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Created with Fabric.js 1.4.5 Renters Insurance: a necessity First step to getting renters insurance Moving out. When you move outno matter where yougo, the military, yourown place college, the property policy that came with the housedoesn't cover your personal belongings. Since none of the policiesthat come with the home cover your personalbelongings, if somethinghappen to your personalbelongings you would haveto pay to replace them. What your policy covers. Personal Items Unintentional Damage Liability Medical Payments Additional Living Expense What is it?It is a policy meant to protect you from completelylosing all of your property. Your personal items are covered in case of a fireor theft or something like that.You should see how much all of it is worth per year. If you accidentally burn downyour house or apartment building, or something like that,then you won't have to pay for it. Pays for personal damage orinjuries to others. If someone hurts themselvesat your home, most will coverthe medical bills of the person. If your place is ruined then mostwill pay for you to live somewhereelse while your home is being fixed. Key terms Proof of loss - you must show you had aloss with receipts. Deductible - the moneyyou pay before the policykicks in; high deductible, low premium.Actual Cash Value Policy -current value of yourpersonal items.Replacement Cost Policy -the amount of moneyit would cost to buy theitem today. Average cost of renters insurance The NAI says, on average, it costs 15 - 30 dollars per month, It depends on your location, your deductible, yourcoverage limits, and any personal riders like additional coverages. ConclusionIt may cost some money every month for the insurance but it is nothing compared to how much it would cost topay for the damage done to your house.
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