Rental Insurance FAQs

Q: Can I get Insurance If I Rent My Home??

Answers:     Renters insurance provides financial protection against the loss or destruction of your possessions when you rent a house or apartment. While your landlord may be sympathetic to a burglary you have experienced or a fire caused by your iron, destruction or loss of your possessions is not usually covered by your landlord’s insurance. Because in most cases, renters insurance covers only the value of your belongings, not the physical building, the premium is relatively inexpensive.

Q: How Do I Take A Home Inventory and Why?

Answers:     Would you be able to remember all the possessions you’ve accumulated over the years if they were destroyed by a fire? Having an up-to-date home inventory will help you get your insurance claim settled faster, verify losses for your income tax return and help you purchase the correct amount of insurance.

Q: Where Can I Buy Insurance?

Answers:    You can buy insurance through your local insurance agent and through insurance companies that sell through their own employees, over the phone, by mail and over the Internet. Consult your state insurance department, the yellow pages of your phone book, and friends or relatives for the names of insurance companies doing business in your state.

Q: How Do I Pick An Insurance Company?

Answers:    There are many insurance companies, so choosing between them can be a challenge. Here are the main points to keep in mind when selecting an insurance company:
            Licensing
            Price
            Financial Solidity
            Service
            Comfort

Q: How Much Will It Cost?

Answers:    There are many factors an insurance company uses to determine the price of your policy:

• The square footage of the house and any additional structures.
• Building costs in your area.
• Your home's construction, materials and features.
• Amount of crime in your neighborhood.
• The likelihood of damage from natural disasters, such as hurricanes and hail storms.
• The proximity of your home to a fire hydrant (or other source of water) and to a fire station, whether your community has a professional or volunteer fire service and other factors that can affect the time it takes to put out fires.
• The condition of the plumbing, heating and electrical system.

    If you rent your home or own a condo or co-op, your insurer will not consider the size of the dwelling or building costs. However, the insurance company will take into account factors that make damage to your possessions more likely.

Informaton Provided By Insurance Information Institute
http://www.iii.org