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Rental Insurance Policy

Many renters don’t think about what will happen if there is a fire, someone breaks in and steals their new TV or stereo, or a visitor slips and falls on their property. The sad truth is; You’re the boss! While your landlord.

Insurance that covers the actual building, this coverage does not include your personal property or liability for injuries that occur in the space you are renting, be it an apartment or house and yard.


If a fire destroys or damages your home, your landlord’s insurance will cover the property. It does not cover damage or loss of your property. It also does not cover temporary living expenses for you and your family.


You may feel that your personal belongings are insufficient to cover the insurance costs. You are probably wrong! If you sit down and calculate the cost of everything you own, you may be in for a big surprise. Think about how much you’ve invested in things like:

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• Furniture and accessories

• Electronics such as televisions, stereos, computers

• Small appliances such as microwave ovens, toasters, etc.

• Dress

• Artworks such as paintings or prints.

• Crockery, cutlery and pans

• Sports equipment

• Books

• Jewelery shop

Can you afford to replace all of these things?


Worse, what would you do if a friend was injured on your property and decided to sue you for medical bills and more? Scary thought, isn’t it?


Are you starting to understand why rental insurance can be a very smart investment?


The cost of rental car insurance depends on several factors:

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• Insured amount in dollars


• Franchise


• Whether you want a refund of actual cash value or replacement cost (more on that in a moment)


• The location of the rental property and the number of previous complaints made not only by you, but also by other residents in the same area.


Let me explain the difference between true cash value (ACV) and replacement cost. ACV is the value of your property at the time the damage occurred. For example, if your TV is five years old, it will cost a lot less than if it were brand new. The smaller amount will be refunded to you.


However, if you opt for a replacement cost, you’ll get everything you need to buy a new TV with similar features. Replacement cost insurance increases the premium, so getting quotes for both ACV policies and replacement cost insurance is recommended. You can then decide which option suits your needs and budget.

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Please also note that jewelry, valuable collections and weapons in general are subject to a separate or “pilot” policy. If you own such items, tell your insurance agent. They don’t want to find out after a disaster that they are uninsured or uninsured for their true value.


One way to reduce the cost of your rental car insurance is to contact the company that insures your car. If they offer rental insurance, you may qualify for a multiple discount.

Rental insurance can be worth the investment simply because it gives you peace of mind.

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