Just because you’re only renting an apartment and not buying a home, doesn’t mean you shouldn’t protect yourself and personal belongings financially. And, regardless of the size of your apartment, whether it’s a four bedroom lavishly open design or a tiny studio, you need backup should disaster strike. But, what does renters insurance cover?
Personal Property
If a burglary, fire or other covered incident should occur to your apartment, renters insurance can cover your personal property. Even if you think you don’t have much in the way of belongings, it may just surprise you how much things can really add up to. Also, renters insurance covers your personal possessions no matter where they’re located, whether in your apartment or in the trunk of your vehicle.
Liability Coverage
A renters insurance policy also offers liability protection which helps cover you from having to pay money out of your own pocket for certain expenses if you’re found liable for damage to another person’s property or their injuries.
Nobody anticipates an accident, but, if a guest slips and falls in your home or your child throws a rock through the window of your neighbor’s home, you’re the one liable for the injuries of that guest or damage to your neighbors window. Liability coverage helps cover expenses like these.
Named Perils
Your renter’s insurance policy states exactly what it covers against and is called “named peril” coverage. Named perils in your policy might include:
- Theft
- Fire or lightning
- Malicious mischief or vandalism
- Windstorm
- Accidental discharge of water
- Smoke
There are other named perils you should discuss with your independent insurance agent and coverage for them is up to the limits you choose.
Additional Living Expenses
If a fire or other covered disaster damages your apartment and you can’t live in it, renters insurance may cover your temporary living expenses. These can be things like hotel bills or food costs you incur above the amount you usually spend since you can’t live in your apartment.
Now, like any other type of insurance, there are things that renters insurance doesn’t cover. For instance, your policy won’t cover the physical building you live in; that would be up to your landlord. Liability protection is another coverage that you’re responsible for that your landlord typically doesn’t cover.
Having renters insurance in place is your ticket to peace of mind. You know you and your belongings inside your apartment are protected so you’re not left with any financial burden having to replace them in the event of an unfortunate accident or event.
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