I have quite a few questions about renters insurance.?

Question

My neighbors recently almost burned our building down. I have been thinking of getting renters insurance. I would hate to lose everything like that.

What kind of things can and can't be covered?

How will I know when I find a good plan?

Any suggestions on a Good Company?

Anything I should look out for?

Any other tips or suggestions?

How much should it cost monthly or yearly approximately?

Thank you for any and all help!

My neighbors recently almost burned our building down. I have been thinking of getting renters insurance. I would hate to lose everything like that.

Answer 1

Its relatively inexpensive.  Start with your auto insurance company to see if you can get a "package deal."  Or consult an independent insurance agent.

Answer 2

good thinking.  renters insurance is VERY inexpensive.  You will be covered for your property within the structure you rent.  you will need to schedule anything of high value such as jewlery, as it is only covered up to a certain limit depending on your state laws.  Renters is written on whats called an HO4 Form.  You carry a deductible on the policy, just like an auto policy.  make sure the company has an "A" rating.  Try placing it where you have your auto to get a multi line discount.  You also need to carry liability  on the policy.  this covers you for anything you may be liable for in case you get sued.  i would suggest at LEAST $300,000 liability.  it sounds like a lot, but its the least expensive part of the policy and will probably run you about $10.00 per year.