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Keep your possessions covered anywhere in the world. Careers Newsroom Contact Become an agent Supplier management. Grange Mobile app Integrity Insurance. OK Log Out. You are leaving www. If the answer is no, you probably need renters insurance.
And the coverage may cost less than you expect — in fact, some tenants could pay next to nothing. Find out why you may want renters insurance and how affordable it can be. But you might be surprised. Brandon Okita, vice president at FIA Insurance Services in Torrance, California, advises opening each drawer and closet in your home to take an inventory of your belongings. The last thing you need is a lawsuit wiping out everything you have. Keep in mind that it would make sense to file a claim only if the lost item were worth more than your deductible.
You may also have coverage for items in a storage unit, Okita says. One common reason to avoid renters insurance is the cost. But if you have a car, you could pay less by bundling your renters policy with your auto insurance, thanks to multipolicy discounts offered by many carriers.
You may also be eligible for discounts if your apartment has smoke detectors, burglar alarms or other safety and security devices. A growing number of landlords require tenants to purchase their own renter's insurance policies and they'll expect to see proof.
This could be the landlord's idea, or it could be an "order" from the landlord's insurance company. The idea is that if the tenants are covered themselves, some responsibility can be shifted away from the landlord.
If you need assistance finding or obtaining coverage, your landlord may be able to help. This provides protection if someone is injured while in your home or if you or another covered person accidentally injure someone. It pays any court judgments as well as legal expenses, up to the policy limit. You may have to pay a deductible on your policy before coverage kicks in. You can request and pay for higher coverage limits if need be. Renter's insurance covers your personal belongings, whether they are in your home, car, or with you while you travel.
Your possessions are covered from loss due to theft and other covered losses anywhere you travel in the world. Check your policy or ask your insurance agent for details on what constitutes "other covered losses.
Check with your policy to find out how long it will cover additional living expenses, and if it caps the amount the company will pay. Renter's insurance provides coverage for your personal belongings, whether they are in your home, car, or with you while you're on vacation. In addition, renter's insurance provides liability coverage in case someone is injured in your home or if you accidentally cause injury to someone. Be sure you understand what your policy covers, and ask your agent about available discounts, deductibles, and coverage limits.
For example, be sure you know whether your insurance provides replacement cost coverage RCC for your personal property or actual cash value ACV. The first will pay to replace your year-old carpet, say, with a new one, at current market rates, while the second will only reimburse you for the value of a carpet that's 15 years old.
Needless to say, RCC costs more. When choosing renter's insurance, make sure to choose a company that works best for you. Rental Housing Journal. National Association of Insurance Commissioners. State Farm. Home Insurance. How To Start A Business. Car Insurance. Actively scan device characteristics for identification. Use precise geolocation data.
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