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Insurance For Renters

Published Wednesday, October 8, 2008 by bloggerblognet22596 | E-mail this post

Millions of families from all around the world are renting homes. The global financial and housing industry crunch has further lowered the number of families and individuals owning their own houses. Some long-time homeowners have even started selling their properties to rent homes instead. Not too many renters are aware that there are renters' insurances available in the market.

What is renters' insurance? To begin with, a renter's insurance is an insurance policy covering the content of a rented home. When you lease an apartment for instance, you definitely will be responsible for buying and maintaining your own appliances, furniture and other home items. These things can be insured these days, so that in incidences of flood, fire, theft and calamities, you can be sure you will not lose any important possession.

In general, it is estimated that average home renters have about at least $30,000 worth of appliances and furniture. If you have a renters' insurance policy, no matter what happens to the leased home and your things, you are guaranteed to get the amount of money stipulated on your policy so you can easily replace the lost possessions. It will cost you so much if you buy replacement appliances and furniture altogether at once. If you own an insurance, you can always rest assured you will not be left owning nothing whatever happens.

Many former homeowners are asking if there is a need to buy a renters' insurance if they already own homeowners' insurance. It will be much advisable if the insurance coverage will be changed or shifted. In comparison, insurance for renters are less costly than insurance for homeowners. However, some renters still do not see the need to buy insurance, perhaps because of the premium.

A recent survey conducted in the United States showed that majority of home renters do not intend to buy renters' insurance because they have not taken a closer look at it. A significant number think the premium is expensive, while others perceive such insurance as less worthwhile and valuable. A few, however, believe the landlords are responsible enough to ensure overall security in the rented homes so there is no need for any insurance policy.

Another study has found that many renters think their stuff do not value that much. Those home renters think that because they have been using their appliances and furniture for some time, the valuation of the items have depleted. Experts assert that undervaluation of home content should not be observed. Whether the things are new or not, in the end, if renters lose them, replacements will have to be made and expenses can be incurred.

You should do a home inventory now to determine actual or estimated valuation of your home content. This way, you can identify which bracket of insurance policy will apply to you. When applying for a renters' insurance, you can send applications to the insurer that covers your car and life insurance so you could secure at least 15% of discounts on your renting insurance. Is your credit history good? If it is, also expect to get really attractive insurance terms.

Julia Vakulenko is a licensed broker associate with Tampa4U.com Realty. She has one of the hardest working Tampa Real Estate team in Florida and also in2Va Team for Northern Virginia Real Estate.

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Insurance For Renters

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