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What Is Renters Insurance Really All About? Personal liability coverage grants payment for legal accountability according to the limits of your individual policy for damages based on bodily injury or property damage, which are incurred in your home. Medical payments to others coverage pays the medical expenses for visitors who are accidentally injured while a guest on your premises. This coverage does not pay out to you or your family members who reside with you. When purchasing renter's insurance you will need to make a decision as to whether to insure your possessions based on their actual cash value or their replacement value. Actual cash value payouts will be based on how much your property is worth post depreciation, meaning if you lose a 10-year-old computer to wind or storm damage you will be paid the cost to replace the same 10-year-old computer. Replacement coverage pays a return without consideration of depreciation. The best thing about renter's insurance is that for the amount of protection it provides it is still relatively inexpensive and if you purchase your renter's insurance from the same company that insures your automobile you may be eligible for a significant discount. As with any insurance that you purchase it is important to make sure you understand exactly what may or may not be covered by your renter's insurance policy. Some losses that may not be covered include but are not limited to flood or underground water damage, earthquake, mud or landslide damage or even nuclear hazards. Although your renter's insurance may « Previous Page « » Discuss it » Continue Reading »
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