Whether you may be renting an apartment, home, condo, or any other type of residence, it’s important to know that your landlord’s insurance policy does not cover your personal belongings. Also, your landlord’s insurance does not cover you or your family for personal liability while someone is in or on your rented property.
Nationally, insurance companies report that the average value of personal property for most people who rent their residence is approximately $35,000, however, only about 30 percent carry insurance to cover it.
A renters insurance policy is the most affordable method of protecting you financially for the things that might go wrong while you are renting. The policy is very similar to homeowners insurance except that the dwelling is covered by the landlord’s policy which translates into a lower-cost insurance policy for you. A typical renter’s policy will contain the following coverages:
Contents Coverage: Your contents coverage provides financial protection for all of your personal property such as furniture, small appliances, electronics, and clothing.
Personal Liability: This coverage will protect you from financial hardship resulting from a third-party suing you after getting injured on or in the property you are renting.
Medical Payments: Similar to personal liability, your medical payments will reimburse for expenses resulting from a third-party injury on or in your property without the need for proof of liability.
Additional Living Expense: If you are forced to move temporarily out of your rental property because it is unlivable, your loss of use coverage will pay for the resulting additional expenses you incur.
Optional Coverage: Many renter’s policies allow for optional coverage such as scheduled personal property coverage (valuable jewelry, furs, or other valuables) and sewer or drain backup coverage.
H. Levenbaum’s local insurance professionals are eager to discuss the potential problems that may come up while renting, and will provide comprehensive solutions to manage your everyday risks.