While home owners purchase insurance policies to ensure that their valuables are covered in the event of a catastrophe, there is scope for those living in rented places to avail of the same. Among the various kinds of residential insurance policies, the HO-4 policy caters to the needs of renters while the HO-6 protects people who have bought condos. Some of the disasters that have been enlisted under both the policies as events that would be covered include – fire, lightning, any kind of explosion, vandalism of property, riots, volcanic eruption, etc. Since floods and earthquakes are included within this list, home renters living in areas which are prone to such catastrophes should look for a separate insurance policy which takes care of these.
It is always a wise move to have a complete list of one’s valuables at his disposal so that when unforeseen disaster strikes he does not need to rack his brain to recall all the items that have been lost. Creating a video of all the rooms in one’s rented area and clicking pictures of all items is also a helpful. It is recommended that the renters always have a receipt for all such items which would make things much easier.
A renters’ insurance is profitable since it provides for an alternative place in case the present place has been rendered uninhabitable due to the catastrophe. Specifically, the liability insurance policies are useful since they cover the expenses incurred in providing medical aid to persons injured within one’s own living space and also take care of the legal expenditure in the event of a court case. The renter has to be conscious of the distinction between an “actual cash value” and a “replacement cost coverage”. While the former considers the cost of an item as it had been at the time of damage, the latter would take into account the actual worth of the item.
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