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Protecting Your Home: A Guide To Renting

Part of being an adult is paying bills. There’s the electricity bill, the car payment, rent—it never really seems to end. The joy of pay day is quickly squashed by the electronic reminders pinging from your phone, telling you to submit your student loan payment. If there’s an area in your financial life that you can cut, you’re going to try and do it. But cutting out renters insurance is not the way to go. Renters insurance saves you time and money should your apartment suffer some catastrophic event. What can renters insurance do for you? Read on with CoverHound to learn more.



Contractual Obligations

As you probably learned when you were on the market for a new place, more and more landlords and leasing agencies are demanding that their prospective renters agree to get renters insurance effective on their move-in date. If you were a potential renter who chose not to comply, then complex management had the right to terminate your contract and assign your reserved apartment to someone willing to get insured.



It’s an understandably annoying situation; you have finally found yourself a home, but it comes at cost higher than the monthly rent. You’re not sure if the new place is worth tackling another bill, and you’re not fond of being given an ultimatum. Guess what? Renters insurance isn’t an extraordinarily expensive service to have. The Insurance Information Institute (III) shows that the average annual premium of a renters insurance package in the United States was $188 as of 2013. With a choice of paying less than $200 a year or a monthly cost of $16, you won’t even notice that you have an extra bill. Besides, what is $16 a month in comparison to saving thousands of dollars?



What has ‘Worth’?

Think of every article of clothing, every piece of jewelry, all the china and every stick of furniture you own. It’s a lot, isn’t it? Now with a snap of your fingers (go on, snap your fingers) imagine that you have just lost all of it. Without renters insurance, you are going to have to replace every item with money out of your own pocket. But with renters insurance, you’ll get the financial assistance you need to get your life back on track.



Whether you lost all of your worldly possessions in a fire or home burglary, your renters insurance package is there to settle the score. There are two types of renters insurance:



Replacement Cost: This type of renters policy covers the cost of the items you lost at their wholesale value.



Actual Cash Value: This type of renters policy covers the cost of the items you lost at their depreciated value. This means that the 5-year-old Nikon camera that was stolen would be reimbursed for what it is worth now, not what it was worth when you bought it.



III also advises that you add other policies to insurance package to cover family heirlooms and other irreplaceable things. Though you may not get them back, you’ll at least get a complimentary dollar amount in their stead.



Renters insurance saves you money when you’ve lost it all. Click here to get your free renters insurance quote with CoverHound today.


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