Renters Insurance Guide

Many people think their landlords insurance will cover them if their possessions are stolen or damaged. Not so. Your landlord’s insurance only covers the building you live in, not your possessions. If you want to protect your possessions you need to get renters insurance.

Renters insurance is one of the least expensive types of insurance, yet it provides invaluable protection for you and your possessions. Renters insurance covers three basic categories:

Personal Property

Personal property coverage pays to replace your possessions if they’re stolen, or damaged by vandalism, fire, smoke, lightning, explosions, windstorms, burst water pipes, or electrical malfunctions.

There are two types of personal property coverages available:

Actual cash value coverage – which pays to replace your personal property minus a deduction for deprecation.

Replacement cost coverage – which pays to replace your personal property with no depreciation deduction.

Standard policies only provide limited coverage for expensive items like jewelry, furs, silver, and collections, so you may need to purchase additional coverage for these items. Standard policies also do not cover damage caused by floods or earthquakes, so if you want coverage for these disasters you’ll need to purchase additional insurance.

Additional Living Expenses

This coverage pays for your living expenses – hotel, motel, and restaurant bills – if your home becomes uninhabitable due to the causes mentioned above. Most insurers will reimburse you for the difference between your additional living expenses and your usual living expenses.

Personal Liability

Personal liability coverage pays for another person’s medical expenses if you, a family member, or your pet injures that person. It also covers damages to that person’s property. Some policies do not cover pets such as as pit bulls or rottweilers.

Standard policies usually come with $100,000 to $300,000 worth of liability coverage, but you can purchase more if you have a lot of assets you want to protect from a lawsuit.

Cheap Renters Insurance

Because renters insurance can vary by hundreds of dollars from one company to the next, the best way to get cheap renters insurance is to visit an insurance comparison website to get quotes from multiple companies.

Visit http://www.LowerRateQuotes.com/renters-insurance.html or click on the following link to get renters insurance quotes from top-rated companies and see how much you can save. You can also get more insurance tips there.

Some of those who don’t take out travel insurance when they go on holiday may not know the extent of what it can cover you for. Travel insurance can offer you cover if you need to cancel your trip altogether, or if you need to come home early. In these instances, an insurer could pay out up to £5000, which could cover the cost of the trip or a sooner flight home. Your insurance can also offer personal liability cover and legal expenses cover, in case a third party wants to claim from you. Your insurance can also offer up to £5 million in medical expenses, meaning that you will not have to pay a hefty sum of money to get medical treatment abroad and then get home safely.

One mistake many people make when buying travel insurance is not telling the insurer about any pre-existing medical problems. If you do not mention any conditions which may affect you on your trip, and then medical care is needed while you are away for this specific condition, the company can refuse to pay out. Make sure you tell your insurer upon application, otherwise your policy could be a waste of money. Another thing which is imperative to mention to your insurer is if you are going to indulge in any dangerous sports or activities. For example, if you are going on a skiing trip, you must apply for winter sports cover, otherwise an accident whilst skiing (or other dangerous activities such as bungee jumping or water sports) may not be covered. When applying for your insurance, also make sure that you will be covered in case of a terrorist attack. Many insurers do not offer cover for this, so make sure you find one that does.

When applying for travel insurance, make sure you use a travel insurance comparison tool to get a better scope of the market. You will be able to find cheap travel insurance and see what offers different companies are making. Remember, arranging holiday insurance is as important as arranging the flights and the hotel- never forget!