Renting a home or apartment is a great option for many who do not want to deal with the headaches of home ownership. As a renter, you can usually deal with plumbing problems or electrical issues by calling the landlord. Homeowners, however, must take care of those things by themselves and, in many cases, those problems end up costing a homeowner. Renters do not pay anything when a landlord comes to fix the pipes or correct an electrical problem.

What happens when the home or apartment you are renting is vandalized? Worse, what occurs in the event of a fire or smoke damage? Most renters believe their possessions are covered by a landlord’s insurance policy. In most cases, this is not true. A landlord’s insurance policy typically only covers the building itself. Renters’ belongings are not. The solution is renter’s insurance.

Most insurance companies offer renters insurance and can tailor it to fit the needs of an individual renter. If someone has expensive jewelry or has several valuable musical instruments, a policy can be generated to make sure those items have sufficient coverage. Renters insurance is virtually identical to homeowner’s insurance but is less costly.

Renters insurance offers coverage for personal possessions that receives damage due to fire, smoke, water, theft, vandalism, and other circumstances listed in a particular policy. Personal possessions can include things like clothing, furniture, electronics, and more. Renters insurance also offers liability coverage which protects the insured against lawsuits. If the home or apartment becomes uninhabitable, renter’s insurance will also cover the cost of staying in a hotel.

Renters insurance differs from homeowner’s insurance in that it only covers the renter’s personal property and liability inside the home or apartment. The rest of the building is covered by the landlord’s insurance policy. Compared to homeowner’s insurance, a renter’s policy premiums are less expensive. The national average for such a policy is between $100 and $200 per year.

For renters who have suffered property loss or damages that are not covered by insurance, there are alternatives. A car title loan, for example, is one means of obtaining access to cash quickly. If you own a vehicle, you may qualify for such a loan. Embassy Loans processes many car title loans in as little as an hour giving borrowers access to a few hundred dollars up to a few thousand dollars almost immediately. Car title loans are perfect for those who need money quickly and those who may have poor credit histories.