When you think insurance, you think of the following: auto insurance, health insurance, homeowners insurance, pet insurance, life insurance, farm insurance and even cell phone insurance. Most people hear the word insurance and the last thing they think of is renters insurance. But little does that faction of people know that renters insurance in some areas is not only required to rent a unit majority of the time, but also a very smart bill to add every month.
Coverage of your belongings is very important. Things that mean a lot to you, and things that have cost you a lot. Its hard to get every single thing insured. You may be thinking: well I live in a condo, my landlord already has insurance. This is true, but not on your things—only on the structure it self in most cases.
Protecting yourself is important! Renters insurance protects you from 17 different kinds of peril: fire or lightning, windstorm or hail, explosion, riot or civil commotion, aircraft, vehicles, smoke, vandalism, theft, damage by glass, volcanic eruption, falling objects, weight of ice, snow or sleet, water-related damage, electrical sure damage.
You may notice that although this covers almost every kind of disaster that can occur, it missed out on floods and earthquakes. If you live in an area prone to these things, you will need to get a separate policy.
If you find yourself victim to one or many of these disasters, you will need to pay for your items first to replace them and then will be able to be reimbursed (a certain amount) after submitting receipts. When you are selecting insurance, it Is important to be as accurate as possible regarding the value of your belongings.
Like any insurance, your quote will depend on a number of factors. However, in most median cases you will pay between $150 to $300 a year This will get you anywhere from $30,000-$35,000 worth of coverage for personal possessions and between $100,000 to $300,000 of liability.