Renters Insurance – Why You Need It
Are you currently renting the unit where you live? Or do your kids rent off-campus at college? Renters insurance is an absolute must, but many people who rent do not have it. There are many reasons people don’t buy renters insurance. They think their landlord pays for insurance for them, or that they don’t have many valuable belongings. No matter what the reason if you think you don’t need it, think again.
What Does Renters Insurance Include?
Renters insurance covers your personal belongings, on and off premises. If you have a break-in or fire and your valuables are stolen or destroyed, renters insurance will cover this. Also, if your luggage is stolen from your hotel room while on vacation, renters insurance can cover this too.
Taking a home inventory prior to purchasing renters insurance is important. By documenting all of your belongings you will not only get a good idea on their value, but you will also have a source to reference in case you have things stolen. It is very difficult to remember everything you own when under duress.
Personal liability is another important aspect of renters insurance. If someone is injured at your apartment and they sue you, your renters insurance will cover payment up to policy limits. Also, if you injure someone off premises and they sue you, your renters insurance will help pay for damages.
Similar to personal liability, but without legal action, medical payments will pay if someone sustains minor injury at your place and requires medical attention up to $1,000, or the limit that the policy indicates.
If your apartment catches on fire and your belonging are destroyed, as mentioned before, renters insurance will pay. In addition, your policy will pay the cost for you to stay somewhere else while your place is uninhabitable. It will also pay for meals and storage.
Renters insurance is relatively inexpensive compared to homeowners insurance. Your premium will be determined by the value of your belongings. Accurate assessment of items is important and scheduling jewelry is always a good idea. Buying renters insurance is a smart way to protect your investments and valuables. Call us to get more information and to set up a policy! www.mancuso-nowak.com