It’s always the same story when it comes to renters’ insurance: you think you don’t need it….until something happens! What do you do if a guest gets hurt at your residence? Or, what if there is a fire, and you’re forced to stay at a hotel during the repairs – how would you pay for it?
The great thing about renters’ insurance is that when you’re insured, you’re covered, and when you’re covered, you’re prepared. But what exactly does renters insurance cover? Read on to learn more about the different coverage options offered by many insurance agencies. You may not have known some of these existed!
- Theft: If your apartment is broken into and robbed, your landlord is only responsible if he/she has not taken the required legal measures to ensure your security (this varies state to state, so check your state’s laws). Your renters’ insurance policy will cover your losses as long as they are listed on the policy.
- Natural Disasters: Renters’ insurance can cover you and your property if it is destroyed in a natural disaster or storm.
- Self-Inflicted Damage: If you break your own window or put a hole in your wall by accident, there are coverage plans that can pay for this. The insurance may also cover damage that your belongings suffered.
- Your Guests: A guest can get injured at your rental property, leaving you responsible for medical bills or other costs accrued by this. There are coverage plans available to help you pay for these expenses.
- Electrical/Short Circuit Fires: Your belongings, the property, and the property of neighboring tenants can be covered under your plan in the event of a fire that was caused by a short circuit.
- Loss of Use: If your rental property becomes unusable, there are options that can cover the costs you may incur from having to find temporary residency. This can include hotels, meals, and other living expenses.
Be sure you thoroughly understand your coverage options from the beginning. This way, there will be no surprises if and when the time comes to make a claim on the insurance.