Renters Insurance - Do We Really Need It?
- Date: 2007-11-25 - Word Count: 411
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Many people do not fully understand the concept of renters insurance but just consider how many times you actually rent equipment like a car, motor home, house or even a boat. If you don't have renters insurance then you could be liable for the replacement costs and any extra damages.
One regular instance of this is where tenants to a rented property fully believe that if anything untoward happens that the landlord's insurance will cover the eventuality. It is true that the landlord will have insurance on his property but it is only for situations where damage is done to the structure itself.
Personal belongings, equipment, fridges, freezers, TV's for example are not covered by this policy and if you are not insured they will have to be replaced out of your own funds. Any damage caused to the property you are renting which is found to be due to negligence will also be payable.
If that fact doesn't convince you, renters insurance does have another useful aspect to it. 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. All medical fees and legal costs will be paid for you if necessary so it is obviously worth the monthly outlay.
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. If you aren't covered under your own insurance or credit card then you could consider purchasing the collision damage waiver as it is a better option to pay about 7 to 13 dollars a day than 10,000 to 30,000 dollars to replace the rental car.
Whilst the subject of renters insurance has not been covered in full here, the benefits of having it are huge as we all rent a good deal more than we think. Renters insurance provides a peace of mind and that has got to be worth a few dollars a day, whoever you are. Obviously like any insurance policy, the amount will vary according to where you live, any extras you want to add and how much deductible you decide to arrange. Some costs can be reduced however by shopping around for a good deal, sometimes online and if you raise the deductible this invariably brings down the cost of the premium.
One regular instance of this is where tenants to a rented property fully believe that if anything untoward happens that the landlord's insurance will cover the eventuality. It is true that the landlord will have insurance on his property but it is only for situations where damage is done to the structure itself.
Personal belongings, equipment, fridges, freezers, TV's for example are not covered by this policy and if you are not insured they will have to be replaced out of your own funds. Any damage caused to the property you are renting which is found to be due to negligence will also be payable.
If that fact doesn't convince you, renters insurance does have another useful aspect to it. 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. All medical fees and legal costs will be paid for you if necessary so it is obviously worth the monthly outlay.
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. If you aren't covered under your own insurance or credit card then you could consider purchasing the collision damage waiver as it is a better option to pay about 7 to 13 dollars a day than 10,000 to 30,000 dollars to replace the rental car.
Whilst the subject of renters insurance has not been covered in full here, the benefits of having it are huge as we all rent a good deal more than we think. Renters insurance provides a peace of mind and that has got to be worth a few dollars a day, whoever you are. Obviously like any insurance policy, the amount will vary according to where you live, any extras you want to add and how much deductible you decide to arrange. Some costs can be reduced however by shopping around for a good deal, sometimes online and if you raise the deductible this invariably brings down the cost of the premium.
Related Tags: renters insurance, rental insurance, rental insurance quote
Copyright (c) 2007 Keith MallinsonKeith Mallinson BscHons Provides Information on rental insurance: what it is, how renters insurance works, and where to find the best renters insurance quote online. www.renters.insurance-llc.com Your Article Search Directory : Find in Articles
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