How does renters insurance work?

Answer 1

you by the insurance, if anything happens to your property, fire, theft, ect they pay you for it

Answer 2

works like any other insurance. What do you mean how does it work?

You buy a policy for the amount of coverage you want. Then you pay a monthly premium for that coverage. Mine is 12.00USD a month.

Then if anything ever happens, like car insurance it has to fall under your policy, then you get reimbursed.

Like say a neighbor catches the building on fire, or the apartment floods because the upstairs neighbor left the water running and it ruined your pictures on the wall.

My toilet actually exploded and no one knew because it was 2am and my roommate and I were asleep. There was about 3 inches of water in the hallway, the bathroom, and both bedrooms. Everything on the floor that got wet was ruined and my renters insurance covered it.

It's a good thing to have, you never know how stupid your neighbors will be.

Answer 3

Under renters insurance, your personal belongings are financially covered from damages or natural disaster. This works similar to any other insurance. Here you purchase a renters insurance, you pay a monthly premium say around $10-$15. If any claim occurs, you are reimbursed. Renter insurance covers personal property coverage, liability coverage, legal expenses and even living expenses in case of unlivable in your rented house.

RE:
>How does renters insurance work?
>How does renters insurance work?

Answer 4

This is a policy referred to insurance agents as the HO-4 policy and it is for those who rent an apartment or a house. It insures your personal belongings, plus other living expenses if the property becomes unlivable because of fire or other damages. It does not insure the building itself, but that shouldn't matter to you since you probably don't have an investment with the house/apt.

Check with your insurance company when getting rental insurance. It usually provides an amount of coverage on personal property; plus an amount for other living expenses.

Rental insurance also give you liability coverage for injuries, property damage, and legal expenses in case someone is injured or someone's property is damaged on your premises. And most important, your landlord is not responsible for loss or damage of your personal property.

Answer 5

Much the same as homeowners insurance. It's a package policy, for a low price.

And don't count on the waterbed damage being covered - only water from "accidental discharge of appliances" is covered - and last I checked, a BED is not an appliance.

Answer 6

Let's say you have a waterbed and the thing springs a leak and causes a flood--the insurance would cover the items that were lost.

It's just like home-owners insurance, except there's no home ownership. It protects you from a flood, fire, etc.

Answer 7

TB,
You probably already have car insurance. Ask your agent about Renter's insurance. It doesn't cost too much.

Answer 8

Like, if there's a fire in your apartment building, your STUFF is covered. If you have a break-in and your stuff is stolen, it's covered. If you leave your skateboard on the dining room floor and a visitor busts their butt on it, your liability is covered.

It's like homeowners insurance, but its 'way cheaper 'cuz they don't insure the building on your policy - that's for the landlord himself to insure. Get it.

Answer 9

It insures your possessions against covered losses. It doesn't include things like possessions attached to your vehicle ( stereo, dvd etc) it only covers things that are part of your household. A deductible will apply and you will need to read your policy to fully understand coverages.

Answer 10

It insures your personal belongings (the value of) inside the rental unit.