What it is:
A Renters insurance policy provides compensation for damage or theft of personal belongings inside a residential space that is leased. This type of coverage is only applicable on possessions that are normally stored inside a leased unit. Additionally, the insurance protects tenants from any personal liability lawsuits that are filed by other guests to the leased property.
Who it is for:
Insurance for renters is available for tenants who rent an apartment, condominium, townhouse or home. It’s possible to create a policy that covers the belongings of all the occupants of a rental unit. There is also the option of creating insurance protection for every single individual that owns specific valuable items.
How it works:
Policyholders of rental insurance should create accurate records of the most valuable items inside a leased residential property. When a claim is filed for loss or damage of some valuables, the insurance company provides compensation that equals the market value of the items in question.
Personal property protection provides compensation for the replacement of damaged or stolen items. This coverage can be broken down into actual cash value or replacement cost categories. Reimbursed living expenses can provide money for lodging and accommodations when policyholders can’t live in their leased properties due to any reason besides eviction. Liability protection is used to cover any personal injury lawsuits that are filed against policyholders. For example, a guest that slips and falls in an apartment might sue the tenants.
Insurance for renters gives some peace of mind even if burglaries or major accidents occur inside their leased units. Fires, burst pipes and other additional incidents are all covered under this insurance protection for renters. This insurance plan guarantees to provide policyholders an appropriate amount of funds to purchase expensive items like furniture, television sets, desktop computers, artwork, musical instruments and more. Even jewelry that is held inside a leased space can be fully insured. After all, robbers who invade residential properties most likely steal compact and portable valuables that are easy to sell. Protect yourself from harm and get covered.