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Renters Insurance

The 411 on Renters Insurance

There is a myriad of reasons to rent a place as opposed to buying. However, there is one thing in common and that is the importance of obtaining the proper insurance for your particular situation. The following are some points that support the contention that purchasing this kind of coverage can greatly behoove the renter.

Good renters insurance gives the tenant protections that will not be in the insurance that is held by the landlord. Many tenants erroneously think that if some loss event were to occur on the property that they would somehow be covered by the landlord’s own policy. Nothing could be further from the truth as only renters (also known as tenant) insurance helps to ensure that if covered events occur, the tenant will be assured of not having to pay out-of-pocket for damages.

Like most other insurance policy protection, this type of coverage ensures that should any covered event occur, the insurance company will pay out for a claim that is put in by, in this case, the renter.

Most tenant policies will include coverage for theft and even vandalism. For example, if personal items such as jewelry, equipment like computers, art or furnishings are stolen or damaged, it is within the realm of possibility to file a claim and often quickly and easily have the compensation necessary to replace or repair said items.

Policies of this type also cover injuries. While it is often the case that the plan in place by the landlord will sometimes cover injuries that take place on the property, this coverage will not help with injuries that happen inside an apartment that are the result of tenant actions. In other words, if someone visits your rental home and, say, stumbles over a rug and breaks a limb, your rental insurance will help cover the costs of his or her medical treatment.

In addition to theft and injury, this kind of coverage also safeguards the policyholder from various acts of nature, such as fire or floods. This kind of coverage also provides compensation to replace any furnishings or other personal items destroyed in the event. Some plans even offer compensation for temporary lodgings should the rental dwelling be unlivable.

In the end rental insurance protects tenants from a myriad of possible issues. Start a conversation today with an insurance professional to discover what kind of coverage would best suit your situation. Once the coverage kicks in, the tenant can have the peace of mind inherent in knowing that no matter what might occur it will be in the realm of probability to get back on track without taking a big financial hit.