Home Renters Insurance, A Necessity
Even renters need home insurance. While land owners and condominiums have insurance for the building, people who rent a place in flats and condos would need a home renters insurance to protect their belongings in any case of disasters and calamities.
There is one particular type of insurance policy for renters termed as HO-4. This protects the policy holder’s possessions and any part of the flat they have own like cabinets they have installed in the bedroom and the kitchen.
Home renters insurance covers sixteen types of calamities/disasters:
* Lightning and fire
* Hail
* Explosion
* Riots
* Crashed aircraft
* Crashed vehicles
* Smoke
* Vandalism
* Theft
* Volcanic eruptions
* Falling objects
* Ice, snow or sleet
* Water overflow or over discharge of steam caused by accident by air-conditioning, plumbing, sprinkler system, and any other kinds of household appliances.
* Tearing, cracking, burning, bulging caused by accident by a steam or hot water system, an air conditioning or sprinkler system.
* Freezing of a plumbing, heating, air-conditioning or sprinkler system
* Accidents caused by artificially generated electricity.
You would need a separate policy for floods and earthquakes if you live in areas prone to them. Home renters insurance covers most of the basic disasters and problems that are known to happen inside a flat.
For you to be compensated properly in case problems did strike, try to make an inventory beforehand of your belongings and place the value of the particular item that you have. It would be easier for the insurance company to release your claim if you have a proper inventory of your belongings. Remember, though you may not own your house, the items inside it are equally important.
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