Renters Insurance

Renters insurance is probably one of the simplest types of policies to understand, because basically all you have to cover are your personal possessions-you don't have to cover any structures. Renters insurance is also relatively inexpensive. In fact, it's probably one of the least expensive policies you can buy, yet it gives you invaluable protection should you ever have a loss.

HO4 is a basic tenants policy, and it covers you in the event that a loss is caused by one of 17 named perils. Those perils are: fire or lightning; explosion; riot; aircraft; vehicles; smoke; vandalism; windstorm or hail; theft; volcanic eruption; falling objects; weight of ice, snow or sleet; three categories of water-related damage from home utilities; and electrical surge damage. You are also covered for basic liability and medical payments.

When determining how much coverage you need, again renters insurance is pretty simple. Make an inventory of all you own, which you'll need anyway if you ever need to make a claim. If you have collectibles or antiques, you'll also want an appraisal of their value. For some items, you may need to add endorsements for added coverage on your policy to make sure they're covered completely. The kinds of items that usually require additional coverage are silverware, jewelry, collectibles and expensive electronic equipment used for business.

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