of an accident resulting in damage that is the responsibility of the renter. It covers damage to the rented or leased property or an adjacent property. As an example, if the renter has a piece of electronics that malfunctions and starts a fire and the malfunction are the fault of the renter, liability insurance will cover the cost of the damage caused by the fire.
Renters insurance is very economical and only a fraction of the cost of a homeowners insurance policy. It is recommended to compare renters insurance quotes to find the one that fits your needs and budget. When you are soliciting renters insurance quotes, ask for a quote with and without liability insurance. Some property owners require a tenant has renters insurance as a condition of the lease. Some property owners also require tenants to have liability insurance, as well, as a condition of the lease.
There are some who think the cost of renters insurance is expensive and not worth purchasing, give some thought to what the cost will be for you if you have to replace all your belonging’s out of pocket. If you came home from work one day and found a fire had decimated the building where you lived, the owner is insured and can rebuild but unless you have insurance, you will have to bear the cost of replacing all your property. You may think you do not have much, but when a cost is put to it, your contents can be significant.
When comparing renters insurance quotes, fully understand what is and what is not covered. There are limitations and exclusions to renters insurance coverage, but the limitations and exclusions may vary between insurance companies. Renters insurance quotes can also accommodate some of the limitations and exclusions for an additional fee.