Renters

Renters Insurance Policies

Hauser & Lee Insurance Services

This kind of policy is designed to provide protection for renters and their personal property from a myriad of events including fires, theft, and vandalism, etc. Since a renter does not own the structure itself in which his or home is located, this kind of insurance does not protect the actual building but that which lies within its walls. Renters include any kind of tenant of an apartment, a condo, even one rents a single-family home.

Renters insurance usually is in effect as long as the renter is paying a monthly premium for this protection. Renters are given options for a policy based on how much property they wish to cover. This is also determined by the value of the personal property listed for coverage. In short, one’s premium will be more costly for a higher value of protection.

Tenants can also choose to add specific things to their policy, such as a family heirloom ring or other kinds of jewelry or art. Each thing that is added to the policy coverage increases the premium costs modestly. Keep in mind that premiums can also vary as a tenant chooses certain additional events from which to be protected. For example, there would likely be an additional premium amount for protection against floods. If an area is more prone to flooding, this will also have an effect on the premium.

Policies also all tend to have a deductible. This is what the renter first has to pay in the event of a claim before the payout occurs. This also can have an effect on the premium- a higher deductible generally means a significantly lower monthly premium.

Another choice that the policyholder has when initially obtaining a policy is the frequency in which he or she will make payments. For most if these plans, the premium will be lower if the full year is paid up front as opposed to paying smaller installments monthly.

Should damage occur to a tenant’s property, the policyholder can then make a claim and pay the deductible. Then, should everything check out, the insurance company will pay the remainder of the cost of damages.

When a fire or theft occurs, the costs can be quite significant. With a renters policy in effect, these expenses will be much lower. This can provide great peace of mind to any renter. Knowing that any personal items are protected against possible damage can be very reassuring.

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