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Man in flooded roomInvesting in renters insurance is often an important and affordable decision. Yet as a renter, you need to know what you are buying, what it provides and, perhaps most importantly, what it does not provide.

In most cases, renters insurance is an excellent investment because it helps to safeguard your assets in situations related to losses such as from fires or theft. Yet, it does not give you comprehensive protection from all risks. For example, most renters insurance policies do not protect you from earthquakes or floods.

Renters insurance tends to cover many elements of your home. For example, it can provide protection after a fire by replacing your belongings. Even the items on your porch may be covered after a storm. However, if an earthquake occurs, it is unlikely that the standard renters insurance will provide any coverage to you. In addition, if a flood occurs, it is unlikely that you will get coverage for this as well.

The property owner's insurance is unlikely to provide protection for the losses you face either. In fact, it is quite common for the landlord's policy to only protect his or her actual investment, such as the building structure and common areas.

What should you do to protect against these risks? It may be possible to purchase high-risk insurance. If you live in an area where floods are a big risk, flood insurance may be available to you. The same is true for earthquake insurance. It is important to keep in mind that this type of insurance is an additional or add-on policy to your current coverage and it is not necessarily a part of a standard renters policy.

There are many risks that you face on a daily basis. In most situations there is a type of insurance to minimize the financial risks you face. Yet, it is up to you to choose the right policy for your needs. Take a close look at all of the options available to you and be sure to read your current insurance policy carefully to know what it can offer.

Make sure you have the right coverage. Call Peachstate Insurance at (877) 997-2478 for more information on renter's insurance agency Newnan.

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