This article is for informational and suggestion purposes only. If insurance policy coverage descriptions in this article conflict with the language in the policy, the language in the policy applies. Think again. Posted in General , Auto , Home , Life. Like most millennials, you may be new to insurance and want to know more. Learn how to shop smarter and protect your money so you can live your life fully—and worry-free.
See our best insurance tips for millennials. Consider these possibilities, which could happen to any renter:. With a renters insurance policy, you can rest easy knowing you have coverage to protect yourself and your assets up to the stated liability limit in your policy.
To put that into perspective, you could insure all of your belongings and your own liability for about the cost of two movie tickets. We partner with Assurant to provide renters with peace of mind. Just click below to get a no-obligation quote in minutes. Our approach begins with understanding your needs and goals, so contact us with any questions or to request a free quote.
Contact us. McGriff Insurance Services, Inc. She is also involved in marketing and social media efforts centered on communicating the importance of tenant screening to independent landlords.
Can a landlord require renters insurance? What does renters insurance cover? Why landlords should require renters insurance Helps with relocation expenses Depending on which state you live for example, in California , you may be responsible for covering the cost of a tenant relocation in the event of a fire or other natural disaster. Conclusion While there are certainly advantages to requiring renters insurance, you still want to carefully screen who you let onto your property.
With actual cash value, lost or damaged possession would be paid the amount at its present cost. Normally, an item gets depreciated as the years pass. Replacement cost replaces the same or exact lost item regardless of the price it might be in at the time of loss.
This would be a better option compared to the actual cash value. An area prone to theft and other disaster incurs a raise in insurance costs. This would indicate frequent claims especially if the place has previous claim reports because of these causes.
Expect a higher price on your policy. The reasons behind this are sensible as it only protects the business of the owner. It may include protection against lawsuits in an event of personal property loss of a tenant.
The owner then would have to find another tenant. If you are insured, once a break-in or incident happens you will likely to prolong your stay in their apartment. You would benefit more from it since it caters to protection for your welfare and valuable possessions.
Other reasons are as follows:.
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