Men's Muscle Building Resources

Renters Insurance is surely a phenomena once uttered in your presence. All too often, it is regarded as if applicable to all or none, with no middle ground. “Renters insurance is a good idea”… or “renters insurance is a rip off;” heard either one? Thought so. Oh, how generalities plague market demand.Anyhow,I will take an unusual approach, showing how to determine if renters insurance is a good or bad idea for YOU….specifically.

A brief overview: What is it?

Insurance of the renter exists to protect the belongings of inhabitants who do not own the dwellings in which they reside. Additionally, it diverts the financial risks of liability to the insurance company, meaning if an accident occurs on your rented property for which you are legally liable, the financial damage will be incurred by the insurer (the company). Examples here include, but are not limited to, someone tripping over your rug and breaking an arm, leaving a bathtub running and destroying the property of those in an apartment beneath you, or even shooting off fireworks indoors and burning down your entire building, including all of your neighbors possessions (anyone?).

Back to personal property loss: here are the 17 types of perils that result in loss to your property that will be covered by renters insurance:

Nationwide, the most widely considered prospects of property loss to renters are Theft and Fire. Depending on your area and location of dwelling, flooding may also be an issue; however, flood insurance is not included on a standard policy, requiring an extra rider to be included. Regardless, for our purposes today, we will focus on theft, fire, and liability.
There are two types of policies: Actual Cash Value coverage and Replacement Cost coverage. The first (ACV coverage) covers only the depreciated value of your items, not the cost of actually replacing your items; for this, RC coverage is required. We will get into recommendations between the two in just a bit.

Here is the process of rough calculation that we suggest to assist in deciding whether renters insurance is a worthwhile purchase. Keep in mind, most insurance policies carry annual costs between $150 and $300 with some sort of deductible.

Those living on the second floor or higher have a higher propensity to be liable for property damage to neighbors, considering people are directly underneath. Waterbeds can ruin your life; if it pops, be ready to cover the damage of those living beneath you.

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