Renter’s insurance, also known as tenant’s insurance, is an insurance policy that helps you to protect your investment and will pay for any necessary repairs or replacements on your property. If you are the tenant(s) in an apartment or home, renter’s insurance is necessary for you to protect, repair, or replace any inflicted damages, vandalism, or stolen belongings. Benefits of renter’s insurance are similar to the benefits of homeowner’s insurance. Your landlord’s insurance coverage doesn’t cover your belongings and they cannot protect your property. If you do not purchase a renter’s insurance policy, you will not receive any compensation for damages to your belongings or property.
What is Renters Insurance?
Renter’s insurance covers the property inside your rented apartment or home. Some policies even cover your belongings when you are away from your apartment. For example, if your bicycle is stolen when you are elsewhere, you could be reimbursed for the cost of your bicycle. Renters insurance also covers damage caused by fire or water.
What can be covered by renter’s insurance?
- Water Damage: The most frequent loss in the home is caused by accidental water leaks or breakdown of appliances that work with water.
- Weather: Damages inflicted by natural disasters or unnatural weather.
- Failure of Household Appliances: The displacement, labor and cost of parts are guaranteed for the repair of the damages that household appliances may suffer.
- Theft, Robbery, and/or Vandalism.
- Rupture of glass-ceramic and kitchen elements: Renter’s insurance helps the client to protect against damages and will be paid for repair or replacement of damaged ovens, vitro-ceramic plates, refrigerators, washing machines, and stoves.
What does Renter’s Insurance Cover?
Renter’s insurance covers your personal property and belongings such as furniture, appliances, computers, electronics, bikes, vehicles, etc.
Types of coverage:
Most renter’s insurance policies offer two basic types of coverage: personal property and liability. Coverage for personal property items pays to repair or replace personal belongings if they are damaged, destroyed or stolen.
Liability insurance provides coverage against a claim that originates from a bodily injury or damage to the property of other persons caused by an accident while they are on the property of the policyholder.
Renter’s insurance also covers your valuable belongings and personal items such as jewelry, clothes, computers, electronic equipment, TV, car, and other vehicles. If you have unusually expensive items, such as fine jewelry or an art collection, you may consider adding an additional annex to provide extra coverage. Your agent can help you determine if an additional attachment is necessary.
It is always a good idea to take precautions to protect yourself and your belongings. If you are tenants in someone’s home, you must purchase a renter’s insurance policy that can help you to protect your money and belongings. If you do not have renter’s insurance, you will be expected to compensate if your property or belongings are damaged in the house or apartment. If you want to purchase a renter’s insurance policy, you must be purchase the right insurance coverage policy that is suitable for you.