What is Renters Insurance?

Most people have rented out a place to stay at some point in their life, whether that was an apartment or house. Most landlords and community managers require anyone who live in their properties to have renters insurance. A renters insurance policy provides coverage designed to protect renters, their belongings, and their living arrangement after a covered loss. Like most other insurance plans, premium payments are required to continue to receive coverage. One major thing that is not covered in this plan is the physical building that you would be living in.

The Benefits of Renters Insurance

Renters insurance, just like any other insurance, is an investment that will pay off if there is ever an instance where you find yourself or belongings to be hurt or damaged. Sometimes renters insurance gets put in the same category as auto and home insurance because it is required insurance to have by most landlords. While the payments tend to be low, it is worthwhile to buy if you plan on living anywhere temporarily.

Personal Property

In most renter’s insurance plans, you will find that personal property coverage is a standard component that provides coverage for replacing your belongings if it is unexpectedly damaged or destroyed. Damage done by a fire is the most common peril that agencies will insure against, helping to pay for replacing things like furniture and clothing up to the maximum policy limit.

Liability

Another common protection that renters insurance provides is liability coverage. One of the more important coverages in the plan, liability coverage will help protect against paying out of pocket for costs associated with the injuries of other people or damage to their property. Accidents are a part of life, and you don’t want to be held responsible and liable if a friend or guest falls and injures themselves at your home.

Additional Living Expenses

The additional living expenses coverage is a nice addition to any renters insurance plan that extends coverage to the owner if they can no longer inhabit the property. Often a fire will leave a rented home inhabitable and thus forcing the occupants out of the house. Some of the costs that would be covered include hotel bills, additional food expenditures, and other living expenses above the amount you would normally spend.

Filing a Renters Insurance Claim

If you have never done it before, filing a renters insurance claim can be a little nerve-racking. Below you will find a helpful list of things to do to file a claim with your insurance:

Reach out to your insurance agent to report the claim as soon as possible.
Talk to your agent about any emergency repairs that may need to be done.
Check with them on your policy’s coverage and limits to understand.
Document any items that were damaged and take photos or videos of the damage before any repair work.

To find out more about home insurance, give us a call at (920) 349-9700 and get a free quote.