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BlogBlogWhy Renter’s Insurance Is a Good Idea

Why Renter’s Insurance Is a Good Idea

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.



Embassy Loans is a leading provider of auto title loans since 2005

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Embassy Loans Inc. is licensed under the “Florida Consumer Finance Act” and as such Embassy Loans is exempt from any licensing requirements under the “Florida Title Loan Act” to the extent that any of Embassy Loans’ activities involve the making of a loan of money to a consumer secured by bailment of a certificate of title to a motor vehicle.

Monthly Interest Rates range from 1.5% to 2.5% (18% to 30% APR), with 15-18 Month Terms.

No Prepayment Penalties!

Embassy Loans uses “Title Loans” for advertisement purposes only and provides auto equity loans. Embassy Loans Inc. is licensed under the “Florida Consumer Finance Act” under Florida Statute 516 and as such Embassy Loans is exempt from any licensing requirements under the “Florida Title Loan Act” to the extent that any of Embassy Loans’ activities involve the making of a loan of money to a consumer secured by bailment of a certificate of title to a motor vehicle.

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Frequently Asked Questions

What is an Auto Equity Loan?

An auto equity loan, sometimes known as a car title loan or a car equity loan, is a type of loan that allows you to borrow money by using your vehicle as collateral. The loan is secured by your vehicle, meaning you agree to use the equity in your car to back the loan. 

What is an Unsecured Personal Loan

An unsecured personal loan is a loan that does not require collateral. Funds are provided based on your credit worthiness and your ability to repay. 

What Is the Credit Builder Program

The credit builder program is designed to help individuals establish or improve their credit score with the primary purpose of building a positive credit history through regular payments.

Can i have more than one Loan at a time?

Embassy Loans can only extend one loan at a time and it’s advisable to start with one and focus on making payments in a timely manner to prevent default.

What happens if I miss a payment?

Missing a payment can have negative consequences, including late fees, a drop in your credit score, and potential default on the loan. Consistent, on-time payments are crucial to benefit from the program.