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What is Renters Insurance?
Renters insurance provides protection for individuals whose belongings are lost or damaged while they are renting a home, condo, townhome, apartment, or other residence. Renters insurance can also provide liability coverage in the event that someone is injured on the property or pay for additional living expenses if the policy holder’s home becomes uninhabitable.
While most belongings are covered under this type of insurance policy, there are a few things not typically included, such as valuables, home business belongings, and vehicle damage.
What Are The Standard Renters Insurance Policy Coverages?
A standard renters insurance policy includes several different types of coverage, including the following:
Personal Property
Personal property coverage includes the policy holder’s belongings, including clothing, furniture, and electronics. It will also typically cover belongings inside a personal vehicle, although it will not cover the vehicle’s systems. Usually, coverage applies up to a certain limit.
Liability Coverage
Liability coverage helps to pay a guest’s medical bills and other applicable expenses in the event that the policyholder is found to be responsible for their injuries.
Additional Living Expenses
Additional living expenses may cover costs related to finding housing if the rented residence becomes uninhabitable due to damage or other covered incidents.
Frequently Asked Questions
Learn more about renters insurance by exploring the answers to common questions. Then contact us for additional information.
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- What is not covered by renters insurance?
Usually, renters insurance does not cover valuables, vehicles, and belongings associated with a home business. You should discuss alternate insurance options for these items.
- Will my renters insurance have a deductible?
Usually, renters insurance does have a deductible. This is an amount of money the policyholder will pay before the insurance coverage kicks in. The amount of the deductible will depend upon the policy chosen.
- Are there events not covered by renters insurance?
Damage from certain events may not be covered by renters insurance. These events may include floods, earthquakes, tornadoes, or other natural disasters. You may be able to purchase a separate insurance policy for these events.
- What is not covered by renters insurance?
- How much does renters insurance cost?
Renters insurance costs will vary based on factors such as the belongings you own and the policy you purchase. Your agent can walk you through your options and help you find a solution that fits your needs and your budget.
- How do I estimate the value of my property for renters insurance?
The amount of renters insurance for any policy will depend upon the value of the policyholder’s property. Your insurance agent can help you estimate this number to ensure that you receive coverage that matches the value of your belongings. Creating an inventory of your belongings can be a good start to determining how much they are worth.
- What happens when it is time to submit a claim?
Usually, you can follow your insurance policy’s process for submitting a claim. We make sure you understand the process and have easy access to the resources you need to quickly submit a claim when necessary.
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