The truth is that few renters seem to seriously ponder the idea of obtaining good renters insurance, this being despite the fact that theft, accidental damage, and even vandalism can happen anytime to a renter. Renters’ insurance can be a financial life-saver for those impacted by such perils. Whether you rent a townhome, single-family home, condo or a typical apartment, you are well advised to seriously consider and research the purchase of this type of insurance coverage. This kind of a policy provides a myriad of protections and benefits that could very well have you being immensely thankful that you had the foresight to obtain this coverage.
What is it?
This kind of coverage is really not too different from homeowner’s insurance in that it can cover the costs of damage done to your personal belongings should some kind disaster occur. The personal belongings within your home can be usually replaced or replaced as long as they are under the protection of your policy as outlined in its details. This type of protection can also protect any items inside of your residence that are lost or stolen. Some renters’ policies also provide compensation for medical expenses should you or a visitor be hurt inside of your rental dwelling.
Many renters are under the false impression that they somehow fall under the protective umbrella of a landlord insurance policy. Unfortunately this is a fallacy as your landlord likely does not care for your personal belongings and is more interested in avoiding costs that he or she can legally avoid. The usuall landlord insurance policy will just cover the building itself and certainly nothing outside of which that can financially impact the landlord’s own bottom line.
What does it do?
Though you may think your personal belongings are not particularly valuable, if you were to add up all that you have accumulated over the years, you would likely be surprised by how much it comes to than you previously might have realized.
In addition to personal belongings, you may greatly benefit in the purchase of good rental insurance that can safeguard you from any accidents or injuries that can occur on the premises of your rental home. People do often sue and this means you could be liable for a person’s injury while they are visiting you. You can also be in the legal crosshairs for any damage done to another individual’s property if some kind of accident or event occurs at your rented home. A renters’ policy will often cover your legal fees and any judgments brought against you, up to the limits of your policy. Having no insurance will put you on the hook for coming up with out-of-pocket costs for such unfortunate incidents.
This amount of coverage that you choose to purchase will obviously determine the extent to which your policy can protect you. You can opt for “replacement cost coverage” or choose “actual cash value” insurance to cover the replacement of any lost or damaged personal property. The latter wiill compensate for what your property was worth at the time of replacement, while the former provides compensation for what it really costs to replace your personal items. Remember that most insurance policies offer you the option lowering premiums by paying a higher deductible when a claim is filed. Once one is filed, an insurance provider will often have a person investigate the claim to validate it before the compensation is paid out. Have no fear; if your claim is legitimate you will be