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What Other Protection Does Renters Insurance Provide?

By Compuquotes Team on March 27th, 2008

Renters Insurance

There are quite a few advantages to buying renters insurance that will offer additional protection in unexpected ways. The first of these would be additional liability insurance. In the event that someone not listed as living in your rental unit is injured in your apartment, you will be covered in case of a lawsuit. This liability also extends to any of their possessions that are stolen or destroyed in your rental.

This extra liability insurance also includes medical payments if your guest is injured and requires medical help. While you may not expect a guest to slap you with a lawsuit when they had one drink too many and broke their leg in your home, it can happen. We live in a litigious society and it is always a good idea to have extra protection, especially if you entertain and have out of town guests frequently. This is also a good idea if you have business related functions at your home.

If your rented house or apartment is damaged due to fire or flood and you incur an increase in you living expenses, then certain policies will cover the increase. This will be covered up to a certain limit of course and it is up to you to do the research prior to buying this policy.

Frequently renters insurance is bundled with your auto insurance. This may also get you a deal on your insurance - a discount for having both forms of insurance with one company. One of the reasons this came into play was that while your car was physically covered in case of damage, it is possible that none of your possessions in the car are covered. For example, your work requires that you keep a laptop and PDA with you when you are working at home or while you are traveling.

If these are stolen not only are you suffering from the loss of the information on the computer and PDA, you also are responsible for replacing these items to your place of employment. renters insurance will cover these items and while you may not have all your business information that was on your computer, you will still have these items replaced.

If you think of any extras that you want on your policy you can discuss premium policy add-ons with your insurance agent. Your renters insurance policy may offer extra coverage for any property that is that is damaged in a fire or flood. Additionally if you have a wedding dress or engagement presents that are damaged or stolen this can be covered in an add-on to your existing policy.

One add-on to your policy that many don't even consider is helpful when the kids go to college. If your child lives on campus in dorm housing, then their property will be covered by that insurance in case of injury or loss of property. However, if for some reason your child is required to live off campus in shared housing with other students, then their medical bills in case of injury and property loss will be covered.

All of these extras should be considered when choosing your insurance carrier. Check your policy carefully and ask as many questions as you need to in order to make the right decision for your insurance needs.

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