Renter's Insurance Agency

A common misunderstanding through today's renters is that many of them live under the belief that landlord's insurance secures their apartment belonging, but what they don't know is that it only insures the building itself. This policy will have no effect if your apartment suffers from incidents such as a house fire or even theft.  

This is the main reason homeowner's insurances are so important and so today we're going to talk about one of the best policies for renters' needs: renter's insurance. 

With that being said, in this article, we're going to cover what renter's insurance is, how it works, the best renter insurances, and why it is important for you to have it. 

What a renter's insurance is? 

 Also called tenants' insurance, renter's insurance is a property insurance policy that provides coverage for a homeowner's belonging, liabilities, and even living expenses in case of events like those mentioned above.  

Renter's insurance is designed for people renting a single-family apartment, home, condo, townhome, loft or duplex. It basically provides the same benefits as the homeowner's insurance but without coverage for the dwelling and structure.  

However, there are other benefits specific to renter's insurance that makes it so important for anyone willing to rent a property. 

 How renter's insurance works 

After a claim is filed, the claim adjuster has to review all the damage done, determine the total loss monetary value and then give your claim the verdict. If it gets accepted, you can be reimbursed in as little time as two days, depending on your policy type and the circumstances of the loss. 

Unlike homeowner's insurance, renter's insurance strictly covers the person's liabilities and the personal property inside the housing unit. The building itself ( the roof, the walls, the floor, the foundation, furnaces and other parts not owned by the renter) is covered by the landlord's insurance. 

The renter's insurance also protects you in case someone affected or injured by your property is filing a lawsuit.  

Although renter's insurance is not mandated by the government, many landlords require renters to purchase coverage up to $100,000 as part of the contract. 

Best types of Renter's Insurance 

•  covers your personal possessions in case of damage due to fire, vandalism, theft, smoke, inflammation, water, and other unfortunate events and disasters listed in your policy. Such possessions are: furniture, electronics, clothing, kitchen apparatus, bed linens, and home appliances. 
• - Liability insurance covers your home in case someone lawsuits your house because of damage or disturbance created by your family and property to them. It also works for no-fault medical coverage for someone who's been injured in your space. 
• - In case a covered hazard occurs to your house, this insurance covers the expenses for your hotel bills, restaurant meals, and other daily expenses for your needs.  

  Why Renter's Insurance Is Important 

 It covers losses to personal property- reimbursing for losses such as electronics, clothing, furniture, and luggage. 

• The landlord might require it- it could be a rule from the landlord's insurance company or the landlord himself. Either way, they will not be responsible for your belonging if you don't get renter's insurance. 
• Liability coverage- protects you from lawsuits filed by your neighbors. 
• It protects your property when you are traveling. 

• It's affordable- the costs for the premiums are low. 
• It covers additional living expenses. 

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