Understanding Renters Insurance And How To Get The Best Coverageby Ankur S. Get Free Insurance Quotes Online
Renters insurance is for people who rent an apartment, home or basically live in any housing which they don’t own. When it comes to your possessions or household items, renters face almost the same kind of risks as homeowners.
The landlord may have insurance that covers the building and their own things, like appliances already in the home, not your possessions.
That means when a disaster occurs, your personal possessions are not covered. What would happen to your possessions in the event if:
- There was a fire in your apartment building?
- There was water damage within the home that you were renting?
- A burglary occurs and some items are taken from your home?
- A disaster causes your rental home to become unlivable?
To protect against these kind of risks, it is recommended that a renter should always consider purchasing renters insurance.
Renters insurance essentially provides you security over the things you own, while residing in property that you don't own, and more importantly peace of mind that you are covered against the risk of certain disasters.
Standard Coverages in Renter Insurance
It is very important to understand and look at the details of your renters policy and understand what coverages you have or basically ensuring what you're insured against. In your renters policy, this is known as "named peril" coverage.
Some of the named perils in your renter insurance policy may include:
- Fire damage
- Wind or hail storms damage
- Smoke damage
- Damage from appliances, plumbing, leaking roofs and cooling or heating systems
- Vandalism or malicious mischief
- Weight of ice, snow, or sleet
Your renters insurance coverage will also include personal liability protection and living expenses.
Personal liability in your renters policy protects you from legal costs relating to negligence. It covers injury to another person on your property. For example: if your dog bites a guest or a person gets hurt at your home, you may be found liable and they can sue you. Additionally, your renters insurance policy provides you coverage for medical expenses of your guests that may get injured on your property. These kind of incidents, injuries and any related legal costs are covered by most renters insurance policies.
In the event a disaster strikes and makes your home unlivable, your renters policy helps cover additional living expenses. Standard renters policies cover you for expenses related to lodging and other related costs while the home is being rebuilt or repaired.
Ways to save money on renters insurance.
Renters insurance is usually a not too expensive type of insurance but you can still save money:
· Compare rates — always compare renters insurance quotes from multiple insurance companies.
· Bundle coverage — bundling multiple insurance policies is always a good idea. Renters insurance can be a slight incremental cost when you bundle it with auto insurance or other similar policies.
· Raise your deductible — a higher deductible always saves you money on your renters insurance policy. Pick a deductible as high as you can afford to pay out of pocket. People usually pick between $250 and $500.
What is not covered in my standard renters insurance policy?
Some Natural Disasters
Most common examples are floods and earthquakes. If you live in an area prone to floods or earthquakes, special policies can be purchased to cover these events.
Personal Business Items
If you work from home, your renters insurance might not cover your work-related belongings. For example: your home office computer is technically company property. Separate insurance coverage can be taken to cover such items.
Blog first published in Medium.com
Created on Sep 10th 2019 11:07. Viewed 309 times.