Good Renters Insurance Coverage
Though being a renter comes with far fewer responsibilities than owning your own home, the fact still remains that when you rent, whether it be an apartment unit, town home or condo, (or any other type of residential dwelling), you will always be vulnerable to some kind of event or peril that can result in the loss or damage of some or perhaps all of your possessions. This can come about as a result of fire, water damage, theft, vandalism and various weather events. Renters’ insurance is designed for tenants to give them this aforementioned protection and, often times, landlords will require it before you sign the rental agreement. Before you obtain coverage, it is wise to go over the landlord’s minimum coverage requirements to be sure that you are buying the correct level of coverage for your needs. Keep in mind, however, that you can easily benefit from carrying more than just the basic coverage. This can be especially true if you own valuable items inside your rental home.
What is it?
Renters’ insurance coverage is a special kind of protection that is engineered for tenants. It will usually have a component of liability coverage and protection for personal property. The liability aspect is the coverage that can compensate for costs that are related to personal liability lawsuits filed against you should a visitor be injured inside your home. It can also provide financial protection for other liability-related costs, like medical charges, lost wages and even more. Personal property insurance is designed to compensate for the replacement of items lost due to, for example, fires, flooding from a broken pipe or a myriad of other potential events that can occur on the rental property. The landlord’s coverage will normally help pay for necessary replacement of the actual building structure, but the renter will require coverage to replace his or her own items that lie within the rental dwelling’s walls.
The expense of renters’ insurance coverage can vary notably and is rooted in the kind of home being rented, the amount of coverage needed and any special components one might choose. Of course, the area in one lives will have an impact too. If you are looking for reasonably priced coverage that will meet your needs, it is helpful to remember that by raising your deductible you can significantly lower your premium payments. The premiums are paid on a regular basis, usually monthly or every 6 months, but the deductible need only be paid when a claim is filed.