According to an Insurance Information Institute survey, while the majority of American homeowners have insurance, only 31% percent of renters buy renters insurance. This is a scary stat for those living in like Blacksburg, VA where renting is very common.
Renters insurance provides financial protection against the loss or destruction of your possessions when you rent a house or apartment. Your possessions are not covered by your landlord's insurance. The good news is that renter’s insurance premiums are relatively inexpensive.
The average rental insurance policy costs less than $20 per month.
There are two types of rental insurance policies:
- Actual Cash Value. This kind of policy pays to replace your possessions up to the limit of your policy, minus a deduction for depreciation.
- Replacement Cost. This policy pays the real cost of replacing your belongings (regardless of depreciation) up to the limit of your policy.
Just as with homeowners insurance, if you have expensive jewelry, furs, sports or musical equipment, or collectibles, you may want to consider adding a floater or rider to your policy. This is a separate policy that provides additional insurance for your valuables and even covers them if they are accidentally lost.
For information on renting an apartment in Blacksburg, VA, close to school and recreation, contact Foxridge Apartments.
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