Life is unpredictable! You never know when someone might break into your apartment, or someone in the building accidently causes a fire. Renter insurance is designed to protect you from financial expenses related to loss. Most landlords offer insurance to cover the actual dwelling, but the cost for all your belongings and assets will not be covered. Protect yourself and your assets with a good rental insurance policy.
What is Renters Insurance?
Renters insurance can often be misunderstood, as a lot of people think it comes as part of their rental agreement. As previously mentioned, landlords only offer insurance for the dwelling. Renters must pay for all costs of damages inside the property due to negligence. For example, if you accidently leave a hair straighter on and it causes a fire, or if the smoke from the fire causes damage to your neighbor’s apartment; you would be required to pay for repairs and would be held responsible to pay for any medical expenses for your neighbors. Renters insurance would prevent you from being liable to these costs.
What Does Renters Insurance Cover?
Most rental insurance policies will provide protection for all your belongings related to events out of your control. The one area renters insurance coverage does lack is flood insurance and large natural disaster losses, like earthquakes. Talk to Mountain Ridge Insurance Group about where you live and we can help to assess the types of natural disasters that are common in the area and which protection plan is best for you.
You also need to be aware that renters insurance does have limits on certain things, like electronics and jewelry. There are add-ons to your renters insurance policy you can select in case you do want coverage for other things, like custom sports equipment.
If something happens to the property and you cannot live inside, renters insurance will provide loss of use, such as providing a hotel and food.
Liability insurance will pay for bodily injury and property damage. This insurance is recommended for anyone with an animal, especially if you have a dog that might be aggressive. One important thing to remember is that liability coverage doesn’t pay for certain elements, like intended bodily injury.
Am I Required to Purchase Rental Insurance?
Some landlords do require renters to purchase renters insurance. To determine how much coverage you need, contact our Ogden insurance office to discuss your coverage needs. There are some other elements of property damage that need to be considered as you look through rental insurance options. Contact us at 801.820.6402 today!