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Renters Insurance

Explained

Explanation of Renters Insurance Renters insurance provides coverage for losses incurred in case of fire or other natural disasters, for instance, when you lose your clothes or furniture as a result of fire, renters insurance will provide coverage for such incidences. It is equally meant to provide you protection against disasters just like homeowners insurance. However, according to the institute of insurance information, only 37% of house renters have renters insurance. With less than $200 per annum, you can get adequate coverage for your belongings. On average, the premium for renters insurance is about $187 based on the recent information released by the National Association of Insurance Commissioners (NAIC), although the premium you pay is entirely dependent on your location. Information released by NAIC also suggested that Mississippi has the most expensive rates for renters insurance with an average premium of $252 as opposed to a $117 average premium in North and South Dakota. Items covered under renters insurance Home renters insurance policies contain different types of coverage plans. The policy known as H0-4 is strictly designed for home renters and it made provisions for protection against 16 different disasters which include: Explosion Fire or lightning Smoke Windstorm of hail Civil commotion or riot Damaged caused by aircraft Theft Damage caused by vehicles Vandalism and Malicious mischief Falling objects Weight of snow, ice or sleet Volcanic eruption Other coverages: Accidental or sudden damage resulting from electronic currents generated artificially excluding any loss to a transistor, tube or electronic component of similar quality Accidental discharge or spillage of water or steam out of a heating, plumbing, or air-conditioning or automated fire- protected sprayer system or accidental discharge from an appliance used in the home Accidental and sudden busting or tearing, bulging, or burning of hot water or steam, air conditioning, heating system, automated fire-protected sprayer system or accidental discharge from an appliance used in the home Items excluded from renters insurance As with home insurance, damages resulting from earth movement such as earthquakes, landslides and mudslides are not covered under renters insurance. Other items excluded from renters insurance include: Wars Floods Nuclear hazards Negligence: this means your refusal to safe protect your belongings at the time of loss or even thereafter Intentional loss: this means you  deliberately destroyed your  property Any Action of the government such as the confiscation  of your property In certain coastal areas, if you desired to get insured against wind damage caused by hurricanes, you will need to purchase extra coverage. Extra advantages of renters insurance Renters insurance policies usually have the benefit of protecting you against liability lawsuits for bodily injury or property damage. What this means is that in the event somebody slips and falls and you are sued by the individual, you're covered. Renters insurance will cover you for any cost incurred up to the limit of your liability. In addition, your legal defense will be paid for by the insurance company.   Also if your house becomes unlivable because of incidences of burst pipes, fire, or any reason covered under your policy, coverage will be provided by your renters insurance. The expression “additional living expenses” simply means paying your living expenses if your home is damaged and you need to move out of your home. Take an inventory of your belongings In order to make sure that you are adequately compensated for losses because of storm, fire or any other disaster, make a record of all your personal possessions, write down each item - the worth of the item and its serial number if you can. Take a photograph of your room; every single room, not leaving out the closets, garage and storage rooms. Make it a habit to store important receipts in a fire-proof location

FOR ALL YOUR INSURANCE

NEEDS CLICK THIS LINK

Why having rental insurance is

important

  It’s a strange fact that most people who rent apartments and home do not have renters insurance. Here’s why they need it: Approximately 35 percent of Americans rent the place they live in, but few of them insure that property. Here's why having renters insurance is a good idea. Insurance (whether it's for your car, your health, or your home) is all about risk management — and though you might not think it, financial risk management. If you crashed your car, got seriously ill, or your home burned down (with everything you own inside), how much could you afford to spend to fix these things without sending yourself into financial ruin? However, while car, health, and home insurance are well- known — and most people have them if they're in a position to need them — one type of insurance you might not think of is renters insurance. What Is Renters Insurance? If you rent your living space — and 35% of people in the U.S. do — then renters insurance protects the contents of your home, whether you're living in an apartment or renting a house with a roommate. For more information on why you need renters insurance click on the link below. Read more: http://www.csmonitor.com/Business/Saving- Money/2016/0122/Why-having-rental-insurance-is- important
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Renters

