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Type Of Insurance For Renters
Renters insurance means financial protection to those who rent their homes or apartments. Renters insurance guards renting property from fire or smoke, lighting, vandalism, theft, explosion and windstorm. However, renters insurance does not cover national hazards such as floods, volcanic eruptions, landslide, earthquakes, or routine wear and tear. The average cost of renters insurance varies from state to state. |
Type of Insurance for Renters:
In general there are two types of insurance for renters: HO-4 policy is designed for renters while HO-6 policy is for condo owners, which covers 17 types of hazards.
HO-4 Insurance Policy or Coverage: Renters insurance also known as HO-4 Insurance policy or coverage typically covers losses to your personal belongings from 17 types of hazards. This insurance policy in states provides security against theft, fire, broken window or water pipes, and lightning. The HO-4 policy also covers any damage cause to the rented property by human error. For instance, if you forget to turn off your heater and your bathroom catches fire and damage the whole building, HO-4 Policy may covers part of the damage. In addition HO-4 policy also has the liability coverage that protects you against any claims as a result of injury in the rented premises; the renter’s insurance policy automatically incurs the medical bills.
HO-6 Insurance Policy or coverage: This insurance policy is designed for the condominiums units and for the owners of condos and includes coverage for the part of building owned by the insured and for the property housed therein. The HO-6 policy in addition to covering your personal belonging within the building also covers high value items like jewelry, art or antiques. The high value items are covered under a "floater policy,” which is purchased along with the HO-6 policy. Typically, the HO-6 policy costs range to several hundred dollars annually depending on extra insurance (floater policy) which may cover expensive items like photographs, antique items or jewelry.
The policies of renters insurance (HO-4 or HO-6) basically pay the actual cash value against the property that is damaged, stolen or destroyed.
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Type Of Insurance For Renters
