Cover My Stuff Renters Insurance Many people prefer the flexibility of renting to the responsibility of owning a property. To pay off their properties, renters don’t have to deal with mortgage insurance or excessive interest rates. They are not need to sell their home in order to relocate. Renting is also a cost-effective option because there are no property taxes or homeowners association fees to pay.
Renting, on the other hand, does not negate the necessity for insurance to cover your personal belongings. When you rent, you run the risk of fire, natural catastrophes, theft, liability, and other events that can result in considerable financial loss. You have no coverage for personal property loss or damage if you don’t have renters insurance.
What Is Renters Insurance?
When you rent a house or apartment, the landlord is not responsible for your personal belongings. Renters insurance provides coverage for your personal belongings in the home but does not cover damage to the actual dwelling or structure like a homeowners policy. Because it covers fewer risks, apartment renters’ insurance typically costs much less than homeowners insurance.
What Does Renters Insurance Protect Against?
Renters insurance is designed to protect against financial loss due to circumstances beyond your control. It offers coverage that reimburses the replacement cost of personal property that is damaged or lost while you reside in the home. Basic renters insurance coverage typically includes:
- Personal possessions. Covers damage, destruction or theft of your personal property. This includes damage from most natural disasters, including fire, hail, rain or windstorms.
- Liability. This pays for medical and legal fees if someone gets injured on the property where you live. Expenses covered range from basic medical care to ambulance and emergency room costs, hospital stays, and more. Some policies also pay for lost wages during medical treatment and rehabilitation.
- Theft. Renters insurance offers optional coverage that reimburses the replacement cost of personal property that gets stolen. Very high-value items such as jewelry or computer equipment may require the purchase of optional coverage at a reasonable cost.
- Loss of use. If your residence gets damaged to the point where you need to find a temporary place to live, the landlord is not required to pay for those costs. Renters insurance will cover them, including paying for a hotel or other temporary lodging while you look for a place to live while your rented home is being repaired.
What Are the Benefits of Getting Renters Insurance From Party?
The most intangible benefit from renters insurance is peace of mind. Even when you don’t own the home or apartment you live in, damaged, destroyed, or stolen possessions can cost tens of thousands of dollars to replace. Renters insurance lets you sleep well at night knowing you won’t be financially ruined if the unexpected occurs.
Other benefits include:
- Replacement of valuables. Many people possess expensive jewelry or artwork. Others have valuable antiques or family heirlooms that have been passed down for generations. Although it may cost more, renters insurance can cover these and other high-value items.
- Libel and identity theft. Most renters policies also offer coverage for identify theft, libel, slander, invasion of privacy, and other risks that don’t involve bodily injury or damage to your property.
- Coverage away from home. Renters insurance can protect against damage or theft to your personal belongings – even if they occur away from home. For example, if your cell phone or laptop get stolen while on vacation or a business trip, your renters policy can cover it.
- Affordability. The cost of basic renters insurance can be surprisingly low. The amount of coverage you get for the cost makes it a very smart investment.
- Earthquake protection. Damage from these types of disasters tend to be more extensive and expensive to repair. As a result, it is typically not covered with basic renters insurance. Most policies will allow you to add this coverage for an additional fee.
What your policy covers:
Covers damage, destruction, or theft of your personal property.
Pays for loss settlement and legal fees in the event that an insured party causes bodily injury and/or property damage to others.
Provides coverage for the identification, testing, and removal of wet or dry rot, fungi, or bacteria in your home, and covers the cost to repair any property damaged during the removal and remediation process.
Medical payments to others
Pays for medical bills when someone is injured on your property, regardless of fault.
Add additional coverages to customize your policy: Cover My Stuff Renters Insurance
Identity theft protection
Covers up to $15,000 of expenses you incur as a direct result of identity theft.
Personal injury protection
Protects you against claims of libel, slander, and invasion of privacy under your homeowner’s insurance policy.
Coverage for valuables
Offers open perils coverage for your valuable items such as jewelry, furs, cameras, musical instruments, silverware, fine arts, and golfer’s equipment.
Increased limits on personal property
Extend personal possessions coverages beyond the standard limit.