What are the types of renters insurance policies?

There are two types of renters insurance policies you may purchase:

1. Actual Cash Value -- pays to replace your possessions minus a deduction for depreciation up to the limit of your policy
2. Coverage for your personal belongings -- pays the actual cost of replacing your possessions (no deduction for depreciation) up to the limit of your policy

With either policy, you may want to consider purchasing a floater. A standard renters policy offers only limited coverage for items such as jewelry, silver, furs, etc. If you own property that exceeds these limits, it is recommended that you supplement your policy with a floater. A floater is a separate policy that provides additional insurance for your valuables and covers them for perils not included in your policy such as accidental loss.

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