Renters Insurance Quote - Do You Really Need It?

Are you a renter wondering if a renters insurance quote is something you really need? Well, if you're undecided about this coverage here are some things to think about.

A home or apartment renter insurance policy will replace your contents in the event of a fire, burglary and other perils, as we all know. That's important enough, but this type of policy also covers you in many other ways.

If you, or a friend, were to damage the landlord's property, your policy would cover the damages. If someone were to get hurt you'd be protected by liability coverage and the list goes on. Here are some of the main pieces to a renter's insurance policy.

Contents Coverage

I always recommend having replacement cost coverage on any policy. If you don't then you'll get the actual cash value, and depending upon the age of the property, could be pennies on the dollar.

Replacement cost coverage is very inexpensive and means that if you have a covered loss, you'll be reimbursed the current cost of replacing the item, period.

Deductible

You'll need to choose a policy deductible. Standard deductibles are $100-$250 and $500. Of course, the higher the deductible, the lower the policy premium.

Loss Of Use

Every home or apartment renter insurance policy includes protection from loss of use. If you can't live in your apartment for any reason, your policy will cover the expenses of food and lodging until you can move back in.

Other Coverage Options

Do you have expensive jewelry or other collectibles? You can add on endorsements to fully cover these items in the event of a loss. This includes furs, electronics, etc.

How much is renters insurance? It's very inexpensive, and depending on where you live it may only be $20 a month for $25,000 in contents coverage. I think you can see the value of having a home renter's insurance policy if you're a renter. The low cost and high benefits make them a real asset.