Many renters are under the false assumption that if there is a fire or other disaster at their residence, the landlord’s homeowners’ insurance policy will cover their personal belongings, furniture, and appliances but that is simply not the case. All renters should obtain a renters insurance policy to cover those items and more.
Renters insurance, sometimes known as tenant insurance, covers those unexpected events that none of us can plan ahead for, such as theft, fire, or tornado. A renters insurance policy will give you the peace of mind of knowing that if a disaster occurs, your personal belongings are covered but what exactly does renters insurance policies cover?
A renters insurance policy will cover the cost of repairing or replacing your belongings, including your clothes, furniture, and electronic devices. The amount of coverage will depend upon the limits that are set forth in your policy and you may have a deductible to pay upfront. You and your insurance agent can decide upon those details when you create your policy.
Liability coverage will cover you if you accidentally damage someone else’s property or if a guest to your home incurs medical bills due to an accident you caused. The amount of this coverage is also up to you and your agent.
Additional Living Expenses
If there is a fire or other disaster that prohibits you from living in your house or apartment for a period of time while repairs are completed, the additional living expenses portion of your policy will cover things like a stay at a hotel. Your landlord’s property insurance will cover the damages to the actual structure but at least you will have a place to stay while your residence is uninhabitable.
The trusted and knowledgeable agents at the Jim Boyce Insurance agency in Matthews, NC can assist you in obtaining a renters insurance policy to give you the peace of mind you deserve.