Those who rent sometimes do not consider what would happen if their rented home was robbed or destroyed. Many people make the mistake of thinking this cannot happen to them, but assumptions can be quite costly. When an apartment building is destroyed by a fire or a storm, some renters are protected by insurance policies, and these renters will be able to replace most of their belongings. Other renters in the same building are left with nothing because they did not have the policy to protect their belongings. Renter’s insurance is really very affordable, and the monthly premium is a small price to pay should something go terribly wrong.
If you are asking yourself what renter’s insurance really covers, consider the following information. Additionally, there is The Insurance Blogger that will help you with all your doubts regarding renters’ insurance and why it is really important to get one. You might be surprised by the options for renter’s insurance coverage. A renter’s policy can cover more than many people realize, and it is far more valuable and more important than most renters think.
Personal Possession Coverage Inside and Outside the Home
Most renters are aware of personal possession coverage. After all, this is why renters invest in insurance, but in many cases, the coverage goes beyond home furnishings, clothing, and personal belongings. Unbeknownst to some renters, certain items are covered with limitations, and possessions outside the rented home are also often covered. It is important to know what your renter’s insurance policy covers before signing on the dotted line, and it is important to choose the right insurance policy for your particular location. Floods, earthquakes, and landslides are not usually covered in any standard policy, and this must be added as a rider to the renter’s insurance policy – if these types of natural disasters are likely in your particular location.
Belongings Generally Covered with Limits
Depending on the renter’s insurance policy, some items are covered but with limits. These items include but are not limited to computers, furs, and items embellished with fur, wall hangings, rugs, collectibles such as baseball cards and comic books, semi-precious and precious stones, jewelry, checks and securities, money, antiques, and fine works of art. Items with limited theft coverage include guns, silverware, and gold. Check into a policy that covers your treasured belongings and collections.
Vacation Coverage for Renters
Did you know that a renter’s insurance policy can include vacation coverage? Some renter’s policies will cover items that are destroyed, lost, or stolen while on vacation. This can be of great benefit to renters who frequently travel, especially if this type of coverage is included without added cost. This type of policy can extend far from the home.
Vehicle Content Coverage for Renters
Many renters do not realize that personal property stored in their vehicles might be covered by renter’s insurance. Items including but not limited to compact discs, aftermarket stereos and equipment, portable GPS systems, books, and clothing can be covered. Renters usually assume the loss of vehicle contents falls under vehicle insurance, but those with a simple auto liability policy could still receive compensation for their loss through their renter’s insurance policy.
Renter’s Liability Coverage
Many renters are unaware that renter’s insurance can cover liability, even if it is caused by negligence. Imagine if a child accidentally plugs a bathtub and does not turn off the water. Renter’s insurance might cover the damage, depending on the policy. This type of renter’s policy can also cover those who become injured in the home.
Look into the various options for renter’s insurance policies, and choose the policy that is right for your particular needs. Do not make the mistake of thinking your items are protected. Tragedy can happen to anyone at any time, and most renter’s insurance policies range from just $10 to $20 a month. Renter’s insurance is well worth the peace of mind it affords, and before deciding against renter’s insurance, consider whether or not you can afford to lose everything you own.