What Type Of Coverage You Can Receive With Renters Insurance
Many people view a perk of renting is the fact that you don't have to pay for the big expenses associated with owning a home. While you don't need homeowners insurance, it's still a good idea to get renters insurance. Here are a few key things that it covers so that you can decide if it's worth it.
Personal Belongings
The big coverage that you are looking for with renters insurance is for your personal belongings. This includes things like electronics, clothing, furniture, and most valuables that you have in the apartment during instances of vandalism, fire, theft, or a natural disaster. Your renters insurance will make sure that all of those items can be replaced in a worst-case scenario.
However, be aware that renters insurance is on a per-person basis and will not cover your roommate. Every tenant in the unit will need their own renters insurance policy to have coverage. You also won't have coverage for certain high-value items. Expensive jewelry, collectibles, and artwork may need a separate ride to ensure you have coverage.
Additional Living Expense
A fire or natural disaster will leave you in a situation where you do not have a place to live. This leads to a complicated situation where you would normally be asked to sleep on the couch of friends or family members until you find your next place to live. Renters insurance includes coverage for additional living expenses while your apartment is being repaired.
Keep in mind that additional living expenses only cover the additional costs associated with your temporary living arrangement. If you can't cook a meal because you don't have a kitchen, you'll receive a reimbursement for your additional meal costs. You may also receive money for mileage put on your vehicle for living further away from your original apartment. You'll even have the cost covered for professional moves to move your belongings to and from your temporary housing.
Medical Payments and Liability Protection
Renters insurance doesn't just protect you and your belongings, but it protects you from lawsuits from others. If someone were to be injured while in your apartment, liability coverage is designed to help pay for the damages that you are really responsible for.
In addition, medical payments coverage will help cover the medical bills of someone injured on your property, and it doesn't matter who was responsible for the accident. It can help give you peace of mind that nobody will be stuck with medical debt due to an unforeseen accident on your property.
For more information on renters insurance coverage, contact an insurance provider near you.
