What is Covered By Your Renters Insurance?

Renters insurance is an interesting subject. It is the insurance you provide for your property in a rented space. Despite the fact that you have rented a space, the truth remains that there are certain damages the landlord is accountable for, and there are damages that are your responsibility. With a renters insurance policy, you can insure important properties in a rented space. Beyond insuring your property in a rented space; this insurance policy covers your possessions, liabilities, damage, and protection.

What does Renters Insurance Cover?

1. Renters Insurance covers any damage to your personal property. This damage takes the form of perils included in your insurance policy. Any damage outside a peril your insurance policy covers cannot be claimed. A peril is an event named in your policy as potential damage you want to insure against.

2. Your insurance covers personal liabilities. In the event of damage to a person’s property, the liability incurred would be covered. Beyond covering liabilities incurred from damage to other people’s properties, your insurance policy covers the cost of your legal defense should you decide to contest the damage.

3. In the event of losing your home or a covered peril makes your home uninhabitable, your renters insurance policy would cover your expenses beyond and above your average living expense.

4. If a person gets injured in your rented space or apartment, this insurance policy covers the medical cost of the injury, and the defense from any related lawsuit to the injury.

What Perils are Obtainable in a Renters Insurance?

Renters insurance covers for probable and unplanned events in a rented space or apartment. This insurance policy insures you against things that have the potential to threaten or damage your properties and financial stability. Common perils covered in the renters insurance include fire, lightning, windstorm, explosion, riot, civil disturbance, vehicles, aircraft, smoke, vandalism, theft, volcanic eruption, falling objects, accidental discharge, freezing, snow, and ice collapse, amongst others.

When purchasing renters insurance, you can either purchase insurance for replacement or cash value of your personal property. How does this affect your insurance policy? When your insurance policy covers for replacement, the insurance company would replace your property regardless of the cost that provides the same functional use, quality and brand. On the other hand, cash value insurance would pay for the depreciated cash value of the property you insured. The former is more expensive, but it is often a better option should you choose to purchase a renters insurance policy. When you determine the value of your property to insure, add up everything that you brought into the rented unit with you and anything you plan on purchasing in the near future. This includes clothing, appliances, personal tools, hobby goods, dishes, cookware, electronics, furniture, linens, luggage, personal accessories, cosmetics, pantry goods, bicycles, skateboards, scooters, and anything else you have in your apartment or the building’s storage cage.

You can make your renters insurance cover your pets. Nevertheless, you must note that damage by flood and earthquakes are not covered by the renters insurance policy. When seeking cash reimbursements for a covered peril, you must know that cash reimbursements are made after deductibles are subtracted by the insurance company. A deductible is the amount of money you agree to pay in the event of a covered peril. This means you’d be sharing a portion of the cost of damage in the event of a covered peril. It is always good to factor in the event of a total loss in setting your deductible with your insurance company.

Renters insurance is a good idea for anyone in a rented space or apartment. Safeguard your finances and belongings with quality renters insurance. Contact the team Lou Aggetta Insurance Services in Pleasant Hill to get started on your tailored policy.