What does Renters Insurance Cover?
Life without a doubt is full of unexpected and unforeseen circumstances and that is why we all need to purchase an insurance policy. Whether Life, Auto, or Renters insurance, you need to have an insurance policy to cover you and to be financially ready during different challenges of life.
Although, many people do not see the need for having an insurance policy. Take, for instance, many people are asking “What does Renters Insurance Cover?”
What is Renters Insurance?
Renters Insurance is a type of insurance that protects tenant’s personal belongings in times of uncertainty or unexpected circumstances.
This type of insurance has been designed to cover anyone renting an apartment, condo, home, etc.
It can also be called tenant insurance and is very much different from landlord insurance. This is because it is a policy to protect people who don’t have a house yet.
What does Renters Insurance Cover?
Renter Insurance covers several things. However, standard Renter insurance must cover four basic things which are;
personal Property, Liability, Additional living expenses, and medical expenses. We shall carefully look at every one of the earlier mentioned Renter Insurance coverages.
- Personal Property.
- Additional Living Expenses.
- Medical Expenses.
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1. Personal Property
One of the main aims of getting a Renter Insurance policy is to protect your personal belongings.
Your personal belongings might include your expensive jewelry, furniture, smartphones, clothing, and other personal belongings.
You might get coverage for your personal belongings due to specific events such as;
- Windstorm or hail.
- Fire or lightning.
- Riot or civil commotion.
- Damaged as a result of vehicles, aircraft.
- Volcanic eruption and more.
Due to the above event or more, you will, your personal belongings will be automatically covered with Renter Insurance. Even after moving to another place, you will be covered.
Your renter insurance also covers other people who were injured in your rental and decided to sue you.
With Rental insurance, such a person can be covered with your policy thereby you get to room escape any court case.
Your family members or your pet are also covered here if they get insured inside your rental.
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3. Additional Living Expenses
This can also be called Loss of use coverage. This covers your hostel, restaurant, and other expenses when your home because uninhabitable and needs to undergo repairs.
4. Medical Expenses
Renters Insurance also covers limited medical expenses. Take, for instance, a visitor who is injured in your home, the hospital bills will be taken care of by your Renter Insurance policy.
It is worthy to note that; it doesn’t matter who is at fault here as your Renter insurance will always take care of the medical expenses.
What Does a Renters Insurance not cover?
Just like other insurance that has its various exclusion, Renter insurance isn’t left out. There are several other things that Renter insurance doesn’t cover that you need to be aware of and they include;
- Bed bugs or other pests.
- Damage to your car.
- Damage to your roommate’s possession.
Your Renter insurance policy will not cover any of the mentioned damages. It is also worthy to note that, your renter insurance will not cover your roommate’s possession as mentioned earlier except they are family members.
How much Renter Insurance do I need?
Shopping for a Renter insurance Total depends on you. If you don’t have a lot of personal belongings that cost a fortune, getting Renter Insurance might be useless.
However, if you have a large amount of valuable personal belongings that cost thousands of dollars. You need to purchase Renter Insurance to avoid starting over in a time of theft or other awful occurrences.
How do I shop for Renter Insurance?
There are many Insurance companies today in the U.S where you can shop for your renter insurance.
Some of the popular insurance companies that also sell renter insurance coverage include; Geico, State Farm, Progressive Insurance, Allstate, Farmers, and more.
You can shop for your renter insurance policy using any of the mentioned Companies. It is, however, advisable to compare prices and evaluate carefully if you need renter insurance coverage.