Can You Borrow Money From Renters Insurance?
12689 POINTSview profileTed RatliffOwner, SFS Associates,No Renters Insurance does not have cash value. Renters Insurance is designed to replace your personal property in the event of a covered loss subject to a deductible. There is no savings feature that would provide for any type of loan. The policy will provide cash for additional living expenses if you must leave your apartment due to a covered loss.Answered on June 10, 2013flag this answer
37376 POINTSview profileDavid G. Pipes, CLU®, RICP®Business Development Officer, T.D. McNeil Insurance Services, Fresno, CaliforniaBecause of the short duration of the policy there aren’t any reserves in a renter's policy. You cannot borrow from a renter's policy. The only type of insurance that does develop cash value, and thereby the ability to borrow money, is a permanent life insurance plan. Discuss this with a professional life insurance agent.Answered on August 13, 2014flag this answer
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