The property of a renter is no less valuable than that of a homeowner. Nor is a renter any less likely to suffer an unexpected loss than a homeowner. Unfortunately, many renters often fail to see the value of renter’s insurance and go unprotected. There is no way to foresee when a loss will occur, nor how extensive the damage will be. That’s why it’s important to have renter’s insurance, to protect you for those sudden, and often devastating, occurrences that you cannot plan for.
One common mistake that renters often make is assuming their landlord’s insurance policy will pay for any damages to their property in the event of a loss. The truth is the landlord’s policy provides no property or liability protection for the tenant. You need to have your own insurance to be fully protected. A renter’s insurance policy includes many levels of protection for property and liability losses and can be tailored to meet your specific needs.
Imagine what would happen if the home or apartment you are renting suffers a loss of damage from a fire, tornado, or other occurrence that forces you to find temporary residence. Would you have a place to stay until you could move back into your home? Could you afford to replace all of your furnishings, clothing, electronics, and other personal items if they were completely destroyed by a fire? What if someone was injured on the property and sued you for negligence? What if your dog bit someone? A renter’s insurance policy tailored to your specific needs will prepare you for the unexpected by providing coverage for all of these potential losses.
Personal Property Coverages
*Protection for your furniture, clothing, home decor and accessories, electronics, and toys. Choose replacement cost or actual cash value, and limits up to $100,000.
*Includes limited protection for valuable items.
*Temporary living arrangements in the event you need to find a place to live temporarily when your home is uninhabitable due to a covered loss.
Personal Liability Coverages
*Personal liability protection in the event you are sued by someone who is injured on your property as a result of your negligence.
*Medical payments coverage to cover immediate expenses of a person who might suffer an injury on your property, regardless of negligence.
*Includes property damage liability and pays for damage caused to another’s property by you or a family member. You can be held accountable for losses to the rented dwelling due to your negligence. If you accidentally cause a fire that damages the building or structure, the landlord’s insurance company is going to look to you for reimbursement of damages paid. Personal liability coverage will pay for the damages you are responsible for.
Optional Coverages
*Increased personal liability limits
*Increased medical payment limits
*Increased coverage for valuable items
*Choice of Actual Cash Value (ACV) or Replacement Cost (RC) protection for your property.
*Sewer backup
Your landlord only has his best interests in mind, so you need to take it upon yourself to protect your own property. You’ll be surprised at how inexpensive renter’s insurance is, and the peace of mind it provides is priceless.