Understanding Renters Insurance And How To Get The Best Coverage
by Ankur S. Get Free Insurance Quotes OnlineRenters 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
- Burglary
- 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
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.
Living Expenses
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
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Created on Sep 10th 2019 11:07. Viewed 500 times.