renters checklisty - NOTES

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Renters Insurance Checklist:  , If you rent a house or apartment your landlord s insurance will only cover the costs of repairing the building if there is a fire or . , other disaster You need your own coverage known as renters or tenants insurance . in order to financially protect yourself and your belongings Renters insurance includes three important types of financial : protection Coverage for Personal Possessions Liability Protection Additional Living Expenses 1. Coverage for Personal Possessions a. How much insurance should I buy? Make sure you have enough insurance to replace all of your personal , . possessions in the event of a burglary fire or other covered disaster The easiest way to determine the value of all your personal possessions including , , , , furniture clothing electronics appliances kitchen utensils and even linens is . to create a home inventory This is a detailed list of all of your personal . - - possessions along with their estimated value An up to date home inventory will . also make filing an insurance claim faster and easier b. Should I get replacement cost or actual cash value coverage? An actual cash value policy pays to replace your possessions minus a deduction for depreciation whereas a replacement cost policy will pay the cost of . replacing your possessions without accounting for depreciation The price of replacement cost coverage is about 10 percent more but can be well worth the . extra expense as the value of most items tends to depreciate quickly c. What disasters are and are not covered? , , Renters insurance covers you against losses from fire or smoke lightning , , , vandalism theft explosion windstorm and certain types of water damage and . from a few private insurers You can get this coverage from the same agent or .
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