If you rent a home, you may assume you do not need insurance if the landlord has insured the property. But did you know that your landlord’s property insurance does not cover your personal belongings? Protect your personal belongings with a renter’s insurance policy!
Personal Property Coverage
This coverage offers protection when your personal items are exposed to a covered risk. Common covered risks included theft, vandalism, storms, and fire. If any of your belongings such as furniture, appliances, electronics, and clothing are damaged or stolen, the policy will compensate you, allowing you to recover financially. However, if you own expensive items like jewelry and fine art and want to protect them, you will need additional coverage.
If a guest visits your home and gets injured, resulting in medical expenses, liability coverage will help pay for injuries sustained. The coverage can also extend to the guest’s property, whereby insurance will cover the resulting costs if it gets damaged, whether it is repairing or replacing the items.
Additional Living Expenses
If something happens to your home, making it unhabitable, you will need temporary accommodation until the house is fixed. If this happens, this type of coverage will pay for your accommodation and other related expenses such as transport and meals. However, the coverage will only help you if a covered peril has caused the damage to your home. This includes things like vandalism, fire, hail, and electrical damage.
If you are shopping for renters’ insurance or are not sure about the right coverage for your home, get in touch with us!