A Renter's Policy Covers More Than You Think!
Most people don't understand the intricacies of renter's insurance. If you are a renter of an apartment or house, your personal belongings are vulnerable and can be damaged by fire, theft, flood damage or something else. What happens when a disaster occurs and you are faced with replacing everything yourself? This is where a renter's policy kicks in to help alleviate the cost of replacing your belongings. What most people don't realize is that a renter's policy also protects you from liability in certain instances, protecting you and your family from a number of scenarios.
What does a renters policy cover?
- Personal Property
Personal property includes all your belongings that are not covered by the landlord. This means the things you have brought into the dwelling that belong to you. Replacing everything you have purchased, from furniture to clothing and electronics can quickly add up. Most people do not know how much they have to replace until something happens. Being able to replace most of your things with assistance could have significant savings on your budget.
There will always be instances where you could be held liable. If you damage a neighbor's property, or your child throws something through a window, your policy should cover it. Additionally, if someone is at your home and they fall or injure themselves, the policy will help cover those medical expenses.
- Other Living Expenses
Having to relocate during a disaster is no fun, but having a renter's policy that will help pay for somewhere to live, or the food you have to buy can give you some relief. This will keep your expenses lower than if you still had to pay for rent, and somewhere else to live while your place is undergoing repairs.
- While you're away
Your electronics or other items could possibly be covered if you're away on a trip, or your child is at college. Your policy may have this addition, which works well if you're ever faced with something being stolen.
A renter's policy is beneficial and can cover the majority of your things. Although you have to provide receipts and things are paid at the depreciated cost, getting something is better than nothing, especially if you have thousands of dollars of things to replace. Most policies also have addendums you can add for those really expensive items you own. Taking the time to explore a renter's policy could not only give you peace of mind, but will be a sigh of relief if you ever need to use it. Check out getting a renter's policy today!
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