InsuranceThought — Blogs About Insurance

Renters Insurance Coverage

Renters insurance covers your apartment’s contents should they be lost or damaged by fire, smoke, water, theft, or vandalism. Keep in mind, though, basic renters insurance does not typically cover flood, hurricane, or earthquake damage. If you live where these natural disasters are a possibility, you’ll want to consider taking out a separate policy to cover these.

Renters and Liability Insurance

Basic renters insurance will typically include liability, which covers you if an accident occurs on your property that leads to legal action on the part of the injured. Should you be sued by someone who sustains an injury at your home, your liability insurance will cover medical and legal costs, less your deductible, of course.

A basic renters insurance policy won’t, unfortunately, provide you with a large amount of liability, so if you think you might need additional insurance to cover injury to visitors in your home, you can add extra liability to your policy.

An Unlivable Residence

If the residence in which you reside becomes unlivable – hopefully only temporarily – renters insurance covers the cost of living elsewhere until you’re able to move back in. Policies will typically put restrictions on the length of time you can live in another place and how much you can spend on rent.

Taking Inventory

Prior to purchasing a renters insurance policy, you should take an inventory of your possessions. It’s easy to underestimate how much your items are worth. It’s really a great idea to use a camera or camcorder to have a visual record of all your property. Doing so will provide you with the proof you need to make a claim if it’s ever necessary.