Renters Insurance-What Does It Cover?
Rent or Own
In today’s shakey economy, losing your job is certainly a possibility, which makes the flexibility of renting attractive to many who might otherwise buy. The fact that homes can sit for months or even years without selling causes an obvious problem for someone who has been let go from their job and needs to relocate.
Property is no longer appreciating as it did in the past making homeownership not look so good at the present time, although homeowners do enjoy tax deductions. Renters don’t enjoy the advantage of tax deductions but they do save money on insurance. Renters insurance is generally less expensive than homeowners. If you’re one of the many considering renting here are some things to know about renters insurance.
What can you expect renters insurance to cover?
Items such as electronics, furniture, clothing, jewelry etc are generally covered by renters insurance. Before buying a policy ask your agent to clear up any questions you have and insist on good answers. It’s a good idea to inventory your belongings and use pictures or video to document what you own. In the event of a disaster it could make settling your claim faster and easier.
The landlords insurance covers the unit itself. However if you rent a home be sure to check with the landlord to see if the appliances, interior lighting, and walls are covered in their policy. If not talk to your insurer to make sure your covered.
What if the unexpected does happen?
If disaster occurs due to one of about a dozen situations, your renters insurance will pay for the damage. Types of damage your policy will cover include fire, wind damage, hail, vandalism, explosion, broken glass, freezing, and falling objects. You’re also covered if a thief breaks in and steals your belongings.
The liability portion of your policy protects you in the event someone accidentally gets hurt in your home. Your policy will cover medical bills for the person injured and legal representation for you in the case of a liability claim.
If you decide to rent find the right insurance coverage to protect yourself. Using an online referral service can make the process of finding the right coverage, for the best price, faster and easier.