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Renter's insurance

If you haven't your own home and rent a house or an apartment then you should consider renter's insurance as a mean for protection of your personal belongings from unexpected natural disasters or other catastrophes. Renter's insurance policy covers only the contents of the house you reside in and doesn't insure the building itself. The insurance package includes protection against natural calamities like flood, hail, fire, hurricane as well as theft and other damages. The policy also covers against indeliberate injuries and property damages caused to third parties by your home contents.

The renter's insurance covers from predefined circumstances, which means a policyholder is only protected against those disasters and perils that are specified in the policy. The range of perils can vary from one insurance plan to another and there is a list of the most popular disasters people wish to be protected against, but you should follow a simple rule when deciding which peril to specify in your insurance policy. This rule states the following: you shouldn't include protection in your policy against those disasters that are less likely to happen in the area you live in. For example, if you live in a mountainous region and floods happen there once a billion year, then feel free to exclude flood coverage from your policy. Thus, you'll save quite a bit of money.

Typically, your renter's insurance policy would cover you from the following natural disasters or damages caused by humans: fire, windstorm, lightning, hail, volcanic eruptions, snow, damages caused by vehicles and aircrafts, riots, vandalism.

One main point is whether the policy offers actual cash value coverage or replacement costs. The difference between these types of coverage is that the actual cash value coverage will pay out only the cost of the property at the time it was damaged, while with replacement cost coverage your insurer will pay out the whole amount necessary to replace damaged property with new. Replacement cost coverage is more expensive however it pays out more.

You can combine both types of coverage. The most valuable possessions can be covered by a separate policy with replacement cost coverage. You can also include to the policy your home electronics and other fast-depreciated property. This way you'll be sure that if something happens you'll be completely reimbursed.

Renter's insurance will cover your additional living expenses, which means you'll be paid for a new place for living or a hotel if your current dwelling is damaged and you can't live there any more. Additional living expenses also include food costs. For instance, if you moved to a hotel and have to buy food in a restaurant, then you policy will cover you restaurant expenses along with other costs.