Homeowners Insurance for Renters – Can Renters Obtain Homeowners Insurance?

Dec. 11, 2009 - PRLog -- The answer to the question is yes. There are two basic types of renters insurance you can purchase. They are actual cash value and replacement cost. Cash Value will take into consideration the amount of depreciation on the value of your asset. Basically cash value pays to replace your possessions and takes into consideration how much your items have depreciated up to the limit of the policy amount.

Replacement cost is rather simple. This pays the actual amount of your possessions with no reduction for depreciation up to the amount of your policy limit. In addition if the amount of your possessions exceeds the policy limit you can purchase a floater. This is an additional policy offering you items for jewelry, collectibles, fur coats, etc. It also gives you further coverage for perils not included in your insurance such as an accidental loss.

In most cases renter’s insurance cover the amount of your safe keepings, not the physical property, so the amount of your renters insurance is fairly affordable. Typically renters will cover fire or smoke, lightning, vandalism, theft, windstorm and water damage, excluding floods.

We recommend a review of your coverages be handled by a local insurance professional.  To learn more on this article visit http://www.insuremyhouse.com/renters-insurance.html.

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InsureMyHouse.com provides consumers with an online homeowners insurance agent directory sorted by state and zip code.