FRIDAY, MARCH 12, 2021
Renters insurance provides protection against both property loss and liability in the event that you cause injury or property damage. To learn more about what that means, we’ve covered some basics about each below. Whether you call a rented house, condo or apartment your home, you can benefit from renters insurance.
Just because your landlord has coverage doesn’t mean that you do, too. In most cases, your landlord's insurance policy covers only structural damage to the building itself. If the structure goes up in flames, your landlord's coverage would include repairs to the building, but not reimburse you for your possessions.
Why Do You Need It?
Just because your landlord has coverage doesn’t mean that you do, too. In most cases, your landlord's insurance policy covers only structural damage to the building itself. If the structure goes up in flames, your landlord's coverage would include repairs to the building, but not reimburse you for your possessions.
Liability Coverage
In addition to protecting your personal property, renters insurance also protects you in the event that you are responsible for injury or property damage to others. That means you’ll likely be protected if someone slips and sprains their ankle at your annual birthday bash.
Liability also provides coverage for legal defense costs and judgments in a lawsuit, whether the incident occurred within your rented residence, or elsewhere.
Property Protection
Renters insurance covers your possessions against damage for things such as fire, smoke, lightning, vandalism, theft and water damage—but not flooding—to name a few. It also extends beyond on premise theft and hazards, covering property that is stolen from your car, or lost or damaged anywhere you happen to be.
There are two personal property coverage options to choose from: replacement cost value or actual cash value. We recommend insuring your personal property for its replacement cost value so that you can replace yesterday’s purchases at today’s prices.
Getting Started
Because renters insurance covers only the value of your belongings, not the building, the premium is relatively inexpensive. For about the same cost as going to the movies once a month, you can gain peace of mind, regardless of life’s unexpected mishaps.
What are personal belongings worth? Conducting an inventory is an eye-opening experience since the value of your belongings can really add up. Without coverage, replacing these items could be a real financial hardship. With renters insurance, you are covered.
No Comments
Post a Comment |
|
Required
|
|
Required (Not Displayed)
|
|
Required
|
All comments are moderated and stripped of HTML.
|
|
|
|
|
|
NOTICE: This blog and website are made available by the publisher for educational and informational purposes only.
It is not be used as a substitute for competent insurance, legal, or tax advice from a licensed professional
in your state. By using this blog site you understand that there is no broker client relationship between
you and the blog and website publisher.
|
Blog Archive
|