Renter Insurance
Cheap Renters Insurance
If you are a tenant, then you should consider getting your renters insurance cover. You are not included in the home owners policy on the house you rented. That is the home owner cover is for the land lord and not you. This will provide protection for the land lord and his house. Having this in mind tenants are adviced to get a renters insurance policy.
It is no news that the home owner will most likely have a coverage policy running for the house, so what happens to the electronics, furniture and document properties of the tenants in the case of a fire or burglary? For a tenant without renters Insurance Coverage, your guess is as good as mine.
For renters, we have two major types of insurance coverage or policies.
The first one is home renters insurance and the second is home content insurance.
Home renter insurance provides targeted coverage for the properties of the policy holder only, any other person living in that house is not covered. The policy holder may decide to collect cash value for the lost items or could simply decide that a replacement will work better. These are the choices available to the home renters’ insurance policy holder.
Home content insurance covers the properties inside the rented home that is owned by a member of the home not necessarily the person named in the coverage. In this type of coverage, lost items are replaced using ceiling limits provided by the insurance companies. If the claims exceed these limits, the excess is shaved aside by the insurance company and hence not considered.
For renters that need coverage immediately, the sure and fastest way is to use the internet. Millions go online for coverage solutions daily.
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Does Renter’s Insurance cover if I just lose an object?
I am looking for renter’s insurance to cover me for personal property even in the event that I just lose it anywhere; i.e. if i lose my watch in the park . Not related at all to theft. Would a standard policy cover that?
No.
You can’t get a policy that will cover all your property for it getting lost.
Renters coverage is a named peril coverage. That means, if the cause of the loss is specifically named in the policy – it is covered. Named perils include – fire, lighting, theft…etc. You loosing an item will not count.
Now, if you have a specific item that is valuable – you can get a “floater” added to your policy to cover that specific item. The floater (aka: endorsed, scheduled) will cover the item getting lost. You usually see this on jewelry. For example, if you have your engagement ring scheduled on your policy (by the floater) – and the stone falls out one day and is gone….your policy will pay to replace the stone.
In order to get the ring scheduled onto the policy, you will have to have it appraised by a jeweler and take the appraisal to your agent.
A watch would be considered a piece of jewelry. If it’s a very nice watch – you may want to consider getting it scheduled onto your policy.
I have also seen nice camera’s scheduled onto a policy.
Your agent would be able to tell you what type of items qualify to be scheduled onto your policy.
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