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Renters Insurance and You

Renters Insurance and You

If you rent a home or apartment, chances are you may not have thought too much about what insurance to buy. After all, you don’t own the dwelling that you rent, so there is no need to cover it. This is true, but the dwelling itself isn’t what you should be concerned about. As a renter you still have belongings that could be lost in the event of a fire or theft, and you still have most of the same exposures that home owners do. Let’s take a look at what renters insurance has to offer: Renters Insurance Covers Your Stuff When you rent, the structure in which you reside is likely insured by the owner, whether it is a person, corporation or association. This coverage only extends to the structure, and does not extend to any contents of the structure that may be owned by you. In the event of a fire or break-in, your landlord’s policy will only pay for repair or replacement of damage to the structure.  Your belongings would not be covered, so it’s important that you have renters insurance to replace your items. Renters insurance covers anything that is owned, used or worn by you or someone in your family that resides in the home.  This includes your furnishings, dishes, clothing, books, etc. There are usually incremental limits for this coverage ($10,000, $25,000, and more). Your broker can help you select the limits of coverage that are right for your family. Please note that there are sub limits for some categories such as electronic equipment, firearms, jewelry and fine arts. Be sure to discuss...