If you’re a renter, chances are you’re aware of the importance of having auto and renters insurance. Renter’s insurance helps you safeguard your most prized possessions and most beloved keepsakes against any liability. However, here is something that you may not know: you can actually purchase auto and renters insurance from just the same company for less money, scoring even more significant discounts on your monthly premiums! How? By understanding how auto and renters insurance policies work, you will be able to save hundreds of dollars in a very short amount of time. Read on to discover more…
There are two different types of auto insurance policy available. One covers you completely, protecting you against liability claims and damage to your vehicle. The other type of auto insurance policy is referred to as a “limited” policy, and it covers you only against bodily injury or property damage you cause in the course of your driving. Limited policies are cheaper because they don’t offer comprehensive coverage towing costs and most often, have tiny limits to their liability claims. If you ever become involved in a car accident, your auto insurance company may cancel your limited auto policy and issue you a full auto insurance policy at full price.
However, do you really want to walk away from your possessions and lose everything you’ve worked so hard to obtain? Not only will the cancellation of your policy be financially devastating but you’ll also risk the physical safety of your most valuable possessions. Auto and renters policies differ in many ways. Most insurance companies offer standard coverage for your personal belongings. Some offer coverage for costly electronic gadgets and even some clothing. Unfortunately, these policies do not cover you completely in the event you are ever stuck in a vehicle accident.
Car and renters insurance policies vary in price as well. Most homeowners’ policies cover only the home itself, leaving the contents and some belongings up to the owner’s tolerance. The homeowner’s policy typically doesn’t cover expensive items you personally own. You can opt to purchase additional coverage to include your personal items in your homeowners policy.
It’s important to understand which kind of protection is best for your financial situation. Most insurers offer both standard homeowners and renters insurance coverage. The first step in deciding what’s best for you is calculating just how much coverage you require. Obviously, the more money you’re willing to spend on insurance coverage, the lower your monthly premiums will be.
You can buy auto and renters insurance that is designed specifically for your home. The policy will cover all kinds of common dangers from fires to theft. Your landlord can usually add his own offerings to the policy. This way, he can insure his building against fire, flooding and even theft. If a visitor to your home or apartment attempts to illegally enter it, your landlord will be covered. If anything is damaged by a fire caused by a visitor, your landlord’s insurance policy can help you with covering the cost of replacing everything.
For the less cautious landlord, an appropriate renters insurance policy can cover his or her building, as well as any possessions inside it. Some insurance companies offer coverage even if the items are damaged or stolen during a break-in, fire or flood. Even if someone is killed in your home, your landlord’s insurance policy will likely cover the cost of replacing all of your living expenses, such as food and shelter, while you are unable to work. This type of coverage can be crucial in ensuring that your possessions are not lost, stolen or destroyed during a catastrophe.
Your auto and renters insurance coverage will also cover personal property that you keep in your home. This might include jewelry, clothing and other items that you have accumulated over the years. Most policies also cover these types of possessions through accidental loss coverage. If anything is stolen from your place of residence, your personal property coverage will likely replace it. However, you should carefully check the details of your policy to determine if your belongings are covered. Be sure to contact your insurance provider before leaving your home, especially if you plan to stay there for any considerable amount of time.