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Homeowners aren't the only ones who need insurance. If you rent your home, your belongings are at risk because your landlord's home insurance policy won't cover them. Renters insurance is a very affordable way to protect your personal possessions. It is also ideal for USA owners because their dwelling is already insured.
Renters insurance covers anything that is inside your dwelling. This could be your television, radio, sofa, and dining set – just about anything, actually. It will protect your belongings from all sorts of hazards including fires from faulty electrical wiring, natural disasters like storms, or theft. Some plans provide protection from natural disasters like floods and earthquakes while others won't. If this is not included, you can extend the plans with add-ons.
You should determine if the renters insurance you are getting will provide actual cash value coverage or replacement cost coverage. With actual cash value, you can only claim your property's value at the time of the loss. If your property has depreciated since the time of the original purchase, then you will suffer a permanent loss. With replacement cost coverage, the insurance provider will give you the actual amount needed to replace the item. As can be expected, insurance providing replacement cost coverage has a higher premium.
Most insurance plans have a provision to cover your living expenses in the unfortunate event that your house becomes inhabitable. The reason why your dwelling has become unlivable must be because of a covered loss. In this event, the insurance provider will reimburse you of the additional cost incurred living elsewhere.
Renters insurance is typically inexpensive. But there are other factors that can actually drive the cost of your insurance down. For instance, insurance providers often give a discount to those who secure their homes with burglar alarms or fire extinguishers.