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Home > Property Insurance Coverage > Rental Insurance > Rental Insurance: What It Is and How Much Does It Cost?
Rental Insurance: What It Is and How Much Does It Cost?
Maybe you are of the thousands of persons who have car insurance or home insurance, these insurances are necessary because the banks ask for them and because is a way to protect the things that were so hard to get. However, there is another insurance that not many people have: it is the rental insurance; this insurance covers your rented properties and the people who are in it.
This insurance is really helpful because it protects the property that you rent in case of accidents that are caused by nature or even by you. For example, if the ceiling in the property you rent is damaged by a storm or a strong wind, it will be covered by the property owner, but if your own stuff (T.V., stereos, or other things) is damaged, the insurance protects your things. Other situations that this insurance covers are for example if your girlfriend comes to the property that you rent and she slips and falls inside the property, she will probably take legal action against you; she will need medical treatment. If this happens the renter’s insurance will cover the bill of the medical services and the lawyer that will defend you against your now ex girlfriend.
If you live in a rented property and this insurance sounds attractive for you, there are some things that you must consider to obtain one. The first thing that you must think about is the dollar amount of coverage, this is the main aspect in the price and insurance, the dollar amount is not placed on every single piece of the asset, and the total of all your belongings will be established. The more coverage you acquire, the higher the value of the plan.
Then, the deductible; this means how much can you pay for the insurance. The actual cash value (ACV) is another important aspect; if your TV is damaged in the property that you rent and it is covered by the insurance, the company will reimburse it to you depending of the ACV. Location and previous claims is the last aspect that you must consider. If you rent a property that is in a location prone to suffer robs, your insurance will probably be more expensive.
In conclusion, if you live in a rented property, this insurance may be really good for you because it covers the things that had cost to obtain. However, never forget to study if you are able to afford it.
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