Hurricanes, earthquakes, fires and just plain theft can wreak havoc on entire communities, not to mention your personal finances. But renters insurance can help make sure you are covered for an emergency. One of the most affordable types of insurance policies that every tenant needs is renters insurance. Whether you live in an apartment, rent a condo or rent a single family home or townhouse, renters insurance is a good investment.
In the event of a loss or claim, don't assume the landlord is responsible for replacing your belongings or finding you another place to live. Furniture, collections and personal belongings are almost always the responsibility of the tenant. Most landlords purchase insurance that covers the buildings, loss of rents and liability of the general area -- not your personal property.
To make sure you are protected against unexpected losses, take time to request a renters insurance quote from the GEICO Property Agency. The annual cost is usually very affordable -- often less than $300.
1. Read your lease. Many landlords require a tenant to purchase renters insurance, especially if they own pets.
2. Ask about replacement cost versus actual cash value coverage to determine the best "fit" for your needs.
3. Exclusions. Understand what isn't covered. Some renters insurance will not cover losses resulting from flood or earthquakes. Be sure to ask about additional coverage if you live in an area prone to these types of problems.
The above-listed tips are for informational use only. Refer to your insurance policy contract for specific information regarding your coverages and for actual terms, conditions and exclusions. The above statements are general in nature and may or may not reflect the actual terms of your insurance policy.