Renters Insurance, and why it is recommended. Are you renting or planning to rent? A many number of vacant properties are being put on the market for rent until they are sold or until the real estate market recovers, and as more properties sit empty because of the tough economy, landlords have had to lower rents. So what should you do with the money you are saving... Buy renters insurance!
A landlord's insurance does not extend to your belongings. The landlord's policy covers the structure and walls, not the dwelling inside. Some landlords may have some liability insurance incase of accident but not always therefore the tenant should most definately have liability insurance if the Landlord does not and even if he does. Renters insurance will also cover the replacement of you TV, computer, jewelry and other possessions in the event of a fire, natural disaster or theft. Add up how much it would cost to replace everything in your apartment or home from clothes and electronics to furniture and kitchen supplies. If you do not have enough in savings to cover the cost then you need renters insurance.
It is easy to get renters insurance and not expensive either. You can get online quotes in minutes for renters insurance from companys you know and trust. www.netquote.com is one of many site where you can quotes for renters insurance. Most major insurers offer renters insurance policies. If you have car insurance, check with that provider first as insurers often give a discount if you bundle you coverage. Renters insurance generally covers damage to your belongings from fire, smoke, theft, vandalism and more. Check your policy for a complete list. There are two kinds of coverage: cash value, which pays what it costs to replace your belongings, and replacement cost, or what it will cost you today to replace your items. The premium for a replacement cost policy is typically 10 percent more than actual cash value but it is usually worth it. Most cases, your renters insurance will also cover additional living expenses if you have to move out temporarily becuase of fire or a storm. And you are covered for damages to other people or property.
The cost of a renters insurance policy will depend on how much coverage you will need and want. Make a list of your belongings and their value. Such an inventory list will come in handy should you need to file a claim too. You should also collect receipts for high ticket items or have the detailed information such as a TV's model number. If you write your own list, keep a copy elsewhere, such as your office. The Insurance Information Institute offers free software at www.KnowYourStuff.org to help you create and store your inventory. 
Lastly a higher deductable will lower the cost of your annual premium but make sure that you can afford to pay what the deductible is, which is the amount you have to pay before the insurance kicks in. For any question you may have do not hesitate to contact me at joanne.mckeage@floridamoves.com