The Two Standard Renters Insurance Policies Are Broad Form and

If you're a renter, you likely know that having renters insurance is a good idea, but you might not be aware of the two standard policies available. Broad form renters insurance is one of these options.

This type of policy provides coverage for personal property, liability, and additional living expenses. It's often considered the more comprehensive option.

One of the key benefits of broad form renters insurance is that it typically covers personal property that's not in the rental unit, such as when you're traveling.

Renter's insurance policies can be quite varied, but there are two main types you should know about: broad form and limited coverage.

Broad form policies typically cover repairing or replacing personal belongings, or they pay you cash for each item that’s lost or destroyed. This means you can get reimbursed for your belongings, even if they're old and no longer worth their original price.

Full replacement value coverage is also available in some policies, so be sure you understand the policy options. This way, you can get the full amount for a new item, even if the old one was worth less.

Limited coverage policies, on the other hand, offer reimbursement minus depreciation. This means they won't give you the full amount for an old item, but it's still better than nothing. For example, if you have a 15-year-old couch that's worth about $300, you won't get $1,200 for it.

Renter's insurance also provides limited coverage for credit card fraud or check forgery. This can be a lifesaver if you're a victim of identity theft.

Renter's insurance is a must-have for anyone renting a home. It covers repairing or replacing personal belongings, or pays you cash for each item that's lost or destroyed.

Reimbursement can vary depending on the policy, as some offer reimbursement minus depreciation. This means that if you lose a 15-year-old couch worth $300, you won't get $1,200 for it. Instead, you'll get the current value of the couch, which is $300.

Renter's insurance also covers food spoilage due to power failure or flood, and pays for hotels, meals, and laundry if you have to vacate your rental during repairs. This can be a huge relief if you're suddenly without a place to live.

In addition to these benefits, renter's insurance provides limited coverage for credit card fraud or check forgery. It also protects your belongings while you're in transit to your next duty assignment, filling any financial gaps if the moving company doesn't pay up.

The cost of renter's insurance will be determined by the insurance company after you've gathered all the necessary information. This cost will cover all your possessions and provide you with something valuable - peace of mind.

Here are some common perils that most renter's insurance policies cover:

Note that flood damage is not typically covered under a standard renter's insurance policy, and you may need to purchase a separate flood insurance policy to protect your belongings.