Is Renters Insurance the Same as Home Content Insurance?
Posted on | September 3, 2010 | No Comments
Answering the question is renters insurance the same as home content insurance? As they say in the carnival business, close, but no cigar. Briefly, a renters insurance policy is what every person who rent apartments, a condo or private home should have stashed in their pocket or purse before getting the keys to the door. A home content policy is what a homeowner should have safely tucked away because it protects your most treasured and expensive items inside your home. Yes, you may already have a homeowners policy required by your mortgage lender, but it’s basically a fire policy and more likely protects the lenders interests, not so much yours. However, many homeowner policies will offer a content insurance rider as an option.
Most renters insurance policies contain a liability insurance clause as well as protecting the personal belongings of you, the renter or lessee. Theft, fire damage and some person breaking a window and stealing your 36 inch TV or laptop is part of your renters insurance policy coverage. As a renter you should be cognizant about liability coverage being included in your renters insurance, too. This is important because not all renter policies will offer liability coverage which is basically your protection in the event you’re suddenly liable for injury or property damage to visitors who enter your rental space. And don’t think it can’t happen. These are your assets not the owners. Protect them. Oh, one caution. When seeking a renters personal belongings policy read and digest not what the policy covers, but what the policy doesn’t cover.
A home content insurance policy can cover most everything inside your home. You know, stuff you value but take for granted that nothing will ever happen like accidentally flushing your Rolex down the toilet, a Byzantine lamp dropped or other valuables burned up. Accidental damage occurs to everyone. You’re moving something heavy downstairs and by accident you trip and it breaks in three pieces. This is the time, hopefully, you’ll thankfully have a home content insurance policy.
If you choose the right insurer they will replace old or damaged contents with a new one including business equipment. When discussing home content insurance prices and companies it’s incumbent upon you, the homeowner, to carefully read the information provided and compare prices and verbage with more than one insurer. If you are computer friendly the task will be much easier to locate the company that offers what you need to give you peace-of-mind. Using your computer or phone at home is quicker than visiting any local companies who offer home content insurance. When you need repair or replacement of any home contents you want answers and service immediately not excuses. There are insurance companies that will, at your request, offer to add a rider to your homeowners policy that covers home contents.
When thinking about including home content insurance coverage be advised that this type of insurance refers to anything that is not permanently attached to the main home structure. Your homeowner policy covers the items that are permanently attached. Some items that are covered by, but not limited to your content policy, are televisions, computers, expensive jewelry, furniture, bedding, CD’s, all kitchenware and much more.
Home insurance pricing for contents in your home varies from state-to-state and companies will take many things into consideration much the same as they do when issuing a regular homeowners policy. In reviewing costs for this article using central California as an example, the general policy range for home content insurance was $381 to $412 annually.
Tags: content insurance rider policy > home content insurance > homeowners insurance > insurance for personal belongings > renters insurance
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