Renter’s insurance offers financial coverage for loss or damage of property. The kind of insurance may differ based on the kind of property you are occupying as well as the possessions you wish to be covered. With regard to a rented property, the tenant really needs to purchase what is known as renter’s insurance. While it may be easy to find insurance online, to be sure you get the type of coverage you need, it would be of your best interest to go through an agent. Be advised, you don’t pay more to have an agent, but you do get so much more benefit out of a good one!
Renter’s insurance is among the most affordable types of property protection and its coverage is designed for tenants. The reason why it is less expensive than home insurance is because it only offers coverage for the tenant’s personal possessions, as well as for mishaps suffered within the confines of the rented space. The basic protection of course, would include coverage for damage or loss of property due to fire.
Why do I need renter’s insurance when I don’t own the house?
Almost all apartment complexes and house owners only have insurance that insures the damage to the actual property (the apartment or house dwelling), which leaves everything of yours, electronic devices, furniture, clothes, whatever vulnerable and valuable as a loss, to you. Hence, to protect your possessions in case of fire, theft, or damages, you need your own policy except if, of course, you have the resources to replace everything yourself. *insert laugh out loud*
You also will want to consider liability coverage for damages a result of negligence such as, if you unintentionally leave the kitchen sink unit on and it overflows into your neighbors’ apartment. You could potentially be found responsible for that damage and expected to pay for repairs, medical charges related to the incident, as well as defense costs should they bring a suit against you. Renter’s insurance could cover those costs. Again, be sure to speak with your agent, based on your living situation and concerns.
Protection for fire damage as a result of short-circuits
Electrical concerns leading to a fire are generally not covered by home owners insurance. If the culprit is the electrical fitting and not your improper use of the electrical system, your landlord may be held accountable. Negligence on your side can make you liable not only for your belongings but in addition for the damaged part of the house.
It can’t be helped. Renters also induce unintended damage to the property they live within. Water over-flowing from the wash room, falling items as they were not properly protected, and breaking glass come under this category. If these ensue and they ruin the sofa or the carpet, you can get in touch with your insurance company to see what part, if any, of the cost of repair or refurbishment they may assist with.
Additional cost from loss
Furthermore, renter’s insurance may take care of the cost of a hotel, or alternate plans, should your dwelling become uninhabitable. Coverage may contain a portion of that refrigerator you just fully stocked up on before the flood damaged your home. Also, renter’s insurance policy may protect you against the cost of being sued when someone is injured on your rented property. None of this is pleasant to think about, but trust Paula Smith Insurance when we say…. it’s a lot easier to pay for planning and be prepared with loss coverage in place versus 100% complete loss.
We at Paula Smith Insurance want to be your insurance resource, should you have any questions. Please contact us at (281) 488-8880 so we can help you with your insurance needs. We service the greater Harris and Galveston counties.