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Renters insurance is designed for
anyone who rents a home, this could be a house or an apartment.
Unfortunately a common mistake that most renters make is that
they don’t purchase insurance to protect their belongings. Most
people don’t think about what could happen in the event of a
fire or flood. Even though most landlords have insurance, this
coverage is not designed to protect the tenants, only the
building and the building owners from liability in case of
injury.
Unfortunately if you are a renter and you accidentally cause a
fire, you will be held responsible for the damages caused,
however if you have renters insurance this will protect you in
the event this type of incident happens.
You should never assume that because you do not own your home
that your possessions are not worth the cost of insurance. Many
people believe that their televisions, stereo’s and furniture
are not worth that much, but if you were to have to replace them
all the cost could be financially damaging.
If you own a basic renters insurance policy coverage for your
personal property may include losses caused by the following:
Fire or lightning
Weight of ice, snow or sleet
Explosion
Aircraft or Vehicle
Smoke
Sudden and accidental tearing or bulging of heating or cooling
systems
Windstorm or hail
Theft
Riot of civil commotion
Falling objects
Vandalism or malicious mischief
Water damage
Freezing of plumbing
Of course there will be normal limits on these types of policies
regarding such items as jewelry, computers, furs, rugs and other
items that are manufactured outside of the US.
You should ask for a list of items that will not be covered with
your insurance carrier. In most cases of renters insurance you
are protected if your property is damaged due to fire, burglary
or vandalism.
The most important thing about your renters insurance is that it
not only covers you for personal property damage, but it will
also cover you against damages resulting in bodily injury and
property damage for which you are legally liable. This means
that you are covered in the event that you cause any damages
from the action of your pets, unintended acts by you or your
family or injuries incurred from the use of your residence, such
as a swimming pool or play equipment.
This page contains an example of a general description of coverages
and is not a legal description. Before you sign anything be sure
to go over all the fine points of your policy with your
insurance agent and or lawyer. Details of coverage or limits may vary in
some states.
DISCLAIMER:
The information contained in this web site is provided as a
public service. While the information on this site is about
legal issues, it is not legal advice or legal representation and
should not be relied upon as legal advice. Because of the
rapidly changing nature of the law, Renters Insurance
Information.com, its affiliates, employees make no warranty or
guarantee of the accuracy or reliability of information
contained herein or at other sites to which we link. As legal
advice must be tailored to the specific facts and circumstances
of your case, information cannot substitute for the advice of
competent legal counsel.
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