There are many misconceptions about insurance for those who rent their homes — mainly, that you don’t need coverage. This is far from the truth, and the question should not be whether renters need insurance or not, but rather how much they need. Even renting a living space is quite a large investment that needs to be protected
Renters Insurance is engineered to protect your rented property, those living in the home, and your personal belongings in case of a disaster that may leave you in financial loss. This includes fires, theft, and accidents. Sometimes, acts of vandalism are also covered. These policies also protect the holder’s financial health in the case that someone is injured on the property and they take legal action against them.
Proper Renters Insurance has two main qualities: good coverage of the home and its contents, and personal liability coverage which protects the renter from litigation in the case of guest injury.
This coverage extends to some, but not all, natural disasters. Generally, earthquakes, floods, and hurricanes are excluded from Renters’ policies. These are to be bought separately if you seek these protections.
There are many levels involved in Renters Insurance. Usually, there are minimum coverage levels that insurance providers must offer depending on each state.
This really depends on the individual and the personal property they own. Those with minimal personal property would not require as much coverage as someone with many assets. It is always a good idea, however, to have liability protection.
Because each person’s situation is unique, contact our professional team of trusted advisors to discuss a plan based on your needs today!
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