If you plan on renting a home or apartment, consider carrying renters insurance coverage to protect your belongings. While your landlord likely has coverage to pay for structural damage when a disaster occurs, it's unlikely they carry insurance to protect tenants belongings. Here are more important facts to know about renters insurance.
Renters insurance, significantly cheaper than homeowners insurance, pays for repairing or replacing your valuables when a disaster ruins them. The policy also protects your belongings from theft and vandalism. Your policy may have exclusions identifying certain disasters not covered, such as intentional or negligent.
Carrying renters insurance coverage is good if you own valuable assets, such as expensive computer equipment. It also protects permanent fixtures such as furniture and even your car. Renters insurance can even protect belongings owned by a roommate.
Here's a more detailed look at what your renters insurance covers:
When you file a renters insurance claim, the insurance company will assign a claims adjuster or appraiser to assess the damages listed in your claim. You will also need to pay a deductible to activate your claim.
Your deductible amount is partly under your control since you can raise it to lower your monthly premium or lower your deductible, which will raise your premium. It's common for renters insurance deductibles to be around $500. If your claim is accepted, the insurance company then determines an amount to reimburse you for the damage.
Now you know what renters insurance coverage can do for you. A policy should be customized toward your individual needs, so it helps to talk with an insurance expert to find out your options. Contact our agents at Spotlight Insurance Agency for more information about designing the right renters insurance policy for you.
