Insurance For Renters

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					Insurance For Renters
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
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 w orthwhile 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
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 Realty.
She has one of the hardest working Tampa Real Estate team in Florida and
also in2Va Team for Northern Virginia Real Estat e.