Top 7 tips When Considering Renters Insurance

by Jeff Kimball
Renters Insurance is something of a confusing topic. Whether you are renting a house, apartment, car or some type of machinery there is always a risk that it will get damaged or destroyed in some way. If you don't have renters insurance then you could be liable for the replacement costs and any extra damages.

Below are 7 tips to help you make sense out of needing to buy renters insurance or not:

1. Your landlord's insurance policy does not cover your personal belongings when they are damaged or stolen Consider what if all of your clothes, your laptop, stereo, IPOD, your TV, bike, and furniture are destroyed in a fire. Could you replace them, immediately, out of pocket? If you answered "No" then you need renters insurance.

2. You may be liable for any damage done to the apartment or house you're renting as a result of fire due to your negligence 3. If someone is hurt or injured while on the property you are renting, you may be legally responsible for that person's medical expenses, not mention attorney fees if there's a dispute. 4. When renting a car you need to check your auto insurance policy to see if it covers rental car insurance, quite often most do offer some rental car insurance coverage.

5. Review Your Credit Cards. Quite often, your credit card will pay for damages to a rental car in the event of an wreck. To be eligible, you most likely would have to refuse to acknowledge the collision aggravate waiver and charge the full amount of the rental car on your credit card. 6. You May Need to Purchase Collision Damage Wavier for your rental car. If you aren't covered under your own insurance or credit card then you may consider purchasing the collision damage waiver. It's a better option to pay about $7 to $13 a day than the $10,000 to $30,000 to replace the rental car. 7. Don't take the decision to by renters insurance lightly; the peace of mind of knowing you're covered in the event of a mishap is worth the small price of renters insurance.
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