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Topics: Property Insurance |
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| Is Renters Insurance Worth it? |
Submitted by:
Ray @ Tip Hero 09/16/2009 5:56 PM
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I've never purchased renters insurance. I've always been unclear as to what exactly it covers, as well as under the impression that the costs would be rather steep. In a recent column by Kimberly Palmer of US News & World Report, Why Renters Insurance Is Worth Its (Low) Cost, Ms. Palmer highlights a study by Allstate Insurance that reports that two out of three renters choose to go without renters insurance. The study points out that nearly one in three survey respondents thought renters insurance would cost more than 15 times the actual cost.
The article goes on to discuss why renters are more at risk than homeowners when it comes to theft of property. "Renters, in fact, are more at risk than homeowners. The Bureau of Justice Statistics reports that renters are 50 percent more likely to experience theft than those who own their homes."
What does renters insurance cover? The two main components of renters insurance protection are: (1) property -- protection against theft and destruction of personal property like TV's, computers, etc., and (2) liability -- which protects you from judgments that go against you in the event someone is injured on your property. Many renters insurance policies also include temporary relocation expenses, such as the cost of a hotel, for example, should your apartment building burn down. Rental insurance coverage varies from insurer to insurer and policy to policy so it's important to be absolutely clear on what your coverage contains.
Depending on your deductable and coverage amounts, you can expect to pay around $100-$200 per year for renters insurance. |
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