Some people aren’t aware of the benefits of renters insurance and how it can protect them from property damages until it’s too late.
Renters insurance can give you the peace of mind and financial support you deserve when faced with property theft, water damage, fire, or other forms of destruction and loss. Most people believe renters insurance only covers personal property, but it can also cover additional living expenses depending on the type of coverage you have.
What Is a Renters Insurance Policy & Why Do You Need It?
Renters insurance coverage offers protection for personal property, renters’ liability, and living expenses. Generally, this coverage is in place to protect renters in the event of theft or malfunctions in their building that damage their property. Personal belongings may include furniture, clothes, televisions, computers, tablets, and more.
You can choose which type of coverage you prefer and discuss your options with an independent insurance agent who can tailor a policy to your specific needs.
You might ask yourself, “Why do I need renters insurance?” Some large apartment buildings require tenants to have a renters insurance policy before they sign the lease to protect themselves from liability in the event of damages, accidents, and/or injuries that occur on the property.
Aside from circumstances where coverage is required, the main benefit of renters insurance is that it can provide the renter with adequate funds to cover personal damages and losses under specific circumstances.
Important Things to Understand About Renters Insurance
With a local insurance agent, you can explore all of your options and create a coverage policy that best meets your unique needs. Building a custom policy will allow you to ensure protection for instances outside of just what baseline coverages offer.
If you possess particularly valuable or expensive items, you may need additional coverage outside of basic policies. Typically, renters insurance covers various natural disasters and a few other specifically outlined situations. However, there are some exceptions –
- Fixtures, appliances, and other items that come with your rental property don’t fall under a renters insurance policy and are your landlord’s responsibility.
- Typically, married couples and family members also receive coverage under your renters insurance coverage. However, unmarried partners and roommates may not receive protection and require their own individual renters insurance coverage.
- Renters insurance coverage generally does not include earthquakes or floods.
- Although renters insurance may cover personal items stolen from a vehicle, stolen or damaged vehicle parts such as radios, speakers, wheels, etc., will fall under your car insurance policy.
What to Expect from Filing a Claim
Most insurance companies advise that you file a claim as soon as possible and document the damage with photographs or videos. The sooner you file a claim, the sooner you can gain compensation.
In some cases, the payout can happen very quickly, though it may take longer if a claims adjuster needs to examine the damage or theft.
In the event of theft, you should file a police report as soon as possible. Do not move or adjust anything before filing your report and allow the police to document the crime scene and file an official report, which you will submit to your insurance agency.
Taking a Home Inventory: Why & How
Taking a home inventory is one of the best ways to create a list of your possessions, get a policy suited to your needs, and make filing a claim more straightforward and efficient. A covered loss is much easier to prove with proper documentation.
Depending on what your renters insurance covers, you may need to purchase additional policies. Having a thorough home inventory list will help you get a policy that provides adequate coverage.
Photographic and video documents are the best way to maintain your inventory and receipts for large purchases. You should digitize and back up these documents to present to your insurance agency in the event of damage or theft. It is also essential to continually update your home inventory to maintain proper documentation.
In addition, this inventory list can help you with tax purposes if you are applying for a tax rebate after a severe weather event. Creating these inventories with a smartphone or other device and storing them on a cloud-based storage service can keep your inventory secure even if you are the victim of theft. This is one of the most straightforward ways to make the most of your renters insurance.
Get a Renters Insurance Quote from Experts You Can Trust
A renters insurance quote can help you explore your options for a policy that will cover your property and personal belongings.
Our local insurance agents are familiar with the best types of policies for renters insurance. We can develop a policy based on your regional risks, the value of your belongings, and the amount of coverage you need.
Contact Lee Insurance Agency today at 281-812-8400 to get a quote on the security and peace of mind you deserve.