Insurance Facts

Renters Insurance is something of a confusing topic but one thing is for sure, it doesn’t matter whether you are renting a house, apartment, car or some type of machinery there is always a risk that it will get damaged or destroyed in some way.

If you don’t have renters insurance then you could be liable for the replacement costs and any extra damages.

However, although the landlord does indeed have insurance for his property, it is only for the building itself so if the structure is damaged in any way, his insurance will cover the costs.

Of course, buildings insurance will not cover any personal belongings or any liability on your part so if property is lost or stolen, it is renters insurance that covers the cost. Also, if it is provide that the damage was as a result of negligence on the part of the tenants then they will be liable for any costs incurred.

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Apart for the costs that may be incurred if damage is caused there is another important reason for having rental insurance for a property. If an accident or injury occurs inside the property you are renting that requires medical attention then any costs involved will be the responsibility of the renter.

This would be a problem for most people to pay ordinarily but for a small premium per month this particular aspect would no longer be of concern.

The same situation applies when you rent a car; if your own auto insurance does not cover the costs, then check to see if your credit card has a facility to pay for it otherwise you will need to arrange this separately.

After you have checked your car insurance plus your credit card conditions and find that they do not cover renters then taking out this type of short term insurance will not break the bank at approximately ten dollars or so per day it is far less expensive than replacing a new car.

Of course there are many more areas where rental insurance can be used even if you are renting sports equipment for a vacation. You should never dismiss obtaining rental insurance as accidents happen and while we may stomach the cost of our own personal belongings getting damaged, when the property belongs to someone else and they want it replaced, it is another matter entirely.

How much you will pay will depend on many factors as with all types of insurance but you can guarantee that certain factors like location, company you decide to use and what your deductible is will all be relevant.

Many companies offer renters insurance but don’t use the first one you find, take your time and search for companies on the Internet and if your finances will stand it, arrange for a large deductible if you want to keep the insurance premium to a minimum.

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This entry was posted on Tuesday, September 23rd, 2008 at 1:32 pm and is filed under Uncategorized. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.