When you rent a place to live, it is necessary to understand that the property insurance that your property owner has, does not cover your personal assets and belongings – This is where renters insurance steps in.
Therefore, it is always advisable that you take out renters insurance before moving in. As a tenant, you may find this type of insurance necessary when you are going to share spaces with other tenants, the place is a temporary housing facility, has shared bathrooms or kitchens with the owner’s family, or the place has areas used for business because the risk of someone else damaging or stealing your assets increases. However, renters insurance always comes in handy, even if you are renting a home where you will be all alone.
Taking Out Renters Insurance
Getting renters insurance contributes to your peace of mind and protects you from those issues that will not be covered by the landlord’s home insurance. However, you must know that there are two types of protection you can choose from, although it is best to get both of them into a single insurance policy. One of them is renters insurance, which directly covers your possessions, the other is liability insurance, which covers medical bills, and legal claims from people injured while being at your place.
Why You Need Your Own Protection
Your Landlord’s insurance will pay for damage to the construction resulting from natural disasters, among other provisions he or she is covered by the home insurance policy. However, if you lose your belongings as a result of such disaster, the landlord’s insurance will not pay for them, but the renters insurance will. Although chances of natural disasters are minimal in most places, there are areas where earthquakes, floods and other nature phenomena may occur more often, hence the need to protect your belonging from damage or loss.
Beyond the Forces of Nature
However, do not be confused about renter’s insurance coverage. This kind of coverage takes into account natural disasters, but the protection goes farther. A renter’s insurance policy will protect you from burglary or any other ordinary issue that results in damage or loss of your possessions, paying an amount of money for them, or replacing the items for another of similar characteristics. The replacement option is your choice, and whether you decide on it or getting a lump sump, this provision is included in your renter’s insurance policy.
When Your Guests are Against You
Accidents in the home may occur to anyone, but when someone who does not live with you suffers an accident, a renter’s insurance policy will cover the medical expenses resulting from such accident, and also will protect you from lawsuits that the guest could file for liability.
Renters Insurance Equals Peace of Mind
It is not necessary to catch a headache thinking of what protection a renter’s insurance policy will provide you with, because your insurance agent will explain to you in detail when you shop around to take out this coverage. However, you can rest assured that your possessions and your liability will be safe when the time to move into a rental property takes place.
Author Bio: You can find Stevie Clapton providing other helpful insurance articles on RentersInsurance.net
Please Note: This is an article contribution from a guest writer. Live Insurance News is not recommended or giving insurance advice in any way.