If you’re renting, look around your home, anything you can pick up and take with you is considered personal propertyand is only covered if you purchase Renter’s Insurance. Whether you own or rent, your belongings mean something to you and should be insured. If you rent whether you live in a home or an apartment you should consider protecting your valuables.
Unlike Homeowner’s Insurance which is required when you have a mortgage, renters insurance is not and many tenants go uninsured. Do not assume that your landlord’s policy will cover you as landlords carry their own insurance that typically covers for liability on the premises if anyone is hurt and any damage to the structure (home). It will not cover for your property. Apartment Associations are the same, covering for liability on the premises and damage to the structure.
That leaves you the tenant expose and without coverage for theft, fire, or any other named peril. Your property in of itself is not the only thing you should consider. Like most insurance policies, Tenant Insurance is comprehensive, covering more than just personal property. It also covers for liability to others caused by your negligence while inside of your home. Not only will your personal property be insured but you will also be protected from lawsuits up to the amount of the policy limits.
As a tenant you should take inventory of the belongings inside of your home. You probably own more than you think. Keep any receipts for items that are of value, take pictures or video of your property as all of these things will help speed up the claims process.
Now for the shocker, most tenant policies are no more than $100 per year depending on the amount of coverage you desire, this means that you can have a peace of mind that in the event of an unforeseen lost you and your property are covered.
Give your local agent a call and see how easy it is to start insuring your things, you’ll be glad you made the call.
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