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I am shopping for rental insurance & I’d like to get more information so I can know if I’m getting a good deal.

2 Thoughts on What is renter’s insurance based on? Is it based on the value of the products in your home, the square footage?
  1. Reply
    glenn
    November 14, 2011 at 6:11 pm

    It is not expensive.

    It covers your belongings so if you have something very expensive that would raise the price. But it also covers your liability. I used to manage rental property and a guy left his iron on and it burned the house down. The landlords insurance covered the landlord and then the insurance company sued the renter for negligence- renters insurance would have covered him for that.

  2. Reply
    n2mama
    November 14, 2011 at 6:28 pm

    Renter’s insurance covers your belongings, so if you lose everything in a fire, you can replace them. This actually happened to a friend of mine-the guy in the downstairs apartment set a fire, and she lost everything. She didn’t have insurance, so had to replace everything from her furniture to her toothbrush out of pocket. I went out and got renter’s insurance the next day, which cost me all of $ 12 a month. It’s pretty cheap unless you have really expensive electronics, jewelry, etc.

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