We all know what insurance is for. When you buy a car you have to insure it, that is the law. Same is true when you buy a house, but when you rent, you have a bit of leeway. You landlord owns the building, so they, more than likely, have it insured. But that only saves the building itself, not what is in it – your stuff. That is where a renters insurance policy comes into play.

The Basic Renters Insurance Policy

Having experience with other insurance polices, you know that they can differ in the fine print, but most cover the same sort of happenings. They protect against fire, plumbing leaks, vandalism, break ins, lightening strikes and the like. Some other things that are pretty often commonly covered that you might not have considered are riots and civil disobedience, ice, an explosion, and even volcanic eruption.

Your Renters Insurance Policy and Mother Nature

Though your renters insurance policy might cover against volcanic eruption, what it very often will not do is cover against Mother Nature if you live in an area prone to certain weather patterns. Personally, I live in the coastal south-east United States, we are all too familiar with the hurricane. The insurance plans in our area, generally require you to purchase an extra bit of paperwork to cover those damages. You might be covered if a limb falls on the house, and rain gets in ruining things if it were a regular storm, but if that exact damage occurred to to a hurricane, you would be out of luck. So if you are living somewhere like that, or in Tornado Alley, or the west coast with their earthquakes, make sure you ask the agent, and make sure you are going to be covered in those instances as well.

Your Renters Insurance Policy and How You Live

Again, like with car insurance, you can get discounts for being a safe responsible person. Just adding a smoke detector or two can often times got you a discount. Also the purchase of a home fire extinguisher. And though these items are cheap to purchase, you might discuss it with your landlord. Those things added to the residence, not only help you, but him as well, and he might be willing to chip in on the price for those items.

How you chose to live can also adversely effect your insurance, so make sure you ask the right questions about your renters insurance policy when you talk to the agent. Smoking, can sometimes play a role. Many a house fire is started with a cigarette. Your dog might also be a factor. Most insurances cover against people getting hurt in your home. Someone might trip and fall down your stairs and often times the insurance will help with the medical. The same is true if your dog bites someone, but if you have a breed of dog known to be on the bad temper side of things, the insurance company might raise your rates, considering the dog high risk.

Your Agent and Your Renters Insurance Policy

Yes, the agent is out to make a sale. I am sure most work on some sort of commission basis, and that can make them a little too salesman like for my taste. But they are the expert, so suck it up, and pay attention. Ask questions, a lot of them. In today’s society, everyone looks for loopholes and insurance companies tend to be in the front of the line. They don’t want to loose money, they are out to make it. So really read the fine print, make sure you understand exactly how your policy will work in various situations. You have worked hard for the things you own. Don’t lose everything in an instant, take the time now, to save yourself later.

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Filed under: Renters Insurance Coverage • Renters Insurance Policy • Renters Insurance Rates

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