Click here to ediWhile owning a home is the American dream for many, renting has an advantage. Renting relieves you of a dwelling's maintenance (think plumbing, electric, HVAC, roofing, and yardwork). Renting also does not tie you to a single location with a mortgage for 30 years. Still, most people do purchase expensive items that need protection from unforeseen circumstances - renters insurance is a way to do that.
Homeownership in the United States is at its lowest point in 51 years, more Americans are renting and need the protection of renters insurance, yet 60% of renters don't have policies, versus only 5% of homeowners who don't have homeowners insurance..
According to stats from the United States Census Bureau, homeownership peaked in 2004 at 69.2%, but only hit 62.9% in the second quarter of this year. This makes homeownership the lowest since 1965, the year the census bureau started tracking homeownership rates.
Why should you consider renters insurance?
The owner of the property you rent usually has property insurance, but this will not help you if disaster strikes. A property owner's insurance policy only covers the structure, not the contents of the home or building. A renters insurance policy covers the things that you own when a covered disaster strikes, such as water damage from a flood or leak, fire, smoke, lightning, windstorms, vandalism or theft.
In addition, renters insurance can cover more than your personal property. Below are seven additional coverages:
Living expenses after a disaster
If a disaster strikes and your rental unit is deemed uninhabitable during repair, a renters insurance policy includes "additional living expenses" coverage for temporary living arrangements. The policy coverage can reimburse you for the extra expenses, like the cost of a hotel or renting another apartment.
Medical expenditures for injured guests
If a guest is injured at your home, renters insurance can pay the medical bills up to the policy limits you sign up for. A typical renters insurance policy includes $1,000 to $5,000 in medical coverage, according to I.I.I. (Insurance Information Institute).
Damages your dependent causes to others
Renters insurance provides liability insurance to cover property damage or injuries you or a family members cause others. For example, if your toddler breaks your neighbor's antique vase, your renters insurance policy could pay to have it replaced.
Legal expenses in the case of litigation
If someone is injured on your rental property or is accidentally hurt by you or a family member and brings a lawsuit against you, the liability portion of your renters insurance would pay your legal costs and court awards, up to the insurance policy limits. As with homeowners insurance, you can choose your amount of liability insurance when you purchase a renters policy. Liability limits usually start at $100,000.
Most renters policies provide coverage on the off chance your dog bites someone, both at your home or off your property. But, do check with the agent providing the policy, as occasionally some underwriters exclude or can limit coverage for dogs.
Things you have borrowed or rented
Your renters policy can also cover items "in your possession." This can mean property you own or that you rented or borrowed.
Personal property away from home
Your personal items listed on the policy are covered away from home as well. For example, if a thief steals your laptop out of your car or steals your suitcase from a hotel room, it can be covered under your policy.
Off-premises coverage is limited to a defined percentage of your total coverage for personal items.
What to look for when shopping for renters insurance coverage
Consider how much renter's insurance coverage you will need before you purchase a policy. The question at hand is – how much can you afford to pay out of pocket to replace all of your items if they were lost to a natural disaster, stolen or if you were sued for liability. Then choose liability limits high enough to protect any savings and property you could lose if you were sued or natural disaster strikes. Then shop quotes from a number of insurers, be sure to include the insurance company that provides your car insurance. Most of the time, insurers offer multi-policy discounts of up to 20%.
Better yet, look for an insurance broker that writes for several insurance companies and allow the broker to shop renters insurance in Lake Charles Louisiana for you.
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A guide to renters insurance:
Once you find your dream rental and you are all set to move in, there is one last thing you need to consider – Renters Insurance in Louisiana. Even if the neighborhood is great and the risk of break-in low, there is always a risk of a natural disaster like hurricanes, floods and fires.
Most of us try to rent our apartments or homes in the safest neighborhood in the city. While that is a great start towards protecting your belongings, it doesn’t protect you from all mishaps. Renters insurance in Louisiana can help with more than just your personal property.
Why do you need renters insurance?
Many consider renters insurance as an additional financial burden, and that insurance is meant for expensive items we own like house, car or shop. Most of the time, it is avoided since it involves a cost, and you may feel home insurance should be done by the landlord. As a matter of fact, the landlord may have insurance, but that only covers the structure of the home. It doesn't cover the things that belong to you. In order to protect your belongings you’ll need to invest in a renters insurance policy in Louisiana.
A renters insurance policy in Louisiana can provide peace of mind in case of disaster, like fire or flood. Even if a disaster happens on another floor of your apartment building, if the building is deemed unlivable you’ll need to find somewhere else to stay, renters insurance in Louisiana can provide coverage for loss of use.
Renters insurance doesn't cost much!
In terms of cost, renters insurance is relatively cost-effective. Depending on the monetary value of your possession, it normally runs below than $1 a day, which is pretty low if you compare it with the kind of coverage it provides.
Identifying the correct policy:
Renters insurance in Louisiana can be purchased from a variety of available options that depend on where you live and your age. While there are incremental policy dollar amounts, you should consider the cost and condition of your higher-priced possessions, some items may require a rider due to their value.
If you happen to have an existing renters insurance policy and are moving to a new place, your existing policy should carry over, but you need to register the new address with your insurance agent and the new address may affect your current rates.
In case you are considering taking out a new renters insurance policy in Louisiana, you need to decide how much coverage you need ahead of time. Consider taking an inventory of your belongings, assets, and property that could be lost or destroyed in event of a mishap. Assign a value to each and add up the list. Next decide how much you could afford to pay to replace everything on the list. Don’t allow your deductible to exceed the dollar amount you can comfortably pay out of pocket. With your personal property value in hand, call Kelly Lee Insurance and allow one of their experienced insurance agents to shop your renters insurance for you.
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