Renters Insurance: Coverage for Your Personal Belongings When Renting a Property
If you own a home, then you more than likely own an insurance policy to cover damages caused by weather or accidents. If you don’t, then we strongly suggest that you consider drafting an insurance policy. On the other hand, if you’re renting a property, then there’s a special form of coverage that you should definitely have: renters insurance. In this piece, we’ll be going over what this type of coverage is, what it entails and why it’s important to have.
What is Renters Insurance?
A renters insurance policy will protect your personal belongings if anything serious and damaging were to happen, such as a fire or flood. Your landlord may already own an insurance policy, but it will more than likely be for the property itself (apartment, condo, home, etc.) but not the contents within it (you’re belongings). Say the unfortunate happens and a fire breaks out while you aren’t home. Your landlord’s property will be covered and damages will be taken care of, however, you will have no such luck in replacing your belongings without renters insurance.
What Else Does it Cover?
Besides personal property, a renters insurance policy can also cover expenses for personal liability, medical payments and additional living expenses for non-tenants. If a non-resident suffers injury in your home, under a renters insurance agreement, he/she will be protected. There may also be a deductible, but the policy could cover some of the hospital expenses. Renters insurance can also provide relocation expenses. For example, if you cannot stay in your home due to an event that’s covered, like a fire or natural disaster, you may be entitled to compensation for a temporary change of residence.
Can I Apply it to a New Residence?
If you currently own a renters insurance policy but plan to move, it can be used for your new residence. Just get in touch with your insurer about the change of your address. While we’re on the topic of keeping in touch with your insurer, if you plan on adding more items to your policy or own an expensive item that you’d like to insure after your policy has been adopted, then again, get with your insurer so it can be itemized.
A Major Misconception
Rafie Moreno is a supervisor at Shepard Walton King who recently spoke about common misconceptions that clients have about renters insurance. “Sometimes a person will assume that since they own renters insurance, they’ll be covered in the event of an accident. Actually, a renters insurance policy will only cover guests in your home if an injury has occurred. A renters insurance agreement will not cover the tenant.“
Find the Policy You Need
We understand the strong bonds that many form with their personal belongings, especially if they’re irreplaceable. This is why it’s extremely important to own a renters insurance policy if you’re renting your residence. Contact our insurance agency in McAllen today so we can help you find the policy that’s perfect for your needs.
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