If you live in a rental home the property owner probably has an insurance policy that covers the dwelling. Regardless if this is true or not the insurance policy that the property owner as will not protect you as a renter against any losses or damages. If you would like protection against unfortunate events you need to get your own personal home renters insurance policy. Get a free renters quote today.
Coverage for Home Renters Insurance
How does it work? There are few coverage’s you should really consider in a policy. The first and most important is your personal property other wise known as coverage B. Coverage B will cover your personal property against fire, theft, riots, smoke damage, vandalism, malicious mischief, and other covered perils. There are 2 different ways you can cover your property in a home renters insurance policy. You may choose to cover your property on a replacement cost or on an actual cash value basis. Actual Cash value protection will reimburse you for how much your belongings are worth at the time of the loss. Replacement cost will cover your personal property as a new item regardless of the age of the property.
The second most important coverage no one talks about is personal liability protection. With this part of the home renters insurance policy you will be protected against expenses arising from a lawsuit associated with accidental injuries obtained to people on your own home or away from your home. Without having the proper liability coverage you can certainly lose all of your possessions and investments if a judgement was filed against you.
The Loss of use
The third coverage that is very important is the loss of use also known as coverage C. When a loss takes place as a result of covered peril and your home gets to be unlivable the burden associated with the extra bills can be covered under a renter’s policy. Coverage C will pay for you and your family to live in another place while your home is being rebuilt. As an insured you will get reimbursement associated with extra bills. This coverage will help you keep an ordinary quality lifestyle. Remember that not all policies will carry this same coverage talk to your agent before you start the policy.