Renters Insurance With One Who Has Poor Credit

by Gibson Maseko

Some people become very confused when you mention rental insurance but it isn’t difficult to explain and all of us have been in the position of renting equipment that could get damaged. Rental insurance covers the repair or replacement costs caused by damage or theft of an item you are renting.

For instance, if you don’t own your own home, and are renting instead, you may think that you’re covered by your landlord’s insurance policy.

This is not the case and while he does have insurance, it is only for damage to the structure of the property.

Of course, buildings insurance will not cover any personal belongings or any liability on your part so if property is lost or stolen, it is renters insurance that covers the cost. You may be liable for any damage done to the apartment or house you’re renting as a result of fire due to your negligence.

Renter’s insurance has another benefit which you may not have considered. If an accident or injury occurs inside the property you are renting that requires medical attention then any costs involved will be the responsibility of the renter. A worst case scenario is where the person might even take you to court so by having renters insurance, not only would medical expenses be covered but also the cost of the attorney and any other expenses claimed.

Although some people are covered when they rent a car, this is not always the case so if your auto insurance doesn’t have this facility as part of the cover, you will need to arrange this yourself unless your credit card provides auto rental insurance cover. If you aren’t covered under your own insurance or credit card then you could consider purchasing the collision damage waiver as it is a better option to pay about 7 to 13 dollars a day than 10,000 to 30,000 dollars to replace the rental car.

Only two areas of renters insurance has been covered here but it can be obtained for just about anything that you rent and it doesn’t matter if you are renting a motor home to a luxury yacht. You should never dismiss obtaining rental insurance as accidents happen and while we may stomach the cost of our own personal belongings getting damaged, when the property belongs to someone else and they want it replaced, it is another matter entirely. Obviously like any insurance policy, the amount will vary according to where you live, any extras you want to add and how much deductible you decide to arrange. The best thing to do is look online and arrange the highest deductible you can afford as this will reduce the premium considerably.

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