Insurance

Explained

Explanation of Renters Insurance Renters insurance provides coverage for losses incurred in case of fire or other natural disasters, for instance, when you lose your clothes or furniture as a result of fire, renters insurance will provide coverage for such incidences. It is equally meant to provide you protection against disasters just like homeowners insurance. However, according to the institute of insurance information, only 37% of house renters have renters insurance. With less than $200 per annum, you can get adequate coverage for your belongings. On average, the premium for renters insurance is about $187 based on the recent information released by the National Association of Insurance Commissioners (NAIC), although the premium you pay is entirely dependent on your location. Information released by NAIC also suggested that Mississippi has the most expensive rates for renters insurance with an average premium of $252 as opposed to a $117 average premium in North and South Dakota. Items covered under renters insurance Home renters insurance policies contain different types of coverage plans. The policy known as H0-4 is strictly designed for home renters and it made provisions for protection against 16 different disasters which include: Explosion Fire or lightning Smoke Windstorm of hail Civil commotion or riot Damaged caused by aircraft Theft Damage caused by vehicles Vandalism and Malicious mischief Falling objects Weight of snow, ice or sleet Volcanic eruption Other coverages: Accidental or sudden damage resulting from electronic currents generated artificially excluding any loss to a transistor, tube or electronic component of similar quality Accidental discharge or spillage of water or steam out of a heating, plumbing, or air- conditioning or automated fire-protected sprayer system or accidental discharge from an appliance used in the home Accidental and sudden busting or tearing, bulging, or burning of hot water or steam, air conditioning, heating system, automated fire- protected sprayer system or accidental discharge from an appliance used in the home Items excluded from renters insurance As with home insurance, damages resulting from earth movement such as earthquakes, landslides and mudslides are not covered under renters insurance. Other items excluded from renters insurance include: Wars Floods Nuclear hazards Negligence: this means your refusal to safe protect your belongings at the time of loss or even thereafter Intentional loss: this means you  deliberately destroyed your  property Any Action of the government such as the confiscation  of your property In certain coastal areas, if you desired to get insured against wind damage caused by hurricanes, you will need to purchase extra coverage. Extra advantages of renters insurance Renters insurance policies usually have the benefit of protecting you against liability lawsuits for bodily injury or property damage. What this means is that in the event somebody slips and falls and you are sued by the individual, you're covered. Renters insurance will cover you for any cost incurred up to the limit of your liability. In addition, your legal defense will be paid for by the insurance company.   Also if your house becomes unlivable because of incidences of burst pipes, fire, or any reason covered under your policy, coverage will be provided by your renters insurance. The expression “additional living expenses” simply means paying your living expenses if your home is damaged and you need to move out of your home. Take an inventory of your belongings In order to make sure that you are adequately compensated for losses because of storm, fire or any other disaster, make a record of all your personal possessions, write down each item - the worth of the item and its serial number if you can. Take a photograph of your room; every single room, not leaving out the closets, garage and storage rooms. Make it a habit to store important receipts in a fire-proof location

FOR ALL YOUR INSURANCE

NEEDS CLICK THIS LINK

Why having rental insurance is

important

  It’s a strange fact that most people who rent apartments and home do not have renters insurance. Here’s why they need it: Approximately 35 percent of Americans rent the place they live in, but few of them insure that property. Here's why having renters insurance is a good idea. Insurance (whether it's for your car, your health, or your home) is all about risk management — and though you might not think it, financial risk management. If you crashed your car, got seriously ill, or your home burned down (with everything you own inside), how much could you afford to spend to fix these things without sending yourself into financial ruin? However, while car, health, and home insurance are well-known — and most people have them if they're in a position to need them — one type of insurance you might not think of is renters insurance. What Is Renters Insurance? If you rent your living space — and 35% of people in the U.S. do — then renters insurance protects the contents of your home, whether you're living in an apartment or renting a house with a roommate. For more information on why you need renters insurance click on the link below. Read more:  http://www.csmonitor.com/Business/Saving- Money/2016/0122/Why-having-rental-insurance- is-important