Renters insurance is designed to provide protection for those that rent an apartment or home. The apartment or homeowner’s insurance does not protect a tenant’s personal property. The insurance that the property owner carries covers the building. However, renters insurance offers more than just personal property protection.
What Renters Insurance Covers
While companies and individual policies can vary, most policies offer certain standard protection. Your personal belongings will be protected from theft or fire damage. In most cases, coverage is provided for water damage due to storms. Some policies will cover damages from broken plumbing systems.
In addition to your personal property, renters insurance can provide you with protection from certain liabilities. If someone is injured inside your home, your insurance will provide medical coverage and possibly offer defense in a lawsuit. Some companies also include a form of identity theft or stolen credit card coverage in an insurance package. Your policy may even cover your personal property while you are traveling.
What Is Usually Not Covered
Your vehicle should be covered under an auto policy. Renters insurance is not designed to protect vehicles. No insurance will cover intentional damages that are caused by the policy holder. Damage, due to earthquakes or flooding from nature, is not covered under standard policies.
If you run a business from the your rental property, your business and business property will not normally be included in your coverage. Ask about a separate business policy for protection.
Additional Things to Consider when Selecting Insurance
If you own rare collections or other high-dollar items, you should ask about addiding additional coverage to your policy. Similar to a homeowner’s policy, renters insurance does have limits. Ask if the policy you are purchasing provides protection for you in the event that your rental unit is no longer habitable. Most policies will provide you with some form of protection for increased expenses if you are required to move out of a damaged residence.
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