Insurance Coverage for Renters
There are many types of insurance that you can purchase. Typical insurance policies that are purchased include auto insurance, home insurance, and recreational vehicle coverage. Life insurance and health insurance are vital. However, there are more unusual types of insurance as well. Famous actors and models have been known to insure specific parts of their bodies! But a less unusual, but under purchased form of insurance is insurance coverage for renters. Insurance coverage for renters can protect you in many ways.
Over 35 million families in the United States rent their homes, apartments, or condos. That accounts for 1/3 of all American families. That is a lot of people! It is also a great amount of personal property, worth billions of dollars. Renters insurance exists to protect that property – just as homeowners insurance protects personal property inside the home that is insured. Renters insurance can even be used to pay for damages to a rented dwelling!
Most landlords recommend that their tenants purchase renters insurance. Some even require it. Renters insurance costs renters around $200 per year, and this is a very small price to pay considering the great amount of protection that such a policy affords you! Renters insurance is available all over the United States, for every town and city – and even for dwellings in rural areas. Whether you live in an apartment building, a condo, or a privately owned home – if you are a renter, you can be covered.
If the dwelling that you rent is damaged, no matter how it is damaged, your renter’s policy will pay for those damages, unless the damage is covered on the property owners insurance. When rental property is damaged by renters, landlords will typically require the tenants to pay for the repairs. If this happens to you, your renter’s insurance policy will have you covered.
Different insurance companies offer different types and amounts of coverage on their renter’s policy. You may have to check with several companies to find the coverage that you want and need. You may even find that you need to purchase two separate policies from two separate insurance companies. Just make sure that you work with your agent to get the insurance coverage for renters that best suits your individual situation.
