It is easy for many to remember that momentous occasion of renting one’s very first place as a cause for celebration. It was the first big way for many of us in which we were enabled to spread our proverbial wings and feel independent. However, all the wonderful memories aside, for those of us who still rent, it is important to consider the repercussions of some kind of an event occurring that may lead to some kind of loss in your rental home. By obtaining a renters insurance policy, you potentially can save significant money over the long term.
Renters insurance varies from homeowners’ or auto insurance in that it only covers personal possessions that are inside the walls of your rented home. Your landlord often will have a policy that covers the actual home or apartment structure within which you dwell, but this is for his or her protection, not necessarily yours. If an accident, fire, or vandal destroys any of your personal belongings, then this insurance will pay out for any lost or damaged covered items.
You may not think your stuff is worth all that much, but you might be wise in considering the cumulative amount of it all and how it might be quite prohibitively expensive to replace it all. Most certainly couldn’t come up with such a dollar amount without busting the budget. Also, and quite importantly, a renter’s insurance policy can also give coverage to you if someone were to injure themselves while inside your rental home. Keep in mind that this insurance is so helpful that many landlords mandate you to purchase it before moving in.
The typical renter’s policy will cover losses resulting from fire, theft, a burst water line, and some severe weather events. However, this policy, as with many others, will usually exclude such natural disasters as floods, hurricanes, or earthquakes. You need to purchase separate policies for these kind of protections and, depending on where you reside, it may be wise to investigate these additional coverage choices.
If you were to file a claim, you’d first need to be sure that you have kept up on your premium payments and then you would likely need to pay a deductible, or the amount you must first pay before your insurance plan is activated. (Generally speaking, the bigger your deductible, the lower your premium.) Call us today for more info on our rental insurance plans!