What Is Renters Insurance?
Renters insurance is a type of insurance policy that can cover your belongings from fire, other types of disasters, and theft. It can also cover your legal expenses if you are sued for harming others.
Because it only covers what is inside your apartment and not the building structure itself, it’s a very affordable type of insurance that can save you a lot of money in the long run.
What Does Renters Insurance Cover?
There are typically four types of coverage included in a standard renters policy. Here’s a closer look at each one.
Personal Property
This will reimburse you for the loss of items in your apartment, such as electronics, clothing, furniture and other personal belongings due to covered perils such as:
- Smoke
- Fire
- Lightning
- Windstorms
- Hail
- Explosions
- Vandalism
- Theft
- Falling objects
- The weight of snow or ice
- Accidental discharge of water from appliances
- Damage caused by aircraft or vehicles
This coverage even applies when your personal belongings are outside of your home. For example, if your bicycle is stolen outside of a store, your policy may provide coverage up to a certain limit beyond your deductible.
A standard renters policy will typically pay to replace belongings based on their actual cash value. Therefore, if a piece of furniture that is ruined is older, you may only receive enough to replace it with another used piece of furniture. It is possible to opt for replacement cost coverage, which is slightly more expensive but will provide you with the cost of replacing lost items with new ones in the event of a disaster.
Liability Insurance
If a person is injured inside your rental unit and presses charges, the resulting lawsuit could have a significant impact on your finances. Liability insurance will cover you in these events and pay for another person’s bodily injury on your property. It may also cover accidental damage caused by you and your family to other people’s belongings.
One common problem that liability insurance can address is dog bites. If you have a dog, discuss the breed with your agent to ensure it will be covered.
Renters insurance will cover your legal representation in a lawsuit as well as any money that is awarded to the party that sues you.
Medical Payments
This coverage will pay out if a person is injured on your property, but unlike liability insurance, it will pay regardless of who is found to be at fault for the injury.
Loss Of Use Or Additional Living Expenses
If you are unable to live in your apartment for a time following a covered disaster, your renters insurance can pay for you to live elsewhere while repairs are being made. It may cover expenses such as hotel bills, meals in restaurants and other costs that go beyond what you would normally expect to pay for living expenses.
Learn More About Renters Insurance From Burton & Company
Avoid the need to pay out of pocket to replace damaged or stolen items from your apartment or cover your living expenses if your unit needs to be repaired with renters insurance from Burton & Company. Reach out today by calling (888) 652-1325 or requesting a quote online to learn how our affordable policies can give you greater peace of mind.
