When it comes to protection and quality of life, there are various types of insurance policies you can get. One such policy you may need is renting insurance. It isn’t the same as homeowners insurance, as this type of insurance covers people who rent a property. Read on for four key facts you should know about this coverage.
1. Get Coverage Easily
Unlike some other types of insurance, getting renting insurance is usually a simple process. In most cases, you can complete the application online. It’s a good idea to photograph your items and keep an inventory of expensive ones on a spreadsheet in case you need evidence to file a claim.
2. Protect Your Personal Items
Nearly half of all homeowners are unsure of what their insurance covers exactly, according to Value. What home insurance doesn’t cover is personal items. Homeowners usually need insurance to cover their actual property structure and are required to do so by a typical mortgage company. While renters insurance isn’t a requirement, it’s a good backup for renters who want to protect their items while living on someone else’s property. If you’re renting an apartment or home and your structure has been broken into, any stolen items can be covered by this insurance. If your items are damaged by fire or flood, you can also get coverage.
3. Covers Additional Living
As a renter, you don’t have much control over the structure you’re living in. Therefore, there may be issues with the underlying property you’re unaware of when you move in. If those structural issues need repair while you’re still on a lease, you may need to temporarily move. With renters insurance, the cost of a hotel or other temporary property will often be covered or at least reimbursed.
4. Covers Liability
As a renter, you may have to deal with liability issues with other people. If an injury or damage to someone else’s property occurs in your rental space, you can have coverage for that liability. The amount of coverage you get depends on your policy limit. In most cases, it starts at around 100,000 but can go up to 300,000.
These are some things to consider as a renter. Now you understand that property insurance isn’t just for someone who owns a home. You have items that you may care for, whether it’s electronics, heirlooms, or other valuables. Get started protecting these items by contacting AOAWest for renting insurance information.