Renters Insurance

Renters insurance Info

Many who rent an apartment or a single family type home simply do not realize the importance of purchasing good renters insurance. Those in the know conclude that about two-thirds of renters never purchase this type of insurance. This seems baffling as rental insurance is certainly one of the most affordable kinds of coverage out there. The following are important things to know about renters insurance in order to assist one in the process of deciding the purchase of proper coverage.

Rental insurance is a kind of property/casualty coverage that protects policyholders from damage and loss to any covered possessions in a rented dwelling. Most rental insurance also covers for loss of use, which means that if your rental home is rendered uninhabitable as a result of some disaster, the insurer will compensate you to aid in your obtaining a home elsewhere. Most coverage provides personal liability to protect you from such things such as visitors taking a fall in your apartment, being injured and litigating against you.

Rental insurance is for those who reside in a rented property, whether it’s a single-family, a townhome or an apartment. It functions much like other kinds of property insurance. If you realize damage to your possessions as a result of some disaster or another, like wind, rain or fire, you are then obliged to file a claim with your insurance provider. The insurance company will determine the validity of a claim and then offer to compensate you according to the amount of your loss and the coverage limits originally obtained.

Renters insurance is relatively universal, with variation being minor between policies. The insurance functions much like homeowners insurance, covering the policyholder from risks such as fire and wind, but generally excluding things such as floods and earthquakes. Some providers offer supplemental coverage or “riders” that provide extra coverage for things that aren’t normally covered, such as a storage shed or garage.

Call today for more information on the benefits of rental insurance such as the protection of your personal property from loss due to a wide range of losses that landlords will not cover with their in place insurance or personal liability coverage to protect from lawsuits.