What Does Renters Insurance Mean?
Renters insurance is a form of property insurance that is available to tenants renting into a property. It protects against losses to a tenant’s personal property on the rented estate and at the same time protects against losses stemming from liability claims from a landlord. Some of these policies also add financial protection, should an incident force a tenant to temporarily move somewhere else. Such coverage would include hotel bills, other temporary rentals, meals, and all other basic living expenses until the original home can be rented again.
When you are covered by renters insurance as a tenant, you can be assured that you will be compensated for any theft or damage from insured disasters, in part or in full. It is important to note that your landlord’s insurance policies do not cover the personal property you brought into your rented home, nor do the policies give you any kind of liability protection. You might think you don’t have enough personal belongings in your temporary home to worry about should a fire or burglary occur. And you may not care too much about the state of your landlords’ home since you will be moving out after a year. Yet, you might have your smartphone at home, a new laptop, a designer handbag, or your whole wardrobe of clothes. Your savings could take a big hit from replacing your entire wardrobe alone.
Don’t forget about potential liability too, as you are liable for the safety of every guest that visits your temporary home. Renters insurance protects you from losses when someone who is injured in your home sues you.
Whenever you are renting a home from a landlord in a location that poses the threat of burglary or other dangers and you have expensive personal belongings, renters insurance is something you should consider. Most renters insurance policies are very affordable, and more landlords today require tenants to sign up for renters insurance before approving the rental.
So long as you have on hand all the necessary information, the level of coverage you need, information about your residence, and your personal information, the process can be as rapid as 15 minutes.