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Renters Insurance

“What you need to know about renters insurance
People who rent a place to live, whether it’s an apartment or a house, need to be covered against the loss of their possessions from theft or a natural disaster. The way to do that is to get a renters insurance policy.

What is it?
A renters policy is a type of insurance that covers your possessions when you live in a rented space and also provides you with a level of liability coverage. It may also cover loss of use, meaning it will pay for you to live somewhere else if your residence is deemed uninhabitable.

Who is it for?
A renters policy is for anyone who lives in a residential unit that they don’t own, be it a house, apartment, condo or dormitory. The person who owns the residence will have insurance that covers the structure, but his or her insurance most likely will not cover the possessions of the person or people living in the residence.

How does it work?
Renters insurance works like most other types of property/casualty insurance. If you have what you believe is a covered event, such as theft or a fire, you make a claim to your insurer. A claims agent will then visit with you in person or over the phone to determine the extent of your loss and the extent of the insurance company’s liability. You then will be offered a settlement minus whatever deductible you may own.

Types of coverage
Most renters policies are standard and cover the same things, although you may be able to add riders or endorsements to cover things that the policy normally doesn’t cover.

Major benefits
The major benefit of a renters policy is that you get coverage for your belongings in case of theft or a natural disaster. Liability coverage and loss of use coverage are additional benefit. An added benefit of such a policy is that premiums are usually pretty small relative to the amount of coverage you get. “