What Renter's Insurance Covers And Does Not Cover
When you rent the place where you live, you will not need to buy a home insurance plan, as you do not own the property. You can, however, buy a renter's insurance policy. Renter's insurance gives you the protection you need while living in a rental property. While renter's insurance covers a lot of things, it does not cover everything. Here is a breakdown of what a plan might cover and not cover if you purchase a renter's insurance policy.
Renter's Insurance Covers Several Vital Things
For starters, you should understand the purpose of renter's insurance. You can understand this by learning what it covers. The first thing it covers is your personal possessions, including things in the rental property, your car, and other elements. You can choose the amount of coverage you need, and they will provide this level to you through your policy. Without renter's insurance, you take a big risk of losing everything you own if something damages your unit.
Renter's insurance also provides liability protection for injuries that occur at your rental property. For example, imagine if a guest at your home fell and broke their arm. They could sue you for the damages, but you would not have to pay if you have renter's insurance. Your policy would cover the damages. The other thing to know is that your policy will cover damages if they occur from certain perils, such as fire, wind, and theft.
Renter's Insurance Does Not Cover Specific Things
Renter's insurance does not typically cover damages caused by earthquakes or floods, but you can add coverage for these perils. You will need to talk to your insurance agent to learn how to add these coverages.
Secondly, you should realize that your renter's insurance policy will not cover the structure of your apartment rental. Your landlord owns the physical structure and must have coverage on it. If the structure encounters damage from a covered peril, your landlord will have their own insurance for the damages. If they do not, the landlord will be out the money. If you have renter's insurance, you will at least receive compensation for your losses.
Buy a Plan Today
If you are renting a place to live, you should consider buying renter's insurance. It provides the protection you need while living there. You can get a free quote for coverage by speaking with a home insurance agent of your choice.
For more information, reach out to an insurance provider, like Woodmansee Insurance Inc.