Types of damage and loss usually covered by renter’s insurance

There is a plethora of insurance companies on the market and, when one is looking for the proper insurance and coverage, it is essential that he/she considers the different types of damage or loss covered by renter’s insurance.

There are 5 major issues that are covered by renter’s insurance in most locations and another 3 can be found in location-specific cases:  Theft, Fire, Vandalism, Personal Liability, and Guest Medical; and Tornado, Flood, and Earthquake.

Theft – One of the most common reasons for obtaining renter’s insurance is to safeguard against property loss due to theft, especially in high-risk locations. Most companies will provide a reasonable value for your possessions.

Fire – Another very common reason for obtaining renter’s insurance is to protect the value of possessions as well as the health of the inhabitants against the threat of fires.  Many companies will provide more-than-acceptable temporary relocation expenses; and some companies will even provide discounts to the cost of the policy for early-warning or preventative devices.

Vandalism – Vandalism is also a common aspect of policies and provides for some simple protection for your possession that might be in danger of harmful and destructive actions.

Personal Liability – A more uncommon feature of many policies relates to personal liability against accidental injury or harm that might occur to a visitor to the home.

Guest Medical – This is an important policy feature as it protects guests and visitors from having to pay out-of-pocket for medical expenses that are covered under the umbrella heading of Guest Medical Coverage.  This may or may not extend to emergency room visits, ambulances, and some important procedures.

Tornado – In the Midwest, this tends to be a more commonly sought-after item of contention for renters and home-owners to provide security against the remote possibility of damage due to severe storms that produce tornadic activity.  While this might never be used, if a tornado touched down on the home in question, there would be severe damage in the least of cases.

Flood – Along river banks, marshy areas, lakefront properties, and other such locations, it is likely that renters will seek out flood insurance to offset the cost of home reparations or loss of possessions due to the rising waters that are so prevalent.

Earthquake – California and any other area that is prone to earthquakes will find it more common, although not normal, to offer insurance against damages caused by earthquakes.

While these things are not going to be available on all policies, the offering of certain features can provide the potential insured with the confidence that they will be recompensed for certain conditions.  The comfort that having insurance provides is well worth the extra cost, especially if you are taking preventative measures along with the policy purchase.