Many people who rent a home or apartment are required by their landlord or property management company to obtain a renters insurance policy. Even when this is not required, a renters policy can be highly beneficial and may be considered as an affordable way to protect yourself against loss. With a closer look at what this type of coverage provides, you may decide to apply for coverage today.
What a Renters Policy Covers
Your landlord’s property insurance will cover damage to the structure that you are renting, but a fire, flood or other disastrous event can also damage your personal contents inside the building. This may include your furniture, clothes, electronics, appliances and other items. In many cases, a renter may have tens of thousands of dollars in personal property inside a dwelling, and many are not financially prepared to replace all items if they are lost in a disastrous event. A renters policy can reimburse you when you suffer a partial or total loss.
What Are the Benefits of Renters Coverage?
A renters policy can be customized specifically to meet your needs. Generally, you are permitted to adjust the amount of your coverage based on the value of your contents. However, many insurance companies have upper and lower limits that your coverage needs to fall within. If you experience a loss, you simply file a claim and pay your deductible. The insurance company will then process the claim and issue the financial payment to you. You can use the proceeds to shop for new personal items. In this way, renters coverage is a cost-effective way to help you minimize the financial impact of a disaster.
Renters insurance is available to most individuals who rent their personal residence, and many insurance companies offer this type of policy. Some offer a discount if you bundle policies, and this can make this already affordable coverage even more affordable. Because the cost is rather minimal in most cases and the benefit can be significant if you need to file a claim, everyone who rents their home should consider getting a quote for renters coverage today.