What is renters insurance? Most renters believe that the insurance policy of their landlord is going to cover their belongings but unfortunately this isn’t the case. The landlord’s insurance policy just covers the building but not your personal belongings. Also, the policy does not cover the injuries that are sustained in the building. This is where the renters insurance plays a role.
Renters insurance is going to protect your personal belongings in the apartment or condo that you have rented from unexpected situations like theft or fire. It is going to compensate you for your lost or damaged property. It can similarly help to cover you from any liability in case someone gets injured on the property that you own.
How does it work?
In case you encounter a loss that has already been covered in the space that you have rented, the renters insurance is going to help in covering the costs associated with that loss. The amount of coverage you receive is dictated by the kind of loss which occurred as well as the coverage amount that you have. There exist two coverage options under the renters policy:
• Actual Cash Value: This coverage compensates you for your items’ value at the time when the loss or damage occurred.
• Replacement Cost: This coverage will cover the cost for replacing the damaged or lost items.
What does this insurance cover?
The renters insurance policy covers any loss or damage that happened to your personal belongings when a covered peril takes place such as:
The renters insurance can similarly cover you in case:
A) Someone is forced to move from their home temporarily: In case the place you rent home becomes unlivable because of covered damages like fire or theft, this insurance can cater for the costs involved in getting alternative living places as the home gets repaired.
B) Someone gets injured on your property: The personal liability coverage protects you and other people who visit you at your place, in case an accident happens. This kind of coverage helps in paying the medical fees which you might end up with.
C) Items that you keep in your car gets lost or even damaged: Depending on the insurance policy, one might have a cover for the items they keep in their car. This coverage however doesn’t involve the equipment installed in your car.
What is not covered by the renters insurance?
Having a general idea about the renters insurance cover, it is also crucial to know what this insurance doesn’t cover:
• Valuables: Your expensive valuables like jewelry might not be covered by a general renters policy. These may require extra coverage.
• Home business: The fact that you run a small business away from your home doesn’t imply that it is covered by the renters insurance. Confirm with your provider to know whether your policy is covering your home business or not.
• Motor vehicles: Your motor vehicle is not covered by the renters insurance despite the fact that you park it on your property. However, the personal belongings kept in that vehicle are covered.
Contact us today at S.T Good Insurance of Florida for a quote at (772) 287-3625.