Insurance for renters is similar to insurance that is provided to a typical home owner as well as a mobile home owner. A renters insurance policy will provide the apartment owner with personal property or contents coverage, liability and medical protection as well as additional living expenses in the event of a total loss. A renters insurance policy is generally cheaper to buy because the personal property needs are different than that of a typical home owner.
Just like any other personal property insurance policy a renters policy will cover the contents of an individual’s apartment. Renters insurance provides protection for an individual’s furniture and personal possessions from a variety of losses such as fire, lightning and smoke. A renters policy will also protect against most types of theft loss in an individual’s apartment. People who rent apartments are generally younger individuals who tend to spend more on electronic devices than pricey furniture. As a result renters may not realize the total value of their electronic items and amount it would cost to replace them in the event of a loss.
A renters insurance policy will also provide coverage for liability and medical protection. Friends can be great to spend time with but if one of them gets hurt or injures themselves at your apartment they may sue you. In the event that you are sued the personal liability protection on the insurance policy will help to cover the associated legal costs and related damages. Most liability coverage also includes medical payments coverage. Medical payments coverage will pay up to a certain amount when an accident involves injury to others regardless of legal responsibility. Many people take this for granted but accidents can and do happen so it is always better to be prepared.
An additional coverage provided by renters insurance is additional living expenses. This is coverage that is provided in the event of a peril or loss that that forces a renter out of his or her apartment. This can be due to fire, smoke or other hazard covered by the policy. In order to maintain a normal standard of living additional living expenses may include payments for a temporary housing, food, rental income and other expenses. Although the owner of the apartment shares some responsibility to keep the complex safe they can’t control the actions of other renters. Additional living expenses is not often used but it is a good coverage to have when it is needed.
A renter’s needs are different than those of a regular home owners. As a result the premiums or cost for renters insurance is generally cheaper. This depends however on the type of contents an individual has in their apartment. A renter should always keep a record of the total amount of their possessions in the apartment.