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Renter's Insurance

Many of us get insurance for protection against possible adverse events. For example, car owners buy auto insurance to protect them if they are in an accident. Homeowners get home insurance to cover their homes. Renter's insurance covers renters against possible adverse events and liability.

Although a renter does not have the same liabilities as a property owner, having a renter's insurance policy can help them.

This article will explore the renter's insurance policy, liability coverage, and the insurance company's obligations to the renter.

Renters Insurance Policy

Homeowners and car owners are not the only people who need protection against unforeseen adverse events and losses. Renters face unexpected events, including burglary, vandalism, and water damage in the rental property. Your landlord's insurance will only cover your property losses if they result from the landlord's negligence.

Renters' insurance policies are not limited to rental property, such as a physical rental home, condominium, or apartment. Renters' insurance also covers rentals, such as a storage unit, where people store personal items like furniture, books, and clothing. Many storage facilities need renters to get an insurance policy to cover their belongings in case of theft, fire, flood, or pest damage.

Getting Renters Insurance

Getting renters is like getting other types of insurance. Renters can choose from insurance providers who only provide rental insurance or providers who offer different types of property insurance.

The first step is making a list of insurance providers to compare insurance rates. Call each one and ask how much renters insurance costs where you live. Get a renters insurance quote from each provider to get the best renters insurance for you.

It is best to understand your coverage options before signing an agreement. Ensure the insurance covers all your needs, and check the policy for any restrictions or exclusions. The premium for renters insurance depends on several factors. These factors include the amount of coverage selected, the deductible, and any additional coverage you choose.

Renters Insurance Coverage

Many renters insurance policies offer the following types of coverage:

  • Personal property coverage
  • Personal liability coverage
  • Other living expenses coverage

Personal Property Coverage

Most renters keep the bulk of their personal property in their rental units. A renter's insurance policy will cover replacing stolen, damaged, or destroyed personal belongings.

If you have high-value items, including the following, you should notify your insurance agent before you sign the contract:

  • Jewelry,
  • Collectible coins,
  • Art
  • Expensive electronics

Your policy should specify whether the policy will pay actual cash value or replacement cost for personal property damage or loss. Your policy will either pay the depreciated cost of the item or the actual cash value of the item.

Personal Liability Coverage

If you choose personal liability coverage, your insurer will cover you if someone sustains an injury in your rental unit. This may include coverage for legal fees, medical expenses, and medical bills.

Additional Living Expenses Coverage

Your insurance provider will cover your living expenses if you cannot live in your rental unit because of a covered loss, such as fire or water damage. Such living expenses may include a hotel and meals until you can return to your rental home.

Is Renter's Insurance Required?

Renters' insurance requirements differ from landlord to landlord. Many apartment complexes owned by big companies often want proof of rental insurance. Other landlords may suggest getting a policy. Either way, a renters insurance policy aims to give you peace of mind.

Insurance Company Obligations and Rights

Your insurance company must pay valid policy claims minus the deductible. This may include negligent or accidental acts. For example, if a ceiling leaks, causing damage to your laptop, you may recover the cost of your computer after the deductible. Intentional acts are not usually covered.

If you have personal liability insurance, the insurance company must provide a legal defense if you get sued. The insurance company has a contractual right to settle or to defend the case.

Get Help

Navigating the insurance claims process is challenging, especially when a claims professional denies your claim. An experienced local insurance attorney can tell you about your next action. Speak to a qualified local insurance attorney today.

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Next Steps

Contact a qualified real estate attorney to help you navigate any landlord-tenant issues.

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