Renter's Insurance Quotes: What To Look For

2007-03-08 10:33:40

( Insurance )



If you are about to rent an apartment or a unit in a condominium, you might think that your landlord’s or your condominium’s insurance will cover your losses. Damages to the actual building structure are covered by your landlord’s insurance policy. However, damages and loss against your personal property is not. That is why it is prudent to get renter's insurance.

The basic home insurance quote coverage covers a lot of instances where your property and belongings may be damaged. This includes fire, lightning, theft and even vandalism. If you look closely, it does not include damages or loss because of floods or an earthquake. So if you live in an area that experiences a lot of flood and earthquake, you may want to pay extra on your premiums to cover these types of calamities.

Before moving into your new apartment or condominium, you may want to request several renter's insurance quotes from different insurance companies. This process is relatively quick and easy as you can now do it over the internet. You can then peruse and compare the renter's insurance quotes at your own convenience.

Renter's insurance basically covers damages and loss to your personal belongings. The first type of coverage replaces your belongings up to what the property was worth at the time of declaration. So if you file a claim, your insurance company will pay you only what the property was worth at the time you took out the policy. The second type of coverage is commonly called replacement cost coverage. This means the insurance company will pay you the actual cost of replacing the piece of property today. When checking renter's insurance quotes, make sure you are aware of the type of coverage you are getting.

Renter's insurance also offers coverage when your apartment becomes unlivable due to fire or flood. The insurance company will pay for your rent if you live somewhere else that is in the same price range as your original apartment. However, most insurance companies only cover this benefit for a short period of time.


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