When renting an apartment, condo, or townhome, it is important to have coverage that protects you and your property. Your renter’s insurance reimburses you for the accidents that may happen to you when you occupy one of these living spaces.
Although the insurance cannot prevent these things from happening, it can certainly provide the aid you need after an accident or injury.
We provide you the answers to questions regarding the importance of renter’s insurance.
What Does Renters Insurance Cover?
There are three main areas that renter’s insurance will cover for you, which are personal property, medical bills and personal liability, and temporary living expenses.
Personal property or dwellings
This policy covers the cost of your personal belongings if they are lost or damaged. Your renter’s insurance also covers what goes on externally from your home. You will be reimbursed for these items if they are affected by the following:
- Fire/fire by lightening
- Damage by vehicle
- smoke damage
- Weight of snow, ice or sleet
- Electrical appliances that cause short-circuit damage
- Overflow of water or stream
- Freezing of heating, air conditioning or plumbing
However, remember that items in the apartment that belong to your landlord will not be covered under your policy. Keep track of all your personal belongings and what belongs to the apartment landlord.
Temporary living expenses
If a situation such as an electrical fire or a gas leak occurs in your living space and becomes inhabitable, your renter’s insurance covers that for you. The insurance will likely compensate you for your hotel bills, grocery items, and other living expenses that exceed what you usually spend.
Medial bills and personal liability
If another person is injured in your living space and sent to the hospital due to falling, slipping, or an attack from an angry pet, your policy will contain some sort of medical coverage that will cover the injuries without involving a lawsuit.
What Does Renters Insurance Not Cover?
There are certain circumstances where your renter’s insurance does not cover you and your belongings. They are the following:
- Natural disasters
- Property damage caused by pets
- Items with high value, such as antiques, art, jewelry, etc. However, you can purchase additional coverage for these individual items called riders.
- Damages caused by terrorism or nuclear war
- Undocumented items
- Items that belong to a roommate, unless they are related to you through marriage, adoption or family
How Much Renters Insurance Do I Need?
This part is entirely up to you. When you sign up for a renter’s insurance policy, you will select your coverage amount. The best plan of action is taking a record of all the items you’d want reimbursement for if someone were to break in and take your things. Estimate how much each of these items cost. These items can include clothes, furniture, electronics, and other valuable items. Try and get as close to that number as you can
If you find yourself looking for renter’s insurance, your next step is to contact us. We are here to assist you. Fill out our form to get a free quote from us.