Whether you currently rent or are looking to rent a home or apartment, you need to think about protecting yourself against the unforeseen and protect yourself against loss. Just as homeowners are generally required to carry homeowners insurance, renters are not alone and can protect themselves and their belongings from a variety of difficult situations. While the landlord’s personal insurance policy on the home itself will cover the structure of the building, it is up to the renter to protect their valuables and personal property. People who are interested in getting this type of insurance may ask: what does renters insurance cover? While policies are not all the same, most renters insurance policies share a lot of common features and coverage.
To start off, all types of renters insurance generally cover personal property. This type of insurance can help you replace any belongings that you may lose from a covered incident in your home, such as burglaries or fires. Additional renters insurance riders make it so you can even protect your possessions against loss or damage from things like earthquakes and volcanoes. One of the best features of renters insurance policies is that they generally cover your possessions whether in your home or if they are lost, stolen or damaged when you take them with you to travel abroad.
This type of insurance can also handle most types of personal liability. If you end up being sued because there was someone hurt in your apartment, you can end up with liability coverage for legal costs. The extent of coverage will typically vary from policy to policy, but it can provide you with financial assistance when you need it most.
Most of these types of insurance will also help you cover medical payment as well. It can be a good way to help cover medical payments according to a certain limit if there were visitors or guests injured on your property. However, it is important to remember that such coverage usually extends only to your guests and visitors and not to the policy holders themselves. The insurance can provide you with insurance coverage for your house or apartment no matter where you go. If you go to someone else’s property and accidentally damage something or end up in a state of liability, your policy may be able to help you to some extent.
Remember to always talk with your insurance agent to get a clear understanding of what you’re getting and what you need. Many policies cost less than $200 per year which is cheap knowing your protected. Every day renters incur losses from fires, floods, burglaries, and even personal liability for those who visit them. Renters insurance makes bouncing back from one of these a lot easier.