Contents Insurance vs. Renter’s Insurance: Which One Do You Need?

By  //  September 19, 2019

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how to get renters insurance super fast

Getting an insurance policy can be quite a nuisance as loss of details are required and you need to run through loads of different documents.

Many people get confused with the difference between content insurance and renters insurance. Find out the difference between these here.

One of the biggest blindspots that people have, when they are renting a property, is all around their insurance policy.

Getting an insurance policy can be quite a nuisance as loss of details are required and you need to run through loads of different documents.

As a result, people sometimes, therefore, opt not to have this insurance policy (as it normally is not mandated) or they may even get one that is not really what they were looking for.

There is also a massive misconception that if people have buildings insurance, it is the same as renters insurance – both are very different. The costings of these types of insurance policies are normally low and something that costs less than a pint of milk each day.

Contents and Buildings Insurance

In the unfortunate event that the building you are living in has something has a drastic accident like a home fire, then you will normally find that the buildings insurance is in place to cover this.

This is a substantial amount of money to be out of pocket if you did not have this type of insurance policy in place. There are lots of different unfortunate events that could be covered by this which include flooding or other structural damage to the home.

The level of cover that is then needed can be negotiated and changed depending on the needs of the policyholder.

The small print in these types of policies need always be investigated as you may find that events such as “Acts of God” are excluded.

There can then be ambiguity over what this means but would include things such as Earthquakes or Tornados.

The definitions in the policy should have this spelt out a little clearer so that if the worst comes to the worst and this policy is required to be honoured then everyone is clear on exactly in what circumstance this can be completed.

Renters Insurance

Renters insurance is something that is very different from buildings insurance where contents within the home are covered.

In the unfortunate circumstance that you have a sofa damaged or you have had a robber invade your home then renters insurance is something that can kick in and payout where there are any losses incurred.

But this is not all that is covered in the rental insurance and there are many specific unique and great for people renting that will appeal.

Imagine that your home becomes unliveable for a reason and you need to find temporary accommodation. This could be in the form of a hotel where this could be quite costly. The renters insurance could cover you for this and help with temporary emergency cover.

Another thing that renters insurance covers (that most people were not aware of) is a level of personal liability cover. An example of this is if you have friends or family over in the home and say they fall and hurt themselves and sustain an injury.

Unfortunately, we are in a society nowadays where people will sue on these occasions rather than deal with amicably. The personal liability coverage will help cover these sorts of costs and they will help pay out for not only the legal fees but also the medical fees related to this.

If you are connecting with this and see an opportunity where there you think you may be exposed on, then for the small cost that it covers it would be worthwhile investigating a way to then bridge this gap and get the cover needed.

There are many ways in how to get renters insurance super fast which include browsing the internet and looking at different comparison sites.

In addition to this, check out the reviews that are left at some of the community chat forums that show the feedback from the customers who use different policies and their honest feedback on this.

A word of warning – do not automatically jump onto the cheapest policy. It is likely that this is cheap for a reason.

It could be the fact that it does not have all the cover that you would expect to see, or it could have a large deductible applied to it.

What this effectively means is that if you have an insurance claim of say $5,000 and a deductible of $1,000, this will be deducted from the claim and you would only receive $4,000.

The amount of money applied as the deductible is usually negotiable, but it will affect the monthly or annual premium amount due to be paid by you.

Lastly, getting a renters insurance is important for tenants, but getting a home insurance is way more important for property owners. So make sure to find a home insurance plan suitable for your apartment or estate to protect your property.

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