In the difficult economic climate of today, the National Association of Insurance Commissioners (NAIC) notes many former owners can now be tenants, because of their own choice downsize or because of a foreclosure home. In light of this, NAIC offers a warning about renter's insurance, which addresses the importance of renters insurance and dispels some of the common misconceptions that people have about this type of insurance .
- "RENTERS insurance is too expensive, and I have enough bills to pay." The cost of the insurance policy the average tenant between $ 15 and $ 30 per month. . Replacing all your possessions or being responsible for an accident on your premises will cost much more
- "I do not have that many valuables; renter's insurance is not worth the cost. "renters insurance policies can cover everything from electronics to clothing to household appliances. Even a minimal number of items could add up to thousands of dollars worth of goods, which can all be covered in a basic policy.
- "My landlord has insurance, so I'm already protected." Your landlord has insurance for structural damage to the building, and could even be protected against damage tenants. However, this coverage does not cover your personal property, or protect you from being liable for damage you cause to the building inadvertently (eg, a kitchen fire or a plumbing accident).
The alert also includes other questions and answers relating to insurance common tenant. You can also consult this brief short video on the renter's insurance. If you have questions about whether or not you need renter's insurance, how much coverage you need, or what it will or will not cover, your independent agent is also a good source of information.
Whether you own or rent, the Insurance Information Institute offers free downloadable software home inventory This software will help you create an inventory item by item of personal property. Having a home inventory update will help you:
- buy enough insurance to replace things that you possess
- Get your insurance claims settled faster
- Justify losses for your income tax return on income
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