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Renters Insurance

When people purchase homes, one of the first things they do is purchase homeowners insurance. Renters often mistakenly believe they don’t need insurance because the property owner will have insurance to cover their personal belongings. Get the facts below.

Renters or rental insurance is a type of policy for those who rent rather their homes rather than own them. Similar to homeowners insurance, renters insurance provides coverage against, fire, theft, vandalism, storms and similar covered perils. It also provides certain types of liability coverage.

Renters insurance is reasonably inexpensive and more than worth the cost. You pay a premium to the insurance company, and they offer coverage on your personal property. In the case of a covered loss, you pay a small deductible, and the insurance company pays balance up to your limits of coverage. Your deductible is determined at the time you purchase the renters policy.

Renter’s insurance generally offers the following types of coverage.

• Personal property – This helps pay to repair or replace personal belongings if they’re damaged or stolen.
• Additional living expense – If you have to live elsewhere while your home is being repaired, this coverage will provide money for those expenses. Food may also be included in the coverage.
• Guest medical insurance – This will help pay medical expenses for guests who may be injured while on your property.
• Liability insurance – This offers protection if you’re sued by another individual who was injured in your home or on your property.
• Additional riders – This provides coverage for items that are not automatically included on the policy because of their high value. Depending on the policy, you may also have coverage against unauthorized use of your credit cards.

It’s important to realize that, while your landlord carries the insurance on the actual building or apartment you live in, the landlord’s policy does not include your personal belongings that are inside the home. If you have personal belongings stored in your landlord’s garage or storage shed, they may be covered by the landlord’s policy, but it’s best to make sure they’re covered by your renter’s insurance.

We often think we don’t own much of not much of value until we have to replace the items. Rental insurance is a guarantee that your personal belongings are always protected.






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