Renter's Insurance Coverage – Do You Have All That You Need?

Are you renting your home? Do you have insurance? One thing that many renters do not know is that they have no protection against flood, fire, theft and liability unless a renter's insurance policy is taken out. Here, you will learn about the different types of renter's insurance that you should give careful consideration.

Basic Renter's Insurance

The basic renter's insurance policy will protect you from many of the damages that you could suffer. This policy will cover your personal property within the walls of the rental home against fire and theft.

If you have one or more things that are very valuable, you should include a scheduled personal property element in your policy. This will help protect the things that are most valuable to you.

If the place you are renting is damaged beyond livability, reimbursed living expense coverage could help cover the additional living costs you may suffer, including housing and food.

If someone was to get injured in your rented home, the liability coverage will help to cover the cost of medical expenses and financial damages.

Renter's Flood Insurance

If your rental home is in an area that has been known to flood in the past, you should likely look into getting a renter's flood insurance policy. Fortunately, the cost of the renter's flood insurance is much less than what the property owner has to pay for his policy. Your policy will not provide any coverage for the structure, rather, it will cover the contents of the rental home.

Identity Protection Insurance

Some insurance companies offer an additional service known as identity restoration coverage. This type of policy can help to protect you from financial losses if your identity has been stolen. If your identity was to be stolen, the insurance company provides you with a specialist that can help identify the extent of the fraud and help you recover from the damages that have occurred.

Cost of Renter's Insurance

The good news – your renter's insurance policy is not going to cost you a whole lot each month. Exactly how much it will cost varies depending on the value of the contents of the rental home. The more valuable your things, the more your insurance policy will be. The average cost of renter's insurance is between $15 and $30, which is very reasonable considering the loss you would experience if you did not protect your belongings with a policy.

Talk with a company like Ronald H. Krupa Insurance Agency to learn more about protecting your belongings in your rental home before something terrible happens and you lose it all.