So What Is Renter's Insurance?
Renter's insurance covers the properties you own and have inside of your rented place in case of a disaster. This could include a flood, a fire, a burglary or any number of types of disasters. When you rent a home or apartment, the landlord or condo association's insurance will cover their building but not your personal belongings you have inside. This means if your HDTV was damaged or your expensive jewelry was stolen you would not be compensated. But if you have renters insurance you can get compensated 100% for your losses!
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Types Of Renters Insurance Coverage:
There are two types of renters insurance coverage: actual cost value (ACV) and replacement cost value (RCV). ACV will only cover what the value of your property was at the time it was damaged or stolen. So if you bought your TV new for $1,000 but it was worth $500 when lost, $500 is the amount you would be compensated. With RCV, you would get compensated the full value to replace the TV with a new one.
How Much Is Renters Insurance?
Renters insurance is a very affordable insurance. The actual cost for a policy will vary according to several factors. That is why it is easiest to use online insurance quotes to compare offers. Some factors that can influence the cost of your policy include:
- Which insurance company you choose
- Type of insurance (ACV vs RCV)
- Where you live
- Amount of coverage
- Your deductible
- Additional coverage
So there are many factors that go into how much your actual policy will cost. But almost all policies are relatively cheap compared to other types of insurance. So there is no excuse not to get coverage for your personal possessions that you value. Don't put it off. Get a few online quotes, choose the best rate and finally feel secure and have some peace of mind!