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Renter’s Insurance protects individuals from property loss when they don’t own their home. A landlord’s insurance only covers their structure from loss, not the renters personal property. Only 40% of renters have renters insurance. Renter’s insurance also helps protect the policy holder in the event that an injury occurs at their rented home. The coverage often includes; personal property replacement, additional living expense payments in the event of a disaster, and/or liability for the aforementioned injury. Policies have either a term cap or a maximum payment cap. If policy coverage is not sufficient for personal property loss, separate “riders” are available to insure over-limit belongings. The cost of these policy varies by location, amount of coverage, type of coverage, property history/neighborhood, and credit score. Discounts are often awarded for having multiple policies, not having a history of claims, and the installation of certain safety devices.

Read the full article here:
Everything You Need to Know About Renter’s Insurance

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