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Renter’s Insurance

          For many reasons, the rental market has been hot in recent years however many tenants
do not have any insurance to protect them from theft, liability and or property loss. Despite the fact that some 96% of land lords in fact do have home owners’ insurance coverage, many renters falsely assume that the landlord’s insurance also covers them; typically that is not the case!

          Other tenants believe that they cannot afford this type of insurance, but the truth is that rates are fairly low. Since a renter’s policy does not cover the cost of the building itself, premium rates are usually far less than they would be for a homeowners’ policy on the same structure. In fact, the average monthly premium for a renters policy with one large company runs from only $15.00 to $20.00 a month for $100,000 in coverage!

          Before buying renter’s insurance, first determine how much coverage that you need. Decide whether you want to insure your possessions for their actual or replacement value. Determine what risks to cover and the level of deductible (the higher the deductible, the lower the policy cost). Moreover, some insurance companies will give you “bundle” discounts if you buy renter’s insurance from the same insurer who covers your vehicle.The time to buy renter’s insurance is now and before a disaster strikes; don’t be caught without coverage to protect your possessions. If you need an insurance agent referral to secure such coverage or you have a policy already in effect but your carrier is denying or not paying fairly on your claim, feel free to contact us for help!

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