If You Rent or Borrow, Protect Your Assets With Non-Owner Insurance

Non-owner insurance policies are designed for those individuals that rent or borrow property from other people. It covers things like rental cars, rental homes and friends' vehicles you borrow. If you utilize other people's property then this is a type of insurance that can help keep you out of financial trouble.

Non-Owner Home Insurance

The first type of non-owner insurance that people should consider purchasing is non-owner home insurance. This insurance product is designed to protect the assets of renters. If you rent a house, a condo, a townhome or an apartment then the structure is protected by the building's owner; however, your possessions are not. This means that if there is a fire, a flood or if your rental is burgled and property is damaged, destroyed or stolen, then you are out of luck. Your landlord's insurance will not cover your property.

When you take out renter's insurance your property is covered. To get the best coverage possible you will need to inventory your property before you purchase a policy. This inventory needs to list the items you want to cover with your renter's insurance policy and how much each is valued. Your policy will be written around these values.

Non-Owner Auto Insurance

A lot of people are now shying away from purchasing their own vehicles, and are instead relying on public transportation, self-propelled methods of transportation, rental cars and borrowed vehicles. As a result, many people no longer need traditional car insurance. However, if you rent automobiles or borrow other people's vehicles on a regular basis then you need a non-owner auto insurance policy. This policy will provide you with coverage for things like collisions, theft, towing reimbursements and rental reimbursements.

What you need to know about non-owner auto insurance coverage is that it is considered a supplemental insurance product. This means that it will not provide benefits until all other insurance policies have been exhausted. For example, if you rent a vehicle and you get into an accident that is your fault then the insurance that you purchased at the time of rental will be utilized first. Once its limits have been met then your non-owner auto insurance policy will be activated. It will cover costs that are over the primary insurance policy's limit, as well as cover things that normal insurance does not cover such as rental costs and towing costs.

Non-owner auto insurance coverage is not something that the average person needs. It is, however, something that people who rent cars frequently or that frequently use other people's vehicles.

References

http://www.insureme.com/insurance/non-owners-insurance