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Renters Insurance
If you don’t own your home, but instead rent it, you can still purchase insurance to protect you, your belongings, and your living arrangements. Renters insurance typically covers common perils, or threats, like theft, break-ins, or a visitor’s injury. Not sure whether you need renters insurance? Keep reading.
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What Is Renters Insurance
Renters insurance is a type of coverage that protects tenants from unexpected events. Many people think their landlord’s insurance policy will protect them, but in most cases this is not true. The landlord’s policy only covers the building you are living in. That means your personal belongings are not covered. It also means that any injuries that occur within your unit will still be your responsibility. With renters insurance, all of these problems are solved. These plans cover your possessions and protect you from injury liability.
How Does Renters Insurance Work?
Renters insurance covers losses that occur within a rented space. There are two types of coverage options available under the average renters policy. These options include cash value coverage and replacement coverage.
With a cash value coverage plan, you will be reimbursed for the value of the items at the time they were damaged or lost. Replacement cost coverage plans, on the other hand, will cover the cost it takes to replace lost or damaged items.
What Does Renters Insurance Cover
Your renters insurance will cover the loss or destruction of your personal belongings due to a covered peril, such as:
- Fire
- Lightning
- Windstorm
- Hail
- A frozen plumbing system
- Theft
- Vandalism
- Impact by a vehicle
If your home becomes unlivable, some renters insurance plans also provide you with coverage that helps pay for the cost of alternative living arrangements while your home is repaired or rebuilt. If a person is injured on your property and needs medical attention, the personal liability portion of your coverage can also protect you. This is important because you may be liable for medical costs and legal fees if an accident occurs on your property.
Find Renters Insurance
With renters insurance, you get peace of mind that your possessions will be replaced in the event of an emergency. If you are currently renting your home, get coverage today. You can call Insured For Life to get started with a free quote on coverage in your area.
