• Post last modified:October 5, 2020
  • Post category:Insurance

Unfortunately with the difficult financial and economictimes that we have all experienced over the past couple of years, it has leftmany families with less income and savings than they had foreseen.   If you’restruggling with bills, debt and a mortgage, maybe you’ve decided to make afinancial cut back and sell your home to instead rent.  While this may be a very significant changein your living and overall lifestyle, it also will have a large effect on yourinsurance policy.  No longer will youhave the standard CT homeowners insurance policy.  It will now become a CT insurance for renters policy.

So what are the major differences between these twopolicies- homeowners and renters?  Wellfirst of all, you’ve find that renter’s insurance is far cheaper than ahomeowners policy because you simply are not insuring as much as you oncewere.  Before you needed to insure theactual outside structure of your home and anything else like a deck orpool.  Now though, you only need toinsure what is inside your apartment, and not the building structure, hence whythe premiums are significantly cheaper.

Furthermore, there are certain items that CT insurance forrenters does, and does not, cover.  Ifyou lose your belongings in a fire, vandalism, a snow storm, or any accident,you’ll be covered (if you rent in a flood prone area, you’re going to needextra coverage).  Also CT insurance for renters covers you foreither the actualcash value, or full replacement cost of your damaged or destroyedbelongings. 

And again, just like homeowners coverage, if you chose toraise your deductible, your premiums will decrease, but just make sure you canafford the new deductible.  So with thisanalysis, one may say that the two policies are strikingly similar, and theyare, however many renters chose to go without coverage.  Just listen to this- ninety-seven percent ofhomeowners in the United States have insurance, but only forty-seven percent ofrenters have coverage!  Don’t be a partof that forty-seven percent and give ParadisoInsurance a call right now!