Copyright (c) 2007 Keith Mallinson
Many people do not fully understand the concept of renters insurance but just consider how many times you actually rent equipment like a car, motor home, house or even a boat. If you don't have renters insurance then you could be liable for the replacement costs and any extra damages.
Now many people believe that when they rent a property that they are automatically covered on the insurance of the landlord. This is not the case and whilst he does have insurance, it is only for damage to the structure of the property.
This insurance does not cover your personal possessions or liability and if you cannot you replace them immediately, out of pocket then you need renters insurance. This can be a bigger problem where any damage to the building is a result of your actions at which point any costs will be the responsibility of the tenants.
Renter's insurance has another benefit which you may not have considered. The responsibility for a person being injured whilst they are in the home or apartment you are renting is down to you and not the landlord so if medical costs or attorney fees need to be paid, the rental insurance will cover it. This means you are covered for that person's medical expenses, legal costs if they should decide to sue, and any damages they might be awarded.
It is quite common for people to rent a car believing that their own insurance will cover the costs if there is an accident but this isn't always the case or if they do it has limited conditions but a worthwhile check should be carried out on the credit card you paid for the rental on as this may cover the costs. For the cover it supplies, collision damage waiver is not expensive at anywhere between 7 to 13 dollars per day which you have to admit is a lot less than the cost of a brand new can that may need to be replaced.
Of course there are many more areas where rental insurance can be used even if you are renting sports equipment for a vacation. Don't dismiss the decision to by renters insurance; the peace of mind of knowing you're covered in the event of a mishap is worth the small price of renters insurance. How much you will pay will depend on many factors as with all types of insurance but you can guarantee that certain factors like location, company you decide to use and what your deductible is will all be relevant. Take a look around before you decide on what company to use and try looking on the internet as discounts are often found there and adjust the deductible amount until the insurance premium is within your budget.
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Recently I went out of town. While I was gone my refrigrator went out. Lost all my food that was in the freezer. When I found out I called the complex manager that the refrigrator was out; she told me she would send someone out to see about it. The next day my mother stopped by and said they had fixed it. On arriving home I asked the property manager for compensation for my lost. Her reply was they wasn't responsible; to file it with my renters insurance. And then she gave me like an example what if the hot water tank went out they would not be responsible for it. My question is why assume that I have renters insurance,and why I have to pay for someone else's property. I rent I don't own. I know that the complex has it's own insurance why can't they claim it with their insurance company. Am I being penalized for being out of town. I am on a fixed income things are already tight for me.Why should I have to pay for something that belong to them, that caused my lost. Thanks for the attention.
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