When it comes to your renter’s insurance policy, the biggest mistake you can make is not getting one at all. If you are a renter who is ignoring something that you have needed for far too long now. That something is renter’s insurance. It’s probably occurred to you that in the face of a tragic event like a fire or theft, your stuff will need replacing. You might have also realized that replacing your stuff is going to cost you money, more money than you may realize. In most of the cases renters don’t get renter’s insurance because they don’t think they need it. They falsely believe that their landlord’s insurance will cover their personal belongings. Some don’t even know renter’s insurance is available. Others may avoid it because insurance can be complicated and tedious and since they’re renting, they figure that’s a good enough excuse to avoid it. But it’s time to clear the fog and see clearly that everybody needs renter’s insurance. You have things that you’ve worked very hard for, and therefore you should protect those things in case of an event that could destroy them, or result in them ending up in someone else’s hands during a home robbery.
Renters insurance protects you in case you’re held legally responsible for injuries to another person while they’re visiting your home. And, because the policies don’t cover the building itself, premiums can be relatively inexpensive.
Although renters insurance plays a very important role when it comes to securing your priced possessions, but that doesn’t mean you should blindly sign off on the first policy you find. Here’s what you need to know while deciding your renters insurance:
1. Is all my stuff covered?
Most policies cover the bulk of your personal property like clothing, furniture, artwork, electronics, but with limits on jewellery, fur and silverware. You can buy additional coverage for these restricted items with an additional coverage for business equipment you own.
2. What “perils” are covered?
Your insurance usually covers you against theft, fire, smoke, explosions and water damage from bursting pipes and overflows. Breakage (for example, your dog knocks your laptop onto the floor) is typically not covered. Storm coverage is a bit of grey area. However damage from wind is generally covered, but water that seeps through a roof or wall is generally not covered.
If you’re in a ground level or below-grade apartment, you won’t be covered for damage from floods or excessive rain. In such a situation you can think of buying flood insurance.
3. What happens if someone gets hurt in my apartment?
Apart from securing your personal possessions , the liability portion of your renters insurance covers you for injuries that happen inside your apartment, like when your part-time housekeeper slips and breaks her leg on your wet bathroom floor. Also, if a guest visits your place and trips over and gets injured, your renters insurance can provide coverage to cover all the medical and legal expenses.
4. How much liability coverage do I need?
Renters insurance typically provides liability protection that pays for both the cost of defending you in court and court award up to the limit of your policy. A standard policy may provide at least $100,000 of liability coverage, but additional amounts are often available at a relatively low cost.
5. What if I need to move out during repairs?
In a situation where you can’t live in your rented home while it’s being repaired or rebuilt after a covered loss, most renters insurance policies will help with the costs. You need to add this separately as this falls under your additional living expenses coverage. It may help with hotel bills, temporary rentals, restaurant meals and other expenses. Be sure to check on financial and duration limits.
6. What about roommates—human and otherwise?
One of the best things about renters insurance is that it automatically covers spouses and immediate family members in the same household, but a roommate must be specifically named in the policy. Be sure to keep the policy up to date; damage checks may be issued to both parties, even if one has moved out. As for dogs, check with your independent insurance agent about what kind of coverage you may have.
7. Is my stuff covered if it’s damaged or stolen outside of my apartment?
Most renters insurance covers off-premises damage caused by fire, water damage from burst pipes, and vandalism. Also, If your personal property is stolen outside your apartment, that may also be covered. Or you may be required to take out extra insurance.
Whether you need, Small Business Insurance California or Renters Insurance California, the insurance experts and professionals can provide you with the right coverage at a price that fits your budget.
Source by Ron Morgan
