Renters insurance also known as HO4 policy. Is a type of home insurance that provides protection for personal belonging, liabilities and possible additional living expenses. In case of a loss event. Renters Insurance is ideal for individuals renting a home, apartment, duplex, studio, and townhome. This policy protects tenants against losses. To their personal property such as furniture, appliances, personal belongings or any items which is inside the property. In addition it also provides liability protection. In case a visitor sustain injury within the premises of the property which might result to an individual filing a lawsuit. Renters policy also provides help for medical bills for injuries that occur within the premise. Lastly Renters policy can cover your expenses in the event that you dwelling is uninhabitable. It might be due to a covered peril such as fire, windstorm, theft etc. The list of covered peril will be under your declarations page.
Your renters Insurance will pay the covered possession in the event of a covered loss for its worth less depreciation. For example your shoe was worth $100 last 2010 , if the shoe got sustain damage by a covered peril and is no longer of use. The company will pay you what that shoe is worth today. Although actual cash value pays less than the original price of you personal property it does offer less premium.
Most customers prefer this type. This will pay all the amount you need to replace the lost personal property. For example your TV was worth $200 last 2009, your insurer will pay the exact amount of the TV w/c is $200. Replacement cost seems to be a great deal but requires a higher premium.
Most of you might think renters insurance might be cost a fortune. Actually is the other way around, in fact it’s less expensive than a homeowners insurance. According to the National Association of Insurance Commissioners (NAIC) the average price of renters insurance is around $15-$30 a month which sums up to $180 toi $360 per annum. Your insurance premium depends your coverage limits and where you live. To check on your rate call us now at (844)264-5600 and our agents can assist you.