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What is renters insurance?

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9th Nov 2009 by Michael Haltman

Without getting into the specifics, renters insurance will typically cover the buyer of the policy for the loss, theft or damage they realize on the contents of the rental that belong to them. These contents will be covered for a variety of things that cause the damage as spelled out in the policy. Some things may be excluded which is why it has to be read carefully.

Whether the rental is a house or apartment, the landlord will have their own insurance for the actual building that you are living in. For your own things, this insurance is critical. You will also have to know what you are getting in the policy concerning replacement value for your things or actual value. If it is actual value and you have a television you paid $500 for 5 years ago, the value of it today is very much less. If you have actual value the insurance company will pay you what it is worth today, and you have to go out and buy a new one taking money out of your pocket to do it. If you have replacement value, the insurance company will give you the amount required to buy that television today.

Replacement will cost more in premiums, but is well worth it if you ever have a claim.

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This answer is the subjective opinion of the writer and not of FinancialAdvisory.com



26th Oct 2009 In Insurance 1 Answers | 1915 Views
Subjects: renters insurance,

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