The Secret of Renter's Insurance
The most recent studies showed that 36.6% of households are renting their homes. Additionally, there are more renters today than at any other time in the last 50 years. Are you among these 37%? If you answered “yes”, keep reading and find out the importance of renter’s insurance.
A lot of people assume that their landlord’s insurance policy will cover their belongings- unfortunately, that generally is not the case! Landlord’s insurance covers the building, it will most likely NOT cover your personal belongings or injuries sustained within the building. Luckily, renter’s insurance will protect you from unexpected circumstances such as theft, fire, or any other damages, as well as from liability if someone gets injured.
The renter’s insurance will cover loss in your rented space based on the policy you own. The two main types of coverage options are actual cash value and replacement cost coverage. It will cover the loss or destruction of your personal belongings from a covered peril such as fire, lightning, windstorm, hail, a frozen plumbing system, theft, vandalism, impact by a vehicle.
Renter’s insurance can cover more!
If you are forced to temporarily move out of your home, due to damage and destruction of the building, renter’s insurance will help cover the cost for alternative living places.
If your friend or family member gets injured at the landlord’s property and requires medical attention, renter’s insurance may include personal liability coverage inside the policy. This type of coverage will help you pay for medical costs and legal fees that you could end up facing.
If you own a car and keep some items inside your car, depending on your renter’s policy, your belongings will be covered by renter’s insurance. Note: This may not include equipment installed in the car.
There is one thing you have to know: renters insurance may not cover expensive valuables such as jewelry. You may need additional coverage for it. Also, if you operate a small business within your rented property or use your motor vehicle for business use, your coverage may not apply.
Thanks for reading!
Farmers Mutual Insurance
749 Wilson Road, Newberry, SC 29108