It’s important for every renter to know what does renters insurance cover.
If you don’t, you could be in for a nasty surprise when a lawsuit gets filed against you because of something that happened on the property you’re renting. When it comes to insuring your possessions in the event of a disaster, theft or damage, this coverage pays everything. Depending on the policy, renter’s insurance will pay up to the amount agreed upon in the policy. In addition, renters insurance will also provide coverage to help you protect yourself against claims made against you by others. This is known as liability coverage and helps to cover legal fees and other expenses if someone is hurt on your rental property.
Renter’s insurance is designed to protect your personal possessions as well as any other things in your apartment or condominium unit. When a lawsuit is filed against you, the insurance will pay the cost of all court costs and any settlement payments you are due. It will also cover any repair costs for your apartment or condo unit. These include fixing anything that got broken while you were not home, such as a table lamp or an air conditioning unit.
What does renters insurance coverage on a rental property include?
Usually, it will be a standard policy, which usually has limits to the types of losses that are covered. These usually include theft, fire and flood. However, it may include additional items as well, depending on the policy. Usually, your landlord will have these policies in place, but it never hurts to check. At a minimum, you should see what is offered under the provisions of your existing rental agreement.
If a guest becomes injured in your home, the insurance will pay a percentage of medical expenses as well as any repair costs for the property. In some cases, the policy covers the cost of the guest’s transportation to and from the emergency room. This portion of the policy may vary depending on the insurance provider you choose. Many will also have coverage in place for lost wages, if a guest’s wages are lost because of a fire at your apartment while you are away.
With so many different items in your home, there are probably a lot of valuable possessions that you do not own outright. If you have items such as clothing, jewelry or antiques, your insurance should have the right to sell them to charity or handle damaged or broken items on behalf of the owner. Some companies will even take care of having your items appraised and valued to determine their value so you receive the best possible payment when you sell the items. At the very least, you should try to have all of your valuables insured, especially if you live alone.
Another item that you should have insured is your television set.
Often, electronics and appliances break down and require repairs. If you have a broken TV, you may be unable to return it to the store to get a refund, which could lead to you having to purchase a new one or pay for a repairman to come out to your home. For this reason alone, you should seriously consider purchasing a rental insurance plan to cover your expensive television set when it breaks down.
When you finally decide that it is time to purchase insurance for your belongings, you will need to research the different types of policies. Many companies will offer similar coverage but may differ in other areas. It is important to remember that the price you pay for insurance is not the only thing you will be responsible for. There are many different types of claims and damage that your insurance policy will help you with, including theft, damage to neighbors’ belongings, vandalism and much more.
Renters insurance can protect your apartment, home, car and personal belongings from a variety of different types of incidents and disasters. In order to get the most affordable coverage, you should purchase the insurance a few months before you move in to your rental apartment or house. You should also keep your insurance current, as some things change about your life. If you rent frequently, you should consider purchasing several different kinds of insurance to protect yourself while you live there. Whatever your needs, there is a plan that is right for you.