Insurance Especially For Tenants
Things You Should Know
- Many renters think they are protected by the building owners policy. This is not true.The building owners policy covers the owner and not your possessions. The owner’s policy also excludes liability for accidents that happen within your residence. You could be liable for injury to another person or damage to another’s property if within your residence. Renters overlook or underestimate their insurance needs even the smallest apartment can easily contain personal property worth many thousands of dollars.
- Can you afford to purchase all your possessions your next shopping trip?Some renters fail to insure their personal possessions because they believe insurance is expensive. Renters insurance is available for as little as $150.00 per year.
- Personal belongings in your car are not covered by auto insurance if they are stolen. They are covered under a renter’s insurance policy.
What Does the Policy Cover?
Insurance is for personal property and liability protection Property insurance covers the cost of repairing or replacing personal property that has been damaged, destroyed or stolen. Your property is covered both within your home and when you are traveling. Perils protected are: Fire, smoke, lightning, windstorm, theft, vandalism, explosion. Also protected are: hail, riot or civil commotion aircraft damage, falling objects, collapse, water escape, overflow, freezing, and electrical injury. You will be protected, up to the amount purchased.
Personal Property Replacement Coverage
We make a strong recommendation to insure with replacement coverage for it is the most important decision made in purchasing protection. Replacement coverage means you will be reimbursed for your repair or repurchase of the damaged items at today’s prices less your deductible.
“Loss Of Use” Coverage
The additional living expenses: if you are forced by fire or other covered damage. Temporarily living elsewhere, restaurant meals and laundry service would typically be covered.
Liability To Others Protection
Liability claims at home or away from the actions of a family member. The court cost and defense attorney fees are covered. If someone suffers an injury or damage to there property because of something you did or did not do, you could be liable. If a fire starts in your apartment and spreads throughout the building and you are at fault. You could be liable for damage to the entire building.
Other Coverage Available
Computer Equipment, Jewelry, Fine Arts, Furs or collectibles (such as guns, dolls) are items you should consider the purchasing of special coverage.