House Insurance Tips House and contents insurance

The Benefits of Tenant Insurance

Many tenants think that they do not have to have insurance; because they do not own the property that they live in.  This is not true. Some states require renters to have renters insurance and some landlords require renters insurance. These rules are in place to protect you and your belongings if something should happen to the property.

Tenant insurance covers your personal items, such as clothing, furniture, electronics, books and other personal items.  These items can be expensive to replace if you don't have insurance, especially if you have to replace all of these items at one time.

Many renters do not realize that the landlord's insurance is generally not responsible for the items inside the rental. If there is a flood, fire, water line breaks or bug infestation the landlord is only responsible for the dwelling. Not the items that are within the dwelling. Renters will also find that the insurance will help them to find temporary housing if something happens that prevents them from living in their current dwelling.

Renters need to make sure that they have liability insurance as well. Liability is covered in most tenant insurance plans. This means if someone gets hurt on the property that you are renting, you will not be held liable. The insurance will pay for the person's medical expenses.

Tenant insurance is fairly easy to obtain. Any insurance company will be able to give you more information. Contact your local insurance agent and ask them to give you a quote on renters insurance. Most agents will be happy to help you.

Insurance plans vary depending on the amount of coverage you need. If you have a whole bunch of antique artwork in your home that is worth thousands of dollars, then you will need to purchase a larger amount of insurance. If you just moved out of your parent's home and all you own is a hand me down couch and an old TV then you will not need as much insurance.

Your deductible will also help to determine how much your insurance will cost. If you have some money set back and can afford to pay a hirer deductible should your personal items be damaged, and then you will not pay as much for insurance. If you want to make sure that all of your items are covered in full then you will probably end up paying a bit on the higher end for insurance.

Location is also a key factor when assessing the cost of tenant insurance. If you live in a city that is prone to burglaries, tornados or floods then you may end up paying a higher premium than someone who lives in a safe part of town with moderate weather.

Regardless of where you live, tenant insurance dose not cost a whole lot. It can run anywhere from $100-$250 per year.  On the high end that breaks down to about $21 per month. $21 per month is a small price to pay to make sure that your possessions are protected in the event of an unforeseen disaster.  It will also give you peace of mind knowing that you will be protected in the event that someone is injured on your property.