Renters Insurance is Important for Renters
Renters insurance provides insurance coverage for tenants. A landlord’s insurance for a building does not cover its residents. This is why renters should always have their own insurance. Coverage gives them the funds to handle mishaps and potential lawsuits should someone be injured on the property.
Do All Renters Need It?
Any renter can purchase renters insurance, as long as their name is one the list. The length of the insurance policy usually matches the length of the lease. This type of insurance applies to renters in various situations, including those living in homes, apartments, condos, townhouses and other residential real estate units.
The policyholder must create an inventory in order to insure personal valuables on the property. Inventory must include the value of the item in question. Photos and video are helpful for documentation purposes. Also, there is a monthly premium payment required to keep the policy active.
Liability is the most basic type of protection. It gives renters some protection against civil or criminal lawsuits by guests injured on the property. These expenses can get really high, so there is a maximum amount an insurance company is willing to pay. This insurance also makes it possible for renters to file claims in order to replace valuables stolen by thieves or damaged by fire and other incidents.
Renters are protected from certain perils associated with apartment living. If a natural disaster, vandalism, robbery or other accident should occur, the renter can have things replaced or repaired. The insurance will also help with payouts when it comes to court cases concerning liability and the renter. In some cases, a renter might even receive reimbursement if the apartment becomes uninhabitable.