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What Does Renters Insurance Cover?

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Rrenters insurance coverageenters insurance is for those people who do not own their homes but rent them. It is designed to protect the renter’s belongings in the event of a fire, theft, broken water pipes or other disaster. It is similar to home owners insurance except that it does not cover the structure. The landlord’s insurance likely covers only the structure and not the tenant’s things.

Policies are varied and can be designed for the renter’s individual needs. They range widely in price and some are only a few dollars a month. Naturally, if you have items of great value, it is wise to purchase a more comprehensive and expensive policy after taking a thorough inventory of your goods. Typically, the premiums increase every year to reflect the increasing cost of replacing possessions. Deductibles vary and the renter determines how much he is willing to pay in the event of a covered loss. Deductibles may range from hundreds to thousands of dollars. Usually, choosing a higher deductible means paying a lower premium.

Some policies cover your belongings and also offer personal liability protection. This means that if a visitor gets hurt at your home, her medical expenses may be covered. You may also be covered in the event that you cause accidental damage to someone else’s home. If you are forced out of your home because it is destroyed by fire, smoke or water, some renters’ insurance companies cover the cost of temporary housing while your home is being repaired or until you find a new one.


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