What Is Covered In Renters Insurance?
In today’s time, renters insurance is more of a commodity than a luxury. Aside from life insurance, people must insure their household goods and possessions as well. It’s worth nothing that the insurance policy of the landlord is only covering the house and not the items inside it. As an example, the insurance policy of the landlord is covering only the walls, floors and ceilings but it will not cover the computers, furniture, TVs, exercise equipment, music players, household appliances and so on.
Household accidents are similar to car accidents that it is not just your behavior that causes the accident. There are times that people have to pay for other’s mistakes. You might seem to have a lifestyle that is good and safe but you can’t control other people’s action which may put you in danger. It just takes a small fire to bring a building down to soot.
This is the main reason why it is vitally important to have renters insurance. You probably should buy yourself a renters insurance policy say that you’re living in a condo unit or an apartment. Fires, storms, explosions, theft, hail, volcanoes, riots, lightening, damages that lead from water damage, electrical surges as well as falling objects are oftentimes included in this policy. You can exactly find out what’ll be covered in your policy by talking to your insurance agent.
Say that you have plans of buying such insurance policy, then you have to list down your belongings and keep it in a secure and safe place. With such insurance in hand, you will have coverage for your furniture, tools, jewelry, electronics, musical instruments and various other household items. You’ll soon realize that it is going to cost you big sum of cash to replace them all if something bad happens when making a list of all valuables.
Whether you believe it or not, renters insurance policy isn’t as costly as what you think it is. In fact, it cost less than buying homeowner’s insurance. You can get quotations for a policy by just contacting the insurance provider. Apart from that, this gives you the chance to have a talk to the insurance agent and have the answers to your queries and other concerns.
A common policy might cost you from anywhere around 150 to 300 dollars annually. Not only that, there are a lot of insurance providers that offer discounts to policyholders who are taking security and safety precautions. For example, you can get a discount if you have fire alarms, fire extinguishers or security systems.
The insurer will also pay you for your living expenses in case that your condo unit or apartment is unlivable, another benefit of having renters insurance.