Standard Insurance

For those who rent their homes, ensuring that their homes are protected, that their belongings are covered and that threats of disaster cannot cause serious financial harm is essential. However, many renters are under the impression that their landlord's standard fire insurance protects them from harm. This could not be further from the truth. If you rent your home and your landlord has standard fire protection in place, you are still in jeopardy. How is this? Why are you not protected?

In order to understand this, you must first understand a bit more about standard fire policies. These insurance policies are written to cover the structure and any attached structures. They do not cover the contents of those structures. So, anything within the home is not protected by insurance in the case of fire damage. Obviously, this can be a horrible thing to learn after a fire, when you are crippled by the loss of your possessions and possibly your rental home. The landlord will be reimbursed for the damage, but there will be no recompense for you, the renter.

How do you go about protecting yourself, then? What are your options? In addition to a standard fire insurance policy for structural damage, you should have your own renter's insurance plan. This insurance is specially formulated to protect your possessions within a rental environment. Let the landlord's insurance take care of the structure, but protect yourself and your belongings with a good rental insurance plan. To start this process, you simply need to find a couple of insurance companies from which to get quotes on a policy.

Make sure you compare several different quotes in order to find the best protection for your money. Not all insurance plans are the same and you might find that some charge you more for the same amount of protection as a cheaper option. You should also make certain that you compare the reputation of the insurance company. How slow are they to respond to claims? Do they have a history of denying insurance claims from their customers? Each of these questions is vital. To avoid spending a long time on the phone, use the Internet to speed up your search.

It is always advised that you have a quality renter's insurance plan, in addition to your landlord's standard fire insurance policy. There is simply no other way to protect your possessions.

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