When people make a big purchase, they get insurance to protect their investment. Homeowners are covered through a specialized insurance policy, and you likely have coverage for your car. If you rent an apartment or home, then you should invest in renter’s insurance.
The Purpose of Coverage
Your landlord's insurance covers the building and their own liability. If your apartment catches on fire, you cannot claim any of your personal property under that insurance policy. If you have renter’s protection, however, then you could claim your losses under your own insurance plan. You can get most of your personal property covered so that you’ll be protected in the event of theft, fire and most natural disasters.
Anyone who rents a dwelling can apply for renters insurance. Premiums are based on factors like location, how much coverage you need, whether you live in a floodplain and your deductible. It’s a worthy investment because it provides you with peace of mind knowing that your property is covered in the event of an accident.
Understanding the Process
There are many companies offering renters insurance, including several automobile insurance agencies. When you move into a new place, contact insurance agents that you’re already working with to see if they can help you get coverage as a renter. After filling out an application and submitting information on the type of insurance plan you need, you may have the opportunity to invest in a plan. Pay the premiums regularly to maintain coverage, and file a claim if you experience a loss and need to be reimbursed.
Consider the Riders and Other Options
Most plans start by covering your furniture in your music belongings. High-value items like jewelry and electronics may not be protected. These valuable items often require tiders, but the special policy extensions are very affordable. In addition to getting coverage for the items that are in your rented apartment, you can also get coverage for personal property in rented storage sheds.
Most people know that they need homeowners insurance when they purchase their first house, but they don’t realize that they can enjoy the same level of protection as a renter. Don’t take chances with your property. Talk to your insurance agent today to see about investing in the support coverage for the personal property that you keep at any rented facility.