You have rented a house, which may be an apartment or condo. If you think you don’t need renter insurance, don’t follow me because the opposite is true. The landlord is not responsible for your property and is afraid of something happening to your flat. Only houses, apartments, and buildings are insured, and your property, on the other hand, is not.
Important Advantage of Renter’s Insurance
You should purchase homeowners insurance because it will help you sleep better at night. After all, it is better to have home insurance and not need it than to have it and not need it. If you need to replace a lost or damaged item because you need to, the insurance company will help you out, so you don’t have to pay so much.
- Another advantage of Renter’s Insurance is that it also covers injuries at home.
- If someone is injured in your home, your insurance company can pay for hospital bills.
- Also, if you are sued due to an accident, the insurance company may pay your legal fees.
- When purchasing homeowners insurance, you must first find an insurance company that offers these benefits. You can look in the Yellow Pages or directly online.
- If you choose the latter, you can also compare policies and rates from different insurance companies to make choosing a provider easier.
What Does Renters Insurance Cover?
It indicates a strong sense of responsibility and a lack of trust in the landlord. Even if you think insurance only covers a portion of your property, you should still have insurance. It is better to have insurance and not need it than to need it and not have it. What you can do is purchase renters insurance that includes important liability coverage.
- The best way to do this is to get an explanation from a qualified person familiar with the benefits and services of insurance.
- General insurance” for personal belongings covers theft and damage. There is also “liability insurance,” which covers financial loss due to bodily injury.
- This means that if someone is injured in the house, the renter’s insurance can pay for hospitalisation.
- If the policyholder is issued, the landlord’s insurance may cover the legal costs.
- An insurance agent can also answer the question of what renter’s insurance covers.
- In general, renters insurance can cover just about anything that can happen to a home.
- At least, that’s what many people seem to think, but that’s not the case.
An example of what is covered
Homeowners’ insurance only covers damage to the building, not the renters, and only in the event of a burglary or robbery. If the building or apartment burns down, the landlord is not liable for the renter’s loss. The question of what renters insurance covers is answered by insurance companies because it needs clarification for those who only insure rented or owner-occupied apartments. The following is an example of what is covered.
- First, and most importantly, it protects your property from theft or damage by unauthorised persons.
- It also protects your property in the event of a natural disaster such as a windstorm or fire.
- If a rented house, apartment, or condo is damaged and becomes uninhabitable, homeowners insurance can cover living expenses until the house is rebuilt or repaired.
- Another interesting answer to what renters insurance covers is that it can ensure the property even if the person is traveling.
- Renters insurance is definitely worth the investment as it will help you sleep better at night.
Contact Your Insurance Agent
You can also contact your insurance agent. That way, someone will answer your questions and make it easier for you. If they are well trained and knowledgeable about the policies they sell, you can buy homeowners insurance from them. Here’s a word of caution. When speaking with an insurance broker, it is good to ask about the general terms and conditions of renters insurance. You can also find out if valuable items such as art, collectibles, and jewelry are covered. Most do, but some insurance companies do not.
Conclusion
Before finalizing your decision to purchase Renters Insurance, be prepared that premium rates may differ from other companies because there is no standard for premium rates. It depends on your location and the property you wish to insure. The insurance company will then determine which plans they can offer and how much you pay in premiums.
Author Bio
Lily Poole is a Property and Renter Insurance officer by profession. She is pretty well experienced in the insurance and accounting field and has an impressive profile in the training and development industry.
