Being a tenant is obviously different from being the land lord or house owner. The insurance coverage for home owners and renters are also very different. Many tenants will need to get their renters insurance policy up and running for their own safety.
It is no news that the home owner will most likely have a coverage policy running for the house, so what happens to the electronics, furniture and document properties of the tenants in the case of a fire or burglary? For a tenant without renters insurance coverage, your guess is as good as mine.
For renters, we have two major types of insurance coverage or policies.
The first one is home renters insurance and the second is home content insurance.
Home renter insurance provides targeted coverage for the properties of the policy holder only, any other person living in that house is not covered. The policy holder may decide to collect cash value for the lost items or could simply decide that a replacement will work better. These are the choices available to the home renters’ insurance policy holder.
Home content insurance covers the properties inside the rented home that is owned by a member of the home not necessarily the person named in the coverage. In this type of coverage, lost items are replaced using ceiling limits provided by the insurance companies. If the claims exceed these limits, the excess is shaved aside by the insurance company and hence not considered.
For renters that need coverage immediately, the sure and fastest way is to use the internet. Millions go online for coverage solutions daily.