If you rent, then you can protect yourself and your belongings in the same way that homeowners protect themselves. Renter's insurance covers you in a variety of circumstances; some landlords require it in order to rent a place in their building. However, renters insurance doesn't cover everything. Here are some things you should know about renter's insurance and what it does or does not cover.
Who Needs Renter's Insurance?
Even if your landlord does not require renter's insurance, you should still consider it if you are renting any type of property. This type of policy not only protects your own personal belongings; it also protects you against personal injury lawsuits for injuries that happen in your rental unit.
What Does Renter's Insurance Usually Cover?
Renter's insurance comes down to three areas of coverage: personal property, living expenses, and liability.
1. Personal Property. Renter's insurance covers most of your personal property in the case of damage or theft up to a certain point. Your television, computer, clothing, and furniture are likely covered up to the monetary limits of your policy. You may even get coverage for spoiled food under certain circumstances.
2. Living Expenses. If you have a covered event that makes your rental unit unusable, then you may be reimbursed for a limited amount of living expenses until your unit is repaired. You may also be covered for moving expenses if the rental property is permanently unusable.
3. Liability. If a person slips, trips, and falls in your apartment, then you could be liable for their injuries. The same principle applies if your pet bites a visitor as long as your pet is listed on your policy. You are also likely covered if your pet damages your rental unit.
What Does Renter's Insurance Not Cover?
Renter's insurance generally does not cover luxury items such as furs, jewelry, or artwork. However, you may be able to purchase a rider or additional insurance to cover those specialty items. Some renter's insurance policies do not cover water hazards like broken aquariums or waterbeds. This type of insurance also may not cover pest damage, like bed bugs, or natural disasters.
Can You Get Optional Coverages for Renter's Insurance?
If basic renter's insurance does not cover everything you need, then you could make specific requests to add that coverage. You may need to add extra coverage for earthquakes and floods, for example. You can also get coverage for outdoor toys like boats and ATVs.
If you are renting a house or an apartment, then you should protect yourself with renter's insurance. Hopefully, you won't need to use it, but you will appreciate it if you do. Learn more about your options by contacting resources such as Bear River Mutual Insurance providers.
Purchasing insurance — the right insurance — is one of the smartest things you will ever do. While there are definitely differences between homeowners, car, life, and health insurance policies, they all serve the same purpose when it comes down to it. Insurance protects you against financial ruin should a tragedy happen in your life. In the case of homeowners insurance, that tragedy could be a fire or a flood. In the case of life insurance, that tragedy would be your death. The more you learn about insurance, the better the decisions you'll make when purchasing it. So dive into the articles here, and start reading.