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Renters insurance is a type of insurance policy with a similar structure as a homeowner’s insurance policy. However, renters insurance only covers your personal property and provides liability coverage when you rent a spot, be it an apartment, house, or condo.
Renters insurance or tenant insurance will cover occurrences that lead to the loss of your personal property, including events like storms, fire, and theft. A renters insurance plan costs way less than homeowner insurance as you would only be insuring your belongings and not the building itself.
Renting an apartment is much easier and less tedious than owning a house for some people. You never have to worry about fixing the building, painting, or getting it insured, as that’s the landlord’s responsibility. However, as a tenant, this doesn’t mean you’re entirely off the hook.
In the case of a storm sweeping away your belongings or a robbery resulting in the loss of your possessions, your landlord’s insurance plan does not cover the fees―you get to bear the total losses incurred alone. If you want to protect your properties in case of any unexpected event, you’ll need a renters insurance plan.
Most of the time, yes, renters insurance is necessary. Some landlords will require that you provide proof of renters insurance. However, you shouldn’t opt-in for a renters insurance plan because of your landlord. If your personal belongings consist of high-end electronics, furniture, clothing, and jewelry, renters insurance might be the best protection you can get. With that in place, you don’t have to pay out of pocket when any insured items get stolen.
Coverage provided by a renters insurance policy often depends on the insurer. However, a standard policy will cover your items and extra living expenses if you have to stay elsewhere while your living space is undergoing repairs.
Renters’ insurance will also protect against third-party lawsuits. Suppose a friend visits you and accidentally injures themselves on your property. If they decide to sue you, your policy will help cover the legal fees and any damages that may be awarded.
Personal Property – A typical renters insurance policy will reimburse you for the loss or damage to your items. This includes jewelry, smartphone, clothing, and other electronics. Depending on your policy, you could cover your items from the following occurrences – Fire, lightning, windstorm, theft, vandalism, riot, explosion, falling object, and volcanic eruption. You will receive coverage for your belongings regardless of where they are. This means you can still claim insurance if your covered items get stolen while shopping or outside your home.
Additional Living Expenses – If you ever have to live outside your home due to an occurrence covered by your policy, your insurer will cover your additional living expenses until you return home. This insurance policy will cover your hotel bills, meals, and other costs incurred while living out of your house.
Liability Insurance – If someone gets injured in your home and files a lawsuit, this insurance policy will help cover your expenses. It will pay for injury or damage done to others by you and your family while in your home.
Renter Insurance won’t cover damages due to earthquakes or floods, so you would have to pay out of pocket for repairs and replacement items damaged during any of these disasters. You must apply for earthquake or flood insurance separately if you need earthquake or flood insurance.
Renters’ insurance won’t cover damages from pests like bedbugs or mice. If you live with a roommate and you’re the only one with renters insurance, the policy won’t cover your roommate’s possessions if they are stolen or damaged.
The actual cost of rental insurance depends on the number of possessions you want to cover and the cost value of your possessions. You might pay between $15 and $30 monthly to maintain coverage. Some insurance companies may offer discounts if you add other insurance policies to your entire plan or bring another interested party. In addition to its affordability, renter’s insurance provides a skewed benefit compared to most other policies due to its precious coverage while traveling.
Traveling can be a fantastic experience, and it can also be a bit of a headache if you don’t have the right insurance in place. That’s where the renter’s insurance comes in. Here are just a few of the ways that a renter’s insurance policy can save you thousands of dollars while you’re on the road:
The policy will cover your medical expenses if you get injured while traveling. This can include everything from doctor’s visits to hospital stays.
So, if you’re planning a trip, ensure you’re protected with renter’s insurance. It could save you a lot of money in the long run.
Before looking for renters insurance, you should determine how much coverage you need and how much you’re willing to spend to cover your property in a month. It would help if you also cross-checked the possibility of any disaster occurring.
Once you’ve covered that all, you can go ahead with your search. Pick five or more insurance companies to get quotes. You can quickly get an online quote from most renters’ insurance companies. You could try major U.S insurers such as Progressive, Farmers, State Farm, and Geico, and you can compare their rates, benefits, and bonuses before deciding.
