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Renter's
Insurance
If you rent an apartment
or own a condominium,
you need insurance to protect your belongings. While your landlord or condo association
might have insurance, it only protects the
building. Your belongings are not covered
under those policies.
The average renter's policy
covers tenants against losses to their belongings
occurring as a result of fire and theft, up to
the amount stated on the face of the policy, such
as $25,000 or $50,000.
Most renter policies include
deductible amounts of $250 or $500. This means
that if a tenant's apartment is burglarized, the
insurance company will pay only for the amount
of the loss over and above the deductible amount.
In addition to fire and
theft, most renter's policies include personal
liability coverage ($100,000 is a typical amount)
for injuries or damage caused by the tenant --
for example, if a tenant's garden hose floods
the neighbor's cactus garden, or a tenant's guest
is injured on the rental property due to the tenant's
negligence.
Renter's insurance is a
package of several types of insurance designed
to cover tenants for more than one risk. Each
insurance company's package will be slightly different
-- types of coverage offered, exclusions, the
dollar amounts specified and the deductible will
vary. Tenants who live in a flood or earthquake-prone
area will need to pay extra for coverage. Policies
covering flood and earthquake damage can be hard
to find; tenants should shop around until they
find the type of coverage that they need.
Contact
Dynes for more information >
Read
what people are saying about Alan R.
Dynes Insurance. |
