December 23rd, 2010
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What Does Renters Insurance Cover?
Wow! Renter’s insurance is Awesome. It goes right along the lines of mowing the lawn when it is a thousand degrees out and getting coal for Christmas. Well maybe it’s not that bad. It is a lot easier than finding that perfect apartment.
Have you been thinking about getting your own pad well there are some things you need to think about? “What could it be? …Hmmh… I know renters insurance!” Does your roommate need it too?
Renters Insurance covers your belongings, not your friends stuff even though they may crash at your place quite often. Most renter insurance policies only cover you and your family. Sorry roommate, you are out of luck but you should still have it to protect your property but wait there is more, it adds liability for your actions or the actions of your friends.
What does renters insurance actually cover? Let’s take a look at the policy, there should be named perils on it. The policy should include these perils: Fire, Wind, Hail, Explosions, Riots, Aircraft, Vehicles, Smoke, Vandalism/Mischief, Theft, Falling Objects, weight of snow/ice, and others. It basically covers the basics, like a normal house policy. Your policy might not have all of these, take a look and see what it covers.
Now let’s talk about the other aspect of the renter’s insurance policy. The personal liability aspect, it protects your family anywhere in the world from someone bringing a claim against you or is suing you for property damage or bodily injury that you caused. Your renters insurance can cover per damages to others property that you caused. So don’t worry if you go a little crazy at that party, just don’t break anything over that limit and you should be fine. Don’t do this too often because the insurance company may drop you as a client or raise your insurance premiums.
If you think that the Landlord or the apartment complex has provided renter’s insurance for you, think again. They usually have insurance just to cover the things they own, not your stuff. Renters insurance is usually affordable and costs around $15-20 dollars a month. If you can’t afford an extra $15-20 a month then you probably should find another roommate to lower the overall cost.
If you have any questions leave a comment or contact your local agent.
Merry Christmas and a Happy New Year from Affordable American Insurance!
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