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Renters Insurance

Renting your very first place is a cause for celebration and can indicate the spreading of your proverbial wings (or maybe you have been renting for years). Either way, it is important to consider how you might fare financially should some kind of an event occur that leads to loss in your new place. By purchasing a renters insurance policy you potentially can save lots of money over the long haul.
Renters insurance is different from homeowners’ or auto insurance in that this kind of policy only covers personal possessions inside the walls of your rented home. Your landlord ordinarily will have a policy that covers the actual home or apartment structure within which you live. If an accident, fire, or individual destroys any of your personal belongings, then this insurance will reimburse you for any of the lost or damaged items.
You might not think your possessions are worth all that much, but you might be wise in considering the amount in total it might be to replace them all at this moment. Most certainly couldn’t come up with such an amount without busting the bank. Also, and quite importantly, a renter’s insurance policy can also provide coverage to you if someone were to hurt themselves while inside your apartment. Keep in mind that this insurance is so important there’s a possibility that the landlord may mandate you to purchase it.
Usually a renter’s policy will cover losses resulting from fire, theft, a burst pipe, and severe weather events. However, this policy as many others, will likely exclude such natural disasters as floods, hurricanes, or earthquakes. These events are covered by separate policies and, depending on where you live, it could be wise to investigate these additional coverage options.
If you were to need to file a claim, you’d first have to be sure that you have kept up on your premiums and then you would likely need to pay a deductible. The deductible on your policy is how much you must first cover before your insurance plan activates. Generally, the bigger your deductible, the lower your premium.

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