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What

Is

Renters’ Insurance

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Do I Need Renters’ Insurance?

As its name suggests, this is a type of insurance which people can use to protect the contents of

their rented property against damage or loss. It also provides money so you can look for a place

to stay in temporarily in the event that your rented house or apartment becomes unsafe due to

structural damage from fire, increment weather, or natural calamities. It also provides financial

protection for medical expenditures and lawsuits in case a person got injured while on your

rented property.

There are two kinds of coverage provided by renters’ insurance, and these are personal

property and liability coverage. The former will pay for repairs or replacement of your

possessions if they are damaged, destroyed, or stolen. The latter in contrast, will pay for

medical expenses or representation in case a person who got injured while on your property

decides to sue you.

Factors to consider when getting a renters’ insurance policy

With the number of companies offering renters’ insurance in Seattle, it is understandable why

choosing which one to get can be somewhat challenging. One of the things you have to decide

on is whether to apply for an actual cash value policy or replacement cost policy. The first type

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will give you money that is equivalent to the current appraised value of the item, while the

second type will give you money that is equivalent to the brand new price of the item. Although

you would have to pay more for a replacement cost plan, the likelihood of you receiving

accurate compensation for your possessions is better. The fees and coverage offered by

various insurance companies are not equal, with some offering better value than others. You

ought to evaluate quotes from 3 to 5 Seattle renters insurance providers so you can find the

best offers.

Keep in mind that price is only one criterion when choosing the policy. You should consider how

reliable the insurance provider is. Reports of customers whose claims were refused, or took too

long to process are unfortunately not unheard of. Consumer protection agencies like the BBB,

and market research companies like the J.D. Power & Associates, both have websites where

you can find consumer complaints and opinions. You may also go to the website of the National

Association of Insurance Commissioners to see if there are any issues with an insurance

company raised by consumers to their state regulators.

Your state’s insurance office can also be of assistance when you need to verify if the insurer

has the necessary licenses and coverage by your state’s guaranty fund. Checking these

beforehand will greatly reduce your chances of ending up with an unreliable insurer.