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Everything You Need to Know: Tenant Insurance

Most people know that persons who have their own properties are required to have homeowner’s insurance. This is to protect their property, belongings, and damages that unwanted visitors might try to do. On the other hand, if things were to happen to their property, their insurance company could help them get back on their feet because their belongings and properties are insured.

But what about people renting or leasing an apartment, condominium, or a house? That’s where renters insurance comes in. This type of policy takes care of your personal belongings, properties, and items. Today, we’ll take a look at what renters insurance is all about.

What Is Renters Insurance?

Property insurance for renters is a form of insurance that covers the renter from personal property losses and personal liability claims. These liability claims may include injuries that occurred within the rental property that are not caused by structural damage. Things like faulty plumbing and busted heaters are part of the structural damage to the property and are covered by the owner of the building that’s covered by the landlord’s insurance.

If you’re a person looking to live in an apartment for a year or maybe even a little longer, getting renters insurance would be a wise choice. No matter how careful you may be, you can’t control the actions of your neighbors. They might leave the gate open, let -suspicious individuals into your building, and even leave the stove open and set fire to your building. Protect your belongings now, and get renter’s insurance today.

What Does It Cover?

Renters insurance covers a few basic components. Let’s take a closer look at them, shall we?

Liability Coverage – This type of coverage protects you up to a certain amount in the event that you get sued by a person that incurred damage or injury (accidental or not) within your rented property. It also pays for the damages or injuries that you, your family members, and pets caused to a visitor within the rented property. When you have tenant’s insurance, your insurance company can pay up to $100,000 – $300,000 in court judgments and legal fees.

Furthermore, the landlord can also sue the tenant for damages they did on the owner’s property. Legally, the tenant is responsible for any damage the structure incurred, as well as damage to its contents. When you have renters insurance, all of these can be covered under liability protection.

Personal Possessions – As the name suggests, this type of coverage protects your personal belongings. This is also a very standard coverage for property insurance for renters. In the event of finding your personal property and belongings destroyed or damaged, the insurance can cover for your losses and help you pay for the cost of the damages.

For example, your furniture and clothes got burned and destroyed in a house fire. The insurance company can help cover your loss. However, there is a certain coverage limit for every policy. The amount will be determined by the premium that the insured person is paying for. If he or she is paying for a higher premium, then the coverage limit will increase as well.

Additional Expenses – This coverage covers the event that your home becomes uninhabitable or it’s no longer a safe place to live in. It can be due to perils like a house fire or an earthquake that destroyed your building. In the event of this, the tenant will be provided with money for a temporary housing settlement.

Things like hotel bills, meals, and other arrangements are included in this coverage. Make sure to check your policy to learn the coverage for your additional living expenses. You can call your insurance agent for more information.

Personal Belongings Not Covered 

Not all of your personal belongings can be covered by insurance. There are different kinds of properties that are not listed under this type of policy. Coin collections and jewelry are just some examples of them.

What you can do is apply for scheduled personal property coverage to have additional coverage on your personal belongings and valuables. Make sure to talk to your insurance agent to find out if the additional coverage applies to your situation.

Get in Touch With a Professional

Before considering applying for renter’s insurance, make sure to get in touch with an insurance agent first. They can give you advice on what coverages you can add to your policy and also help you protect your possessions and properties. Call your insurance agent today!

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