Reasons Why Renters, As Well As Owners, Need Homeowner Insurance

Home Finance

Probably. Consider that a home is not just the building, but the stuff inside.

Your landlord’s insurance covers damage to the structure, but if you want to protect your belongings - your wide-screen TV, camera, and four-poster bed - you’ll have to buy your own policy.

Renter’s insurance (which is usually much cheaper than homeowner’s) covers losses caused by everything from fire, hail, and falling objects to theft, vandalism, and more. It will also protect you from liability if a guest ...

slips on the rug. But you must purchase separate riders for damage caused by floods and earthquakes, or to protect particularly valuable items.

When you shop around for coverage, be sure to find out whether you’re getting actual cash value (ACV) or replacement cost coverage. ACV will only pay for what your property was worth at the time it was lost, which is often much less than the cost to replace an item.

Even if you are in a rental property, what things you choose to bring with you are typically those you value most, and are worth protecting from damage or theft.

HomeESP personal finance articles provided by TheAdvice.com Network, a trusted source of free and objective financial advice and guidance, and written and/or approved by Walter Edelstein, a Certified Financial Planner™. More information on this topic area can be read at InsuranceAdvice.com.

Set as favorite

Bookmark

Email this

You must be logged in to post a comment. Please register if you do not have an account yet.

Save energy and at your favorite stores with HomeESP

Search HomeESP

Reasons Why Renters, As Well As Owners, Need Homeowner Insurance

Trackback(0)

Comments (0)

Write comment

Article Categories

Related Articles

Member Service