Renters Insurance

The Necessity of Renters Insurance

It is common for people to protect a big purchase when insurance. Most people get insurance as soon as they get a car or buy a house. If you rent an apartment or home, then you should protect those as well. Renters insurance is the answer.

The Purpose of Renters Insurance

The person who owns the property likely has insurance protection for the building and liability. However, that protection does not extend to you – the tenant. If a tenants personal belongs are destroyed in a fire or stolen in a robbery, then the tenant cannot claim the loss under the landlord’s insurance. The only recourse for the tenant is to have renters insurance in place before disaster strikes.

Who is Eligible for Renters Insurance?

Anyone who rents a living space is eligible for renters insurance. Premiums depend on several things, such as location, how much coverage is necessary, whether the location is on a floodplain or in an earthquake zone. It is worth the investment because it gives the renter peace of mind knowing their property is replicable in the event of a mishap.

The Process

Several insurance companies offer renters insurance, this even includes automobile insurance agencies. When moving to a new place, contact an insurance company with which you are familiar to see if they offer renters insurance. After completing and submitting the application, assuming you receive a policy, you will then have coverage. In order to keep the policy active, you have to pay the premiums regularly. Once a mishap does happen, you can file a claim if you need reimbursement.

Riders and Options

Most all plans cover furniture and music belongings. Expensive items like jewelry and electronics might not have protection. You might need a policy extension called a “rider” in order to cover expensive items. In addition to covering items in your home, you can also get renters insurance to cover personal property in rental storage sheds.

Many people who rent property dont know they can get renters insurance. They often assume their belongings are protected because of the landlords insurance policy. Now you know that is not the case. A renter needs insurance to protect their personal property.