renter's insurance quotes logo


LM_renters_icons_728x90

Renter Insurance Virginia

What Is Renter's Insurance & Do I Need It?

By dan the roommate man, Fri Dec 9th

If you are moving into an apartment, you may want to consider investing in insurance. Along with the first month's rent, chances are you will be asked to pay a security deposit. This is a type of insurance for your landlord. The landlord can use this deposit to pay for any damages caused during your residency. For you, security comes in the form of renter's insurance.

Most renters use the homeowner's form of insurance known as the HO4 policy. This policy will typically cover furniture, clothing, and most personal property in the event of fire or smoke, lightning, vandalism, theft, explosion, windstorm, or water damage from plumbing. In most cases, the insurance company will take your word for what you think your property is worth. However, if you're wanting to insure your jewelry, art pieces or other collected items, you might need to pay extra for what'scalled a "Scheduled Personal Property Endorsement." For this type of coverage, the insurance company will send out an appraiser. An appraiser will also be sent out to your propertyin the event that your insured items have been damaged.

For a little extra, most insurance companies will cover yourthings on a replacement-cost basis. For example, if your old microwave is only worth fifty dollars, but it would cost one hundred and fifty to replace it, the company will insure that microwave for a hundred and fifty dollars. That way, in the event of an actual disaster, or if your property is damaged and your insurance company is going to cover it, you won't be reimbursed for a ten year old refrigerator or a five year old couch, but for what it will cost to replace them.

The HO4 policy also pays any necessary additional living expenses you are forced to make due to a natural disaster or in case your apartment asks you to move out for a short period oftime while they remodel, fumigate, etc. If your apartment building is hit by a tornado, it's going to take more than a couple of days to rebuild your complex. Eating every meal out and living in a motel can add up quickly. By investing in this policy, you won't have to worry about these expenses.

Renter's insurance is typically priced around $200/yr for $30Kworth of coverage and $100K worth of liability. However, the cost for may vary depending on several factors. For example, you will pay a lower premium if you're next door to the fire department than if you're two miles away. If you are in a high crime area, your premium will be considerably more than someone living in a picture book neighborhood. In older apartments without up-to-date wiring, the premium will be a bit higher. Get free quote comparisons at http://renters-insurance-quotes.com/

About the author: Dan the Roommate Man

www.roommateexpress.com


Here's some more of our recent renter's insurance articles you may find of interest...

Tenant Loans - The Beginnerís Guide
By Micheal Reese
If you are a tenant or live at home with your family then you may already have experienced some problems when it comes to taking out a loan. Many of the great rates and deals that you see Read more...
Finding Apartment Based On Renterís Ratings
By Apartmentreviews.net
Apartment searching is now made easy on the basis of the renterís ratings, respective to the apartments. Moving to a new place requires a lot of planning and it needs to be done Read more...
Renter's Insurance
By PLR Guy
There is nothing difficult about the subject of rental insurance but it is something that can affect anyone that has rented equipment in the past even a house, apartment or Read more...