With renters insurance, you will be able to replace what is damaged or stolen.
Renters insurance covers your possessions against losses from fire or smoke, lightning, vandalism, theft, explosion, windstorm, and water damage from plumbing.
However, renters insurance does not cover floods, earthquakes or routine wear and tear. You can, however, buy separate policies for flood and earthquake damage.
Basic renters insurance will provide coverage for you, and your personal property in case they are damaged by the following:
- fire
- burglary
- water damage
- smoke damage
- explosion
- windstorm or hail
If you are forced out of your home because of a disaster your additional living expenses will be covered. Renters insurance pays the reasonable additional costs of temporarily living away from your home if you can't live in it due to a fire, severe storm or other insured disaster. It covers hotel bills, temporary rentals, restaurant meals and other living expenses incurred while your home is being rebuilt. Coverage for additional living expenses differs from company to company.
Renters insurance also covers your responsibility to other people injured at your home or elsewhere by you, a family member or your pet and pays legal defense costs if you are taken to court.
Decide How Much Insurance You Need. Add up the cost of everything you would want to replace if it were damaged or stolen. This could also serve as the basis for an inventory that will make filing a claim easier. For an inventory, also record model numbers, dates and places of purchase. Take photographs or make a video of these items and place a copy of the inventory in safe place away form your home.
If you rent an apartment or house you need insurance to protect your belongings. While your landlord might have insurance, it only protects the building. Your belongings are not covered under those policies.
OTHER THINGS TO CONSIDER:
Replacement Cost and Actual Value:
Actual Cash Value pays the original cost of the item less depreciation. Example a 10 year old TV would be covered for its initial cost, minus the depreciated cost. A 10 year old TV is not really worth much today.
Replacement Cost pays the cost to replace an item at todays cost without deduction for depreciation. Example a 10 year old TV would be replaced with a new TV of similar quality.
WE HAVE INCLUDED REPLACEMENTS COVERAGE IN YOUR QUOTE.
Personal Liability Protection:
Personal liability pays up to the limits of liability for damages for which the insured is legally liable. It also covers medical expenses for guests that are injured while at your residence.
Specialty Items:
The policy limits the amount that will be paid for certain items. If you have antiques, jewelry, guns, special electronic equipment, or computers you should consider scheduling those items in a personal articles floater.