What’s Your Stuff Worth? When you talk to an agent about renters insurance you w

Question

What’s Your Stuff Worth? When you talk to an agent about renters insurance you will need to have a good idea on what you own so that you can get the appropriate coverage. Most people who rent for the first time can underestimate what the cost is to replace their personal property. This activity will have you determine what (or close to) the amount of renters insurance coverage you will need for your personal property. After you have completed the activity answer the questions below. Make sure to read the “Note” at the end of the activity ? . Website: ?What’s your stuff worth? Remember that this will be your stuff you own or will own when you move out on your own. This should not include your roommate’s things. 1. What is your stuff worth? ______________ Looking at this number, what is your first reaction? Leave monthly disposable income alone. 2. How many months/years will it take to buy everything again? (assuming total loss) ______________ Looking at this time period to get you back to where you were, what are your thought on renters insurance? What would you tell someone who says “renters insurance is just a waste of money” there is no reason to have insurance when you are renting. Note:? This activity only looked at your personal property. This did not address liability coverage which covers you in case someone would get hurt on your property and possibly sue you for their injuries. Liability is the main reason to have renters insurance, but covering your personal property, your stuff you see every day, is what people first think about. You have to protect yourself from all losses that could occur.

Explanation / Answer

We have a number of insurances in outside at financial markets. However, this renters insurance is one of the unique financial product among all the insurances. The persons taking a rent of house/apartment, they are not able to take care of all their belongings & valuable things and it also covers the personal protection.

This is really helpful when physical damage happens to the electronic or any other things in the house then the policyholder can claim the amount from the renter's insurance. It is also cover for persons to get the benefit related to medical coverage. Suppose, the house cables burnt due to the negligent of tenants then the policyholder can claim the amount from the renter's insurance.

This kind of insurance is most useful for tenants and owners. That’s the main reason most of the market is expanded well in the countries.

So, the conflicts will not be happened in between the owner and tenant further the relations going well if they have opted for renters insurance policy.

Related Questions

Navigate

• Browse (All)
• Browse W
• Subjects

Integrity-first tutoring: explanations and feedback only — we do not complete graded work. Learn more.