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Why Home Insurance

No matter what type of place you live in, or whether you rent or own, your home is a central part of your life.
If you own a house, condominium or co-op, it is probably your most valuable asset.
If you rent, you probably still have a lot to lose in furnishings, clothes, electronic equipment and all the valuable
items you've accumulated.
That's why there's home insurance to help you protect your assets by providing the money you would need
to rebuild or replace your valuable possessions should disaster strike.

Why Homeowners
The glib answer is because, in most cases, it's required. The smart answer is because your home is one of
the most valuable assets you have. And disaster can strike anywhere at any time.
Beyond disaster, homeowners insurance also will safeguard you with liability protection, a critical point when measured against rising legal costs. You have a lot to lose—everything you've saved for, built, collected, treasured and enjoyed. Homeowners insurance can help insulate you from that loss.
What you need to figure out, then, is not "Why homeowners insurance?" but rather what coverage you require, how much and from which company.

Why Renters
Ask yourself this: If all your clothes, the appliances you own, your TV, stereo, jewelry, computer and
that collection of Batman Detective comics were destroyed in a fire, could you replace them, immediately,
out of pocket? If you said no, you need renters insurance.
Ask yourself this: If all your clothes, the appliances you own, your TV, stereo, jewelry, computer and that collection of Batman Detective comics were destroyed in a fire, could you replace them, immediately, out of pocket? If you said no, you need renters insurance.
You may be surprised to learn that renters insurance is not that expensive. The only thing you're insuring is the contents of your apartment, so your premiums can be as little as $20 a month. You can lower that cost even further by getting a policy with roommates, increasing your deductible or having multiple policies with the same carrier (renters and auto insurance, for example). It's certainly cheaper than replacing all your possessions after a disaster.
Renters insurance provides the security of knowing that if you lost everything today, you wouldn't be forced to start from scratch. Renters insurance can even cover you for personal possessions that don't happen to be in the apartment at the time of the loss.
Of course, you can always count on part of your landlord's policy, right? Well, not quite. Many renters are under the impression that their landlord's policy covers their belongings as well. Unfortunately that's not the case, and they often don't find that out until the worst possible time, after a disaster or a robbery. Your landlord's policy doesn't cover anything that's yours. The only exception to this would be if the loss was caused by negligence on the part of your landlord, and then you would still have to prove it in court.



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