You always hear parents of first-time apartment renters reminding their children to always get a renter’s insurance. Though some may find it an extra expense, while others see to it as a need.
There was once a college student who kept putting off getting a renter’s insurance then went home during the winter break. When he came back to the apartment, he was devastated when he found out that their apartment was robbed, thus losing all his belongings.
It is true that moving in on a new home is a tedious task, but you should not forget to protect your home and your belongings in case of emergency. Thus getting a renter’s insurance is necessary. But what exactly is this type of insurance?
Here are several commonly asked questions about renter’s insurance and the answers.
Why is there a need for a renter’s insurance coverage?
A lot of apartment building and property managers only have insurance policy that covers the damages to the structure, which leaves anything you own, say electronic devices, furniture, or clothes at risks. So, to safeguard your personal belongings in case of fire, theft or damage, you require your own insurance plan, called an HO4 or renter’s insurance plan. Depending on the company, the insurance usually covers repair services and medical costs.
Exactly what will my plan cover and what it will not?
- Personal belongings
Many conventional tenant’s insurance plan provide security for your possessions in cases of water damage or fire, power surge, burglary, as well as other events beyond your control. Nevertheless, most insurers do not cover damages triggered by flood water, quakes, landslides, or nuclear risks. If you live near a geological fault or near a body of water or are worried regarding these risks, talk with your insurance policy representative about getting a special insurance plan.
- Loss of Usage
There are renter’s insurance plans that cover your living costs in case you should leave your house after a mishap. Even a tree accident on your roofing and other areas that require repair service before you could live there again is covered by a renter’s insurance. Loss of use will cover housing, food and other expenditures you might need during the that time.
Your liability protection cost for physical injury as well as residential property damages triggered by neglect– like if your pet dog suddenly gets loose and and attacks the next-door neighbor’s youngster who needs to obtain stitches.
Take note that you are NOT covered for oversight for anticipated physical injury, business activities or vehicle-related damages. These require another type of insurance.
- Extra Protection
Along with the essentials, there are a couple of other kinds of insurance coverage plans to find out about. If a guests endures an injury in your house, your insurance plan’s “clinical settlements to others” protection will surely take care of the clinical expenses.
How much is the renter’s insurance I need?
Lots of property managers need their renters to have a minimum of $100K in liability protection. If your property owner does not have this standard, speak with an insurance policy representative to identify the cost of the renter’s insurance you need.
For property damage protection, the first thing that your insurance representative will ask is the value of your property. While it may just seem a simple task, when you really think about how it would cost you to replace your belongings, it is not that easy. However, a general rule is that standard insurance coverage for apartments is around thirty to fifty thousand dollars while for houses, it usually costs around $100,000.
Tip: Take a photo of everything you own or important items inside your home. This way, you can document your possessions, so you will have an estimate of the value of your property.
Where do I get a renter’s insurance and how much?
The first thing you need to do is to contact a trusted insurance representative to discuss the cost and coverage. You can also search for Regie Lapiere online to help you decide on what type of insurance you need for you and your family.
For more information on renter’s home insurance, you can call Regie Lapiere from MB Insurance Services.
MB Insurance Services
Myrtle Beach, SC 29577