What is Renters Insurance and do I need it?

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Why Renters Insurance?

As you're starting out in the world life can come at you from all directions good and bad.  I'm learning a little insurance is a good thing. 

Renters Insurance is something of a confusing topic.  Whether you are renting a house, apartment, car or some type of machinery there is always a risk that it will get damaged or destroyed in some way.  If you don't have renters insurance then you could be liable for the replacement costs and any extra damages.

Below are 7 tips to help you make sense out of needing to buy renters insurance or not:

1. Your landlords' insurance policy does not cover your personal belongings when they are damaged or stolen Consider what if all of your clothes, your laptop, stereo, IPOD, your TV, bike, and furniture are destroyed in a fire. Could you replace them, immediately, out of pocket?   If you answered "No" then you need renters insurance.

2. You may be liable for any damage done to the apartment or house you're renting as a result of fire due to your negligence
 
3. If someone is hurt or injured while on the property you are renting, you may be legally responsible for that person's medical expenses, not mention attorney fees if there's a dispute.
 
4. When renting a car you need to check your auto insurance policy to see if it covers rental car insurance, quite often most do offer some rental car insurance coverage.

5. Review Your Credit Cards.  Quite often, your credit card will pay for damages to a rental car in the event of a wreck. To be eligible, you most likely would have to refuse to acknowledge the collision aggravate waiver and charge the full amount of the rental car on your credit card.
 
6. You May Need to Purchase Collision Damage Wavier for your rental car.  If you aren't covered under your own insurance or credit card then you may consider purchasing the collision damage waiver. It's a better option to pay about $7 to $13 a day than the $10,000 to $30,000 to replace the rental car.
 
7. Don't take the decision to by renters insurance lightly; the peace of mind of knowing you're covered in the event of a mishap is worth the small price of renters insurance.

Jeff Kimball is an independent business writer and the webmaster of http://www.all-renters-insurance-info.com/

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TopLawyer wrote...

Nice lens. Yes, anybody can find, download and print free legal forms on the net but be cautious as not all sites offer professionally-drafted legal forms. Most are only fill-in-the-blanks type forms which leave out important contractual requirements. So, it's a good idea to go to a law firm site run by attorneys themselves. Frank Sullivan legal forms Website Owner.

ReplyPosted February 18, 2009

ChrisLloyd wrote...

I have created a group called Everything Apartments. I would like to invite you to join.

Everything Apartments

There is an entire section devoted to helping people who want to improve life in an apartment. I don't think most renter's think about insurance when they are starting out. It would be great if you wanted to be a part of it. Thanks.

ReplyPosted October 04, 2008

LeeCS wrote...

5 stars!!!Very informative! Don't forget to drop by my Cheap Car Insurance and how to obtain Cheap Car Insurance Rates For Teenagers site. Thank you!

ReplyPosted June 08, 2008

Lensmaster

Tom wrote

I like the duck picture and this is a great resource for renters insurance.

Reply Posted January 17, 2008

Lensmaster

Tom wrote

This lens led me to the all-renters-insurance-info website where I figured out what I needed for renters insurance. Way to go!

Reply Posted November 15, 2007

JKimball wrote...

ReplyPosted October 27, 2007

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