What is Renters Insurance?
Renters insurance covers you and your family’s liability and personal property when you are renting your home. This could be an apartment, condo, townhouse, house and many other properties you are living in. Many landlords require their tenants to have renters insurance before they sign a lease.
The coverage on a renter’s policy will cover your personal property and have a liability limit on it. There are other coverage on many policies but these are the two most discussed in our agency. Speaking to one of our agents can help you understand the coverage available.
What is Personal Property?
Personal property is anything you have in your rental unit that if you were to turn the building upside down it would fall out. This coverage also offers your personal property to be covered when outside your home. Many people don’t realize car insurance doesn’t cover your personal property in your car if it was broken into and stolen. This is where renters and home owners insurance comes in to help replace those items.
What is Liability Coverage?
Liability coverage will help cover the costs if you were found liable for another person’s “loss.” Liability covers you up to your limits stated on your insurance policy. This is a great coverage to have this day and age with many people getting sued. With all of the camera phones and other devices people can use to find fault it is a coverage we suggest all our clients evaluate. The amount of coverage you need is a discussion you need to have with a licensed insurance agent. A popular example we use in our office is if you were walking down the street texting and you run into someone and hurt them you could be found liable for their injury. Your liability limit could cover those costs for an attorney, medical bills and any other costs associated with that claim. We want all of our clients to have this coverage because if something were to happen we don’t want our client to have to lose part of their paycheck to pay for this loss.
What is Medical Coverage?
Medical coverage can help pay for a medical bill if a loss did occur to a guest at your home. This coverage will be used first in the event of a loss in your home before the liability coverage would be used.
What is Loss of Use?
Loss of use coverage will help cover you if you were displaced from your residence because of a covered loss. This will help pay your rent while you were displaced for the limits listed in your policy.