Renters Insurance – What To Look When Renting Your Apartment
What is renters insurance? Renters insurance protects your personal property, whether it’s stolen or damaged, legal and medical bills when you’re found liable for injuring someone else or damaging their property, and even temporary living expenses when your rental house is temporarily not habitable.
Renter’s insurance is required by law in every state in the country and is a very wise idea to have. You never know when you may be sued, and a good renter’s insurance policy will help defray some of those costs. Below we’ll explain more about renters insurance and why you should have it in your household.
Progressive Insurance –
Most renter’s insurance covers damage to your home but not all do. In case you haven’t noticed, most polices only cover property damage that happens to your home. A good policy will cover both the building itself and anything stored in your apartment.
A comprehensive renters insurance policy will cover the cost of getting your belongings back and replacing them if they were destroyed or damaged beyond repair. This kind of coverage can be very valuable to victims of fire, floods, earthquakes, or other disasters.
Your homeowner’s insurance will not normally cover possessions that are temporarily lost because of fire or flood damage. It’s usually only offered to victims of these kinds of disasters.
What to look
The best thing for you to do when you have to replace your belongings due to damage caused by smoke, flooding, or a fire is to take advantage of the belongings loss coverage provided by your renter’s insurance policy. Many polices offer at least a partial reimbursement for items of sentimental or private value.
If your landlord offers this kind of coverage, it’s worth asking him or her about it. There’s no point in you having to buy a brand-new furniture and accessories just to be reimbursed for the cost of a broken vase or an old lamp. Of course, your landlord can’t provide you with details about his policy, but it should be a high priority for him to make sure you’re covered, so ask all the questions you can think of.
Renter’s insurance doesn’t cover all of your belongings if they are damaged or stolen while you’re renting your place. This can be a particularly important issue if you’re renting in a high-crime neighborhood or in a zone where burglary is a problem.
Even if you live in a zone that has low crime rates, your landlord may refuse to insure your belongings in those areas. For this reason, you may need to carry liability insurance in addition to your renter’s insurance to cover the cost of replacement. You can save money by carrying only liability coverage on your personal property.
For Seniors and Students
Some renters insurance companies offer discounts for students and seniors. If you’re a student, your rates may be less expensive because it’s assumed that you’ll be staying in your apartment for quite some time and will be less likely to damage the building.
Similarly, seniors living on a senior citizen scale are seen as low risk by many insurers. Renters often get discounts for taking extra safety precautions. For example, installing a smoke alarm or installing a security system may be seen as an effective way to reduce the risk of damage to your apartment.
Discount for Emergency Services
The insurance company may also offer discounts if you take advantage of their emergency services. These services include providing security and helping to remove luggage. However, if you have any personal liability coverage (which typically comes with renter’s insurance) and if you have a pet, some insurers will decline to add coverage to your rental agreement because it’s assumed you’ll be taking care of the pet. This can result in significant discounts.
Be aware that if you own a pet, it’s not a good idea to carry both renters insurance coverage and personal liability coverage for your pet. A lot of insurers view pets as high risk. If your pet should be injured, then the costs could be very large. You may want to leave pet coverage out of your renter’s insurance in order to keep your insurance premiums lower.