When it comes to renting, nothing is better than knowing you have a great place to call home without the long-term commitment and hassles of ownership. Of course, that does not mean leasing is completely without risk. In fact, you and your belongings could be vulnerable to risks no matter where you call home. Here at Doug Hansen Insurance, we can help you better understand the unexpected costs you could face as a renter and how insurance can protect you against them.
Types of Insurance Coverage for Renters
Whether you have stayed in the same place for many years or seem to move each time your lease agreement is up, you need the same basic types of insurance no matter where you go. Many renters policies include:
You might not be liable for injuries or other damages that happen as a result of the negligence of your landlord, but you can be held liable for other accidents that happen inside your home or as a result of the activities of those within your household. Fortunately, liability insurance takes care of the medical bills and other damage claims made against you. An injury happened to a friend staying at your place? It’s covered. Your dog bit another dog at the park? That’s covered, too. In fact, the liability protection on your renters insurance could even safeguard you against legal fees and judgments if you are sued for accidental damages caused by you or someone in your household.
Just be sure you have enough coverage to cover your potential liability. If you are sued, a court could order the liquidation of your savings, investments and other assets, as well as garnishment of your current and future income. Talk with your agent here at Doug Hansen Insurance to determine your personal liability needs and whether you should supplement it with an umbrella policy.
Personal Belongings Coverage
You may not own the property you live in, but everything inside of it is yours. If a fire ravishes your building, imagine the financial devastation you would face attempting to replace all of your belongings. With renters insurance, you can trust that your items can be replaced with as little out-of-pocket cost to you as possible.
In some cases, you may require additional coverage or endorsements to extend your insurance protection to items in your home not covered by most insurance. Examples include additional coverage for firearms or fine jewelry, which typically have limited total coverage limits of between $1,000 and $2,000, depending on the insurer. Likewise, most business inventory and items used for the purpose of conducting business are not covered by the personal belongings coverage on your renters insurance. Talk with an agent at our office you need to add coverage for business-related items.
If a tree falls through the roof of the home you are renting, the property might be uninhabitable until it can be repaired. Your renters insurance can help cover the cost of a hotel, as well as the cost of other living expenses, such as restaurant meals or Laundromat expenses.
Get a Renters Insurance Quote
Renters insurance is not optional coverage – it’s necessary coverage. Just as you would never drive a car without car insurance, you should never take the keys to a new apartment or townhome without first purchasing renter’s protection. It is protection that stands between you and the unexpected, assuring you get to keep everything you have worked so hard to attain. For more information about renters insurance or to request your free quotes, contact our office today. We look forward to serving you soon.