Important Renters Insurance Questions Answered

Posted by Caroline Fallon on Dec 19, 2019 12:09:45 PM

Whether you’re a first-time renter or have been renting for your entire life, renters insurance is a must. Your insurance will protect you in the case of an emergency so your belongings, person and finances will all be covered. Whether an incident occurs that is your own fault due to negligence or something completely out of your control, your insurance will be there to protect you.

Frequently Asked Renters Insurance Questions 

1.      Who Needs Renters Insurance?

Anyone who is renting needs renters insurance. Most landlords will require you to provide proof of insurance before you are allowed to move in. Landlords want to make sure they will be covered in case damage occurs. While some may not all require it, it’s still a good idea to have.

2.      Are All Policies the Same?

The simple answer, no. While all renters insurance will protect you, the way you’re compensated for your losses depends on the insurance company and policy you have obtained. You decide on the amount of personal property coverage you want to purchase to determine how much you will be reimbursed for it. It’s important to speak with an insurance agent to make sure you are receiving the best coverage.  

3.      What Other Coverage Does Renters Insurance Include?

Besides your personal belongings many renters insurance will also cover medical and additional living expenses:

a.       Medical

On the off chance that someone gets injured on your property, most renters insurances will cover any medical expenses they endure. However, these people must not be a member of the household.

b.       Additional Living Expense

Also referred to “Loss of Use,” this coverage protects a homeowner financially when they are unable to live in their home or apartment after a covered loss. Occasionally, the cost of food while you are without a livable home, will even be included under this plan. 

4.      What Caps do Insurance Companies Put in Place?

With certain personal items, insurance companies will put a cap on the amount that is able to be claimed after a loss. For example, if you have high-dollar items such as jewelry, watches, collectibles, etc., certain policies may not provide full compensation for those items. It’s important to speak with your insurance agent about how much each policy will cover.

Renters insurance is very important to have. While it may seem like a financial burden when nothing is going wrong, you can never predict an accident and the benefits of having renters insurance outweigh the costs of paying for it.

If you’re looking for great renters insurance, contact Lighthouse Insurance! New call-to-action

Topics: Renters Insurance

